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SJM represents Macau in ‘Gastronomic September’ event in Italy

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SJM Resorts, (SJM) is proud to be the sole Macau representative participating in “Gastronomic September,” an acclaimed food festival in Parma, Italy.

The event showcases the diverse gourmet offerings of Macau, as a fellow
UNESCO “Creative City of Gastronomy.” Celebrating Parma’s rich culinary heritage
as a “Creative City of Gastronomy,” the festival embraces a unique Macanese flavour.

Ms. Daisy Ho, Managing Director of SJM, shared her good wishes: “SJM is proud to
represent Macau and participate in this cultural exchange in Parma. We are grateful for
the opportunity to showcase Macau’s distinctive culinary traditions at the festival,
sharing the stories of our unique East-West heritage and promoting our city to a global
audience. We are delighted to build new friendships through our shared passion for
food and wine, and we warmly look forward to welcoming them to Macau, whether for
leisure or future culinary collaborations.”

SJM represents Macau in ‘Gastronomic September’ event in Italy
Chef Francesco Magni, Chef de Cuisine of Casa Don Alfonso at Grand Lisboa, was chosen to represent Macau at the “Gastronomic September,” an acclaimed food festival in Parma, Italy.

Chef Francesco Magni, Chef de Cuisine of Casa Don Alfonso, an authentic Italian restaurant within SJM’s Grand Lisboa Macau, was chosen to represent Macau at the “Gastronomic September” festival, participating in a series of events from 26 to 28 September. On 26 September, Chef Francesco partnered with local chefs from Parma to present four-course fusion dinner for 40 guests.

The menu, inspired by both Italian gourmet and Macau’s unique Macanese cuisine, showcased a delightful blend of flavors. To awaken the palate, the chefs presented an amuse-bouche of Pasteis de Bacalhau with Green Curry Sauce, expertly combining the richness of Macau’s renowned Bacalhau, also known as Portuguese cod fish, with exotic spices from Malaysia and India.

Next, Anolini in Brodo features two types of Italian ravioli: one filled with slow-cooked “Char Siu” (Cantonese barbecue-flavoured pork), and the classic version filled with traditional ravioli stuffing. For the main dish, the chefs served Macau’s famed Macanese Minchi with an Italian twist, elevating the flavors with the addition of Parma ham and local red wine. To top things off, guests savored freshly baked Portuguese Egg Tarts from Grand Lisboa, made with local butter from Parma in the puff pastry. 

The following day, Chef Francesco conducted a sharing session introducing Macau’s rich gastronomic culture and key tourist spots. He highlighted the city’s inventive culinary scene, which earned it the title of UNESCO Creative City of Gastronomy. Such recognition reflects Macau’s expansive food landscape, ranging from beloved street foods to MICHELIN-Starred fine dining, and celebrates the city’s vibrant cultures.

SJM represents Macau in ‘Gastronomic September’ event in Italy
SJM represents Macau in ‘Gastronomic September’ event in Italy.

On 28 September, Chef Francesco hosted a “Welcome to Macao” cooking demonstration together with chefs from the prestigious Academia Barilla for 50 guests. Together, they demonstrated one of Macau’s most renowned dishes – African Chicken, which contrary to its name is a quintessential testament to Macanese cuisine. Created in the 1940s by a local Macanese chef, this dish embodies the Portuguese seafaring legacy. It blends Indian spices, coconut flavors from Malaysia and Indonesia, Portuguese herbs, and a dash of five spices of Cantonese, exemplifying Macau’s diverse culinary influences. 

SJM represents Macau in ‘Gastronomic September’ event in Italy (2)
African Chicken, one of the most renowned dishes in Macau, is a culinary delight.

Organized by UNESCO, “Gastronomic September” was held in Parma, Italy throughout September, as the pinnacle of the city’s culinary celebrations. The event featured a diverse program of cultural activities, including tastings, concerts, workshops, film screenings, book presentations and other experiences that showcased the gastronomy and creativity of all seven fields of the Creative Cities Network.

Macau gaming stocks surged following China’s aggressive stimulus package: CBRE

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In a significant market rebound, shares of Macau’s gaming operators surged an average of 23.7 percent over the past week, following the announcement of China’s most comprehensive stimulus package since the pandemic began, CBRE analysts commented in a recent dispatch.

Despite this rally, Macau gaming equities have struggled over the past year, underperforming the S&P 500 index.

Analysts note that current valuations and forward estimates for the sector remain attractive, suggesting further upside potential.

While some investors are considering taking profits, experts recommend a more bullish approach toward Macau investments. Even after last week’s surge, CBRE stated that the average one-year forward EV/EBITDA multiple for Macau gaming stocks stands at 9.2x, significantly lower than the group’s 2019 average of 11.2x.

Consensus estimates project a revenue growth of 7.3 percent for Macau in 2025, a figure that may prove conservative if the newly introduced stimulus measures successfully bolster economic activity.

China’s latest stimulus initiative marks a departure from previous measures, characterized by aggressive monetary policy changes including simultaneous cuts to short-term benchmark rates and the Reserve Requirement Ratio (RRR).

This is the first such move since 2015 and signals a renewed appetite for credit in the country.

The package also features reductions in residential mortgage rates and the lifting of purchase restrictions, aimed at stabilizing home prices. As real estate constitutes approximately 70 percent of household wealth in China, strengthening this sector is crucial for boosting consumer confidence and stimulating domestic consumption.

The recent measures have primarily focused on supply-side economics, with expectations of forthcoming fiscal stimulus aimed directly at enhancing demand.

CBRE argued that market analysts believe this stimulus package serves as a green light for investment in Macau’s gaming sector.

While all operators are expected to benefit, shares of Las Vegas Sands (LVS) and Wynn Resorts are particularly favored.

LVS, which boasts the largest hotel inventory and retail presence in Macau, is well-positioned to capitalize on increased demand and visitor numbers. The company anticipates easier comparisons in 2025 as construction disruptions at its Londoner property come to an end.

Wynn, meanwhile, stands out in the global gaming landscape for its relative value, with a stabilizing Chinese economy is expected to support Wynn’s valuation, providing reassurance to long-term investors.

While LVS and Wynn are preferred picks, CBRE considered that the new stimulus measures are expected to unlock both technical and fundamental value across the entire Macau gaming sector.

Pragmatic Play launches The Dog House Muttley Crew on a high seas adventure

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Sporting pirate hats and eyepatches, the famous dogs are back and sailing the high seas in this 5×5 cluster-pays slot, where wilds hit with random multipliers of up to 10x the bet. 

Landing 3-5 bonus symbols awards 10-20 free spins in the bonus game, which can be retriggered with an additional 5-30 free spins. Wilds are sticky throughout the feature, remaining in place wherever they land on the reels and paving the way for wins of up to 7,500x.  

The Dog House Muttley Crew is the latest addition to Pragmatic Play’s award-winning Slots portfolio, following recent hits Big Bass Vegas Double Down Deluxe and Wisdom of Athena 1000

Irina Cornides, Chief Operating Officer at Pragmatic Play, said: “One of Pragmatic Play’s most popular game series, The Dog House, explores uncharted waters in the Muttley Crew, where an ocean of wild multipliers can lead to big wins, especially in the bonus game.” 

Korean Gov’t urged to establish gambling regulatory body for IRs: Report

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Tourism experts are advocating for South Korea to create a regulatory organization to oversee the gambling sector and ensure the sustainable growth of integrated resorts featuring casinos.

This recommendation emerged during a recent panel discussion at The Korea Times Global Business Club, which focused on “Korean-Style Integrated Resorts and Future Strategic Directions.”

Moderated by Seo Won-seok, a professor at Kyung Hee University, the event brought together scholars, industry leaders, and government officials to discuss the future of integrated resorts in Korea, along with the necessity of a regulatory framework for gambling activities.

Experts emphasized that a dedicated regulatory body is essential not only to address public concerns over gambling but also to combat issues like gambling addiction. Professor Lee Jae-seok from Gangneung-Wonju National University highlighted the importance of education in raising awareness about gambling risks from an early age, drawing parallels with successful prevention campaigns in Macau.

Park Jun-hwi, vice president of the Korean Institute of Criminology and Justice, pointed out that the legal gambling sectors, including casinos, do not satisfy the public’s demand, leading to a surge in illegal gambling, especially online, which has grown significantly during the COVID-19 pandemic.

Seo Yong-seok from the National Gambling Control Commission outlined the potential functions of a regulatory body, referencing Singapore’s Gambling Regulatory Authority as a model. He noted that regulators should promote responsible gambling while also highlighting the positive economic impacts of casinos.

Meanwhile, Lee Jin-kyung, a member of the Jeju Casino Regulatory Commission, stated that effective regulation involves ongoing communication with the local community to ensure that the casino industry develops in a way that benefits the public.

Panelists also discussed the increasing competition in Asia for integrated resort development. Jeong Kwang-min from the Korea Culture and Tourism Institute emphasized that Korea should adopt a comprehensive approach to planning its integrated resorts, taking cues from Japan’s extensive preparatory work for its first integrated resort.

Industry leaders like Kim Young-moon, CEO of Mayfield Hotel Seoul, argued that integrated resorts should serve as iconic destinations to attract visitors, necessitating focused research and training in Korean-style resort development.

Julie Heo, general counsel for Inspire Entertainment Resort, highlighted the need for diverse entertainment options beyond gambling to appeal to a broader audience. Meanwhile, Nicholas Kim from the Incheon Free Economic Zone Authority called for relaxed regulations on foreigner-only casinos to facilitate growth in the integrated resort sector.

Thailand and UAE IRs could add $3-5B in GRR annually each: MS    

Morgan Stanley notes that Thailand and the UAE’s gaming sectors could significantly enhance global gross gaming revenue (GGR), with estimates suggesting that both could contribute between $3 billion and $5 billion in GGR each.

In a report analyzing the global gaming industry, the investment bank highlights the UAE’s gaming market, where Wynn Resorts is leading the charge with plans to open the country’s first casino by 2027.

The US-based gaming operator announced its joint venture development with RAK Hospitality in January 2022. This integrated resort will be located on Al Marjan Island, a man-made island in Ras Al Khaimah, UAE.

The UAE is viewed as a high-potential market due to its rapidly growing population of high-net-worth individuals and the limited supply of gaming venues. The market size is projected to reach between $3 billion and $5 billion annually in GGR, and the country’s favorable tax environment could result in attractive returns on investment.

Wynn’s early mover advantage in the UAE positions it well to capture market share and drive significant revenue growth. The UAE’s affluent population, combined with an increasing influx of international tourists, provides a solid foundation for the development of a thriving gaming market. 

Furthermore, the market’s lack of direct competition from other regional gaming hubs, such as Singapore and Macau, ensures that Wynn could establish itself as a dominant player in the region.

Thailand, casino law, Integrated Resorts, Integrated Entertainment Business Act

Thailand 

Thailand is another market identified in the report as having significant growth potential, with estimates suggesting it could generate between $4 billion and $6 billion in annual GGR. The country’s well-developed infrastructure and established position as a leading tourism destination in Southeast Asia make it a prime candidate for gaming expansion.

However, much will depend on regulatory developments and the Thai government’s approach to licensing and taxation. If Thailand adopts a favorable regulatory framework, it could quickly become one of the largest gaming markets in Asia, rivaling more established markets like Singapore and the Philippines.

Macau, cotai-strip, Gaming revenue, Macau GGR, gaming operators, gaming industry, Macau dasino operators

Macau 

Macau, as one of the key gaming markets in Asia, has shown remarkable resilience, even as China’s consumer spending and retail sales faced downturns. Gaming revenue in Macau has proven more stable than in other sectors, partly due to significant entry barriers and limited market overcapacity.

Macau September GGR 2024

Macau’s gaming revenue has recovered to about 77 percent of 2019 levels, with the mass gaming sector even exceeding pre-pandemic levels by 114 percent in the second quarter of 2024. This trend contrasts with other consumer sectors in China, such as retail and luxury goods, which have struggled to regain momentum post-COVID. Macau’s unique positioning, characterized by limited competition and high margins, makes it a standout performer in the broader Chinese economy, suggesting further growth potential.

The report emphasizes that return on invested capital (ROIC) remains a key metric for assessing the health and potential of gaming markets. Historically, global gaming has maintained ROIC levels above 15 percent, even during economic downturns. In established markets like Singapore, ROIC has already returned to pre-COVID levels of 20 percent, supported by a strong rebound in VIP gaming. 

Similar trends are expected in emerging markets like the UAE and Thailand, where lower tax rates and carefully managed capital expenditures could drive attractive returns. Macau’s ROIC has been lower post-COVID, hovering around 12.7 percent in 2023, but it is expected to improve to 14.8 percent by 2024 as the market stabilizes.

Macau gaming

This is still below its 2019 levels, partly due to the downturn in VIP gaming and increased gaming taxes. However, Macau’s market structure, with its limited competition and high entry barriers, ensures that it will remain a highly profitable market in the long term.

For gaming operators in the region, the brokerage believes that the focus will likely shift toward capital allocation, balancing investments in new markets like the UAE and Thailand with returning capital to shareholders through dividends and buybacks. As more details emerge about the regulatory frameworks in these new markets, gaming companies will need to carefully assess their strategies to maximize returns while minimizing risks.

ESA Gaming expands slot portfolio with Secret of Selene

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ESA Gaming, the innovative games provider, has unveiled the latest addition to its growing slot portfolio with a new title, Secret of Selene.

Initially offering a 3×3 grid with 27 pay ways, symbols are required to land left to right to form a win. These winning icons are then removed from the reels, with the popular cascading wins mechanic seeing further symbols fall to form more combinations.

Crescent moons act as expansion symbols, which can see an extra reel added either to the right of the grid, or above it, depending on the icon’s orientation. The matrix can expand up to 5×5, offering 3,125 ways to win as cascades continue to fall.

Secret of Selene offers both a respins and free spins mode. Three or more Gold Star Scatters will launch the Full Moon Respins and award three spins, where every coin has a multiplier. This can range from 2x to 100x, while a number of modifiers can also land, including collect symbols, expanding symbols, and multipliers. The count resets if any symbols land on the grid to further boost win potential.

The Blood Moon Respins mode is triggered if five Gold Star scatters land, which acts as a super bonus, offering doubled multipliers of up to 200x, while the grid starts at its maximum size of 5×5. Players can also buy either feature in certain jurisdictions to progress directly to the bonus.

Secret of Selene is the latest title to be added to ESA Gaming’s slot offering, which continues to expand with four titles set to be launched in Q4 alone.

Josefin Uppeke, Head of Game Production at ESA Gaming, said: “Secrets of Selene combines an aethereal Greek mythology theme with the power of the stars to offer an exciting environment for fast-paced cascading wins. With expanding reels, two popular respin bonus modes and a max win of 5,000x, there are plenty of big wins amongst the stars in our latest title. We are excited to boost further our offering of slots with Secrets of Selene, which perfectly complements our popular portfolio of non-traditional content.”

Play’n GO unveils hidden riches in Lady of Fortune Remastered

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Play’n GO‘s new release challenges players to revisit the mystical world of the beyond in Lady of Fortune Remastered, where the future holds untold riches and mysterious revelations.  

Venture where the veil between our world and the unknown is thin, and fortunes await those who dare to look. This 5×3 video slot revisits the popular title, Lady of Fortune, now with enhanced visuals and enriched gameplay. With 15 paylines and a host of magical bonus features, the Lady of Fortune returns to guide you on a journey filled with mystery, multipliers, and mesmerizing rewards.  

Play’n GO unveils hidden riches in Lady of Fortune Remastered

In Lady of Fortune Remastered, every spin of the reels could reveal a glimpse of your destiny. The game is rich with features that beckon players to explore the unknown and unlock the treasures hidden within. 

Mystic Wild Symbols appear during the base game, substituting for all symbols except Scatters. But that’s not all – these Wilds also multiply your win by up to 5x, amplifying your fortune in an instant!  

Unlock the Pick-a-Prize bonus by landing three Ouija Planchette Scatter symbols. You’ll face three tarot cards, each holding a hidden prize. Choose wisely, and you could reveal a reward worth up to 1500x your stake, guided by the spirits beyond.  

Every win offers a chance to test your own psychic powers. Predict the next card’s color in the optional Gamble Round to double your winnings or guess the suit to quadruple them. But beware – misjudging the spirits’ intentions could cost you your prize!  

Fans of the original Lady of Fortune and those drawn to slots steeped in mysticism and fortune-telling will find Lady of Fortune Remastered a compelling continuation of a beloved theme. Its dark, gothic aesthetic is akin to some of Play’n GO’s other spooky slots such as House of Doom (2018) and Rich Wilde and the Tome of Insanity (2024), while its captivating features make it a must-play for those intrigued by the arcane and unknown.  

George Olekszy Head of Game Retention at Play’n GO, said: “Lady of Fortune Remastered fully reimagines one of our classic titles, enhanced with modern visuals and gameplay mechanics. The game’s immersive atmosphere and rewarding features are sure to captivate both new players and fans of the original alike.” 

Paradise Co sees a 16.5% drop in casino revenue YoY in September

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South Korean foreigner-only casino operator Paradise Co reported a decline in casino revenue to KRW61.6 billion ($46.5 million) in September, marking a 16.5 percent drop year-on-year and a 14.4 percent decrease from August. 

This decline was evident across all segments, with gaming table revenue falling 14.8 percent sequentially to KRW57.3 billion ($43.2 million) and machine revenue decreasing by 8.9 percent to KRW 4.3 billion ($3.25 million). The table drop reached KRW563.6 billion ($425 million), down 15.6 percent from August and 0.7 percent compared to the same period in 2023.

However, casino revenues for the first nine months of 2024 remain up 8.8 percent year-on-year, totaling KRW614.5 billion ($464 million), supported by a 15.5 percent increase in drop to KRW5.21 trillion ($3.93 billion). 

The company operates several prominent casinos, including Walkerhill, Jeju, Incheon Paradise City, and Busan Casino. Paradise Co now plans to enhance its appeal to international guests by developing a luxury hotel in Seoul and upgrading its VIP gaming areas.

Jeju Dream Tower casino sales up 24.7% YoY in September

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Lotte Tour Development Co. Ltd, the operator of Jeju Dream Tower, has released its latest financial results, highlighting revenue growth in 2024 compared to the previous year.

For the month of September 2024, the casino reported revenues of KRW129.4 billion ($97.9 million), up 24.7 percent from KRW103.8 billion ($78.5 million) in the same month of last year.

For the first nine months of 2024, Lotte Tour experienced a cumulative revenue of KRW805.7 billion ($609.9 million), a 5 percent increase compared to the same period in 2023.

In September 2024, the company reported hotel revenue of KRW6.8 billion ($5.15 million), reflecting a 31.3 percent decline from KRW9.9 billion ($7.48 million) in August 2024 and a 13.9 percent drop compared to KRW7.9 billion ($5.98 million) in September 2023.

Casino revenue for the month was KRW28.4 billion ($21.53 million), which is down 13.7 percent from KRW32.9 billion ($24.92 million) in August but shows a remarkable increase of 98.4 percent from KRW14.3 billion ($10.83 million) in September 2023.

Within this total, table games generated KRW27.1 billion ($20.53 million), an 8.6 percent decrease from KRW29.7 billion ($22.45 million) in August, while marking a year-on-year increase of 106.6 percent from KRW13.1 billion ($9.92 million).

Machine games contributed KRW1.2 billion ($908,000), down 60.8 percent from KRW3.2 billion ($2.42 million) in August but up 6.7 percent from KRW1.1 billion ($833,000) in September 2023.

Daily Asia Gaming eBrief: China’s stimulus to uplift sentiment in Macau

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What you need to know


On the radar


AGB Intelligence

MACAU

 China Monetary stimulus, Analysts project Macau’s GGR to reach $2.3B in April

China’s stimulus to boost Macau growth outlook

China’s recent monetary stimulus is set to enhance Macau’s growth prospects as confidence among consumers and businesses improves, according to Seaport Research. Senior analyst Vitaly Umansky highlights various policy measures by the People’s Bank of China aimed at boosting economic activity. Despite some segments lagging, including base mass gaming, optimism surrounds October’s GGR, which is expected to reach $2.68 billion, with a promising outlook for the coming months.


Opinion

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By Daniel Cheng


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