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Daily Asia Gaming eBrief: Online Gambling Jurisdictions Focus: Vanuatu

AGBrief Editorial
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Daily Asia Gaming eBrief: Online Gambling Jurisdictions Focus: Vanuatu
Good morning. We continue our exploration of online gambling jurisdictions, this time focusing on the island paradise of Vanuatu. Under a completely revamped regulatory framework, Vanuatu is providing a highly competitive offering for operators now shunned from the Philippines and potentially tired of cumbersome requirements in other classic jurisdictions such as Curacao and the Isle of Man. Meanwhile, Macau operations for Melco are doing well, helping push the company to nearly $1.16 billion in revenue for 2Q24, despite slight drops in the Philippines.

What you need to know

On the radar

AGB Intelligence

VANUATU

Vanuatu

The pre-regulated gaming field: Vanuatu

The island paradise of Vanuatu has completely reshaped its regulatory framework for online gaming, now offering a highly competitive and attractive environment for operators. In this latest installment of the Pre-Regulated Playing Field focused on online gambling we take a look at exactly what is on offer for those wanting to move into the space, and how it compares to other jurisdictions which are increasingly cumbersome or shifting away from online offerings.

Corporate Spotlight

How 1xBet dominates the Asian market: conditions and approach

1xBet, Asian Market

1xBet operates in several dozen countries in Asia, and the number of partners in this region is growing steadily, which indicates the effectiveness of the 1xPartners affiliate program. The brand offers favorable conditions and a modern set of tools for making money on the Internet.

Know Your Enemy: An Interactive Guide to Online Gaming Fraud

Sumsub, Online Gaming Fraud, verification platform

Online gaming fraud is on the rise in the iGaming industry. In Q1 2022, there was an 85% increase in fake account registrations compared to Q4 2021. While players are undoubtedly affected by gaming fraud, iGaming platforms also suffer due to damaged reputations, huge financial losses, and legal consequences.

Industry Updates

MEMBERSHIP | INTELLIGENCE | ASEAN | CAREERS

Melco revenue nears $1.16B in 2Q24, with strong performance in mass and non-gaming

AGBrief Editorial
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Melco revenue nears $1.16B in 2Q24, with strong performance in mass and non-gaming

Gaming operator Melco Resorts & Entertainment saw a 22.33 percent rise in its operating revenues for the second quarter of the year, nearing $1.16 billion, led by the continued recovery in Macau – prompting improved performance in both the mass market and non-gaming segments.

According to results published late on Tuesday, the operator also recorded a profit of some $21.39 million, reversing a loss of $23.44 million registered in the same period of 2023.

Overall casino revenues rose by 22.7 percent yearly, to $942.96 million, eclipsing all other segments. Despite this, operating expenses for the casino segment also increased, reaching $632.47 million.

The group also saw a strong acceleration in its adjusted property EBITDA, totaling $302.8 million during the period, up from $267.3 million in 2Q23.

Lawrence Ho, CEO, Melco Resorts
Lawrence Ho, CEO, Melco Resorts

Speaking of the results, Melco’s Chairman and CEO Lawrence Ho noted that “Our strategic initiatives to expand revenue and profitability, and drive growth continued to evolve in the second quarter of 2024 […] We’ve seen growth in GGR quarter-to-quarter and year-over-year, and our teams are focused on driving continued expansion of our market position.”

The group’s Macau operations continued to be its primary income source, with City of Dreams recording revenue of $576.4 million, an increase of over $70 million yearly, with adjusted property EBITDA rising to $165.1 million – up by nearly $4 million yearly.

The group notes that the result is ‘primarily a result of better performance in the mass market table games segment.

Altira Macau continued flat, with revenues at $29.3 million, while seeing a strong adjusted EBITDA drop down to $2 million, compared to $4.3 million in 2Q23.

Altira Macau, Melco Resorts
Altira Macau
Studio City, Melco Resorts, Macau
Studio City

Studio City brought in some $352.3 million in revenue, a strong rise from the $236 million in 2Q23, with adjusted property EBITDA also rising strongly to $79.2 million (from $41.1 million in 2Q23). The group notes that the rise was ‘primarily a result of better performance in all gaming segments and non-gaming operations.

Entertainment City, COD Manila, Philippines
City of Dreams Manila

Looking to the Philippines, City of Dreams Manila revenues were down yearly, from $116.4 million in 2Q23 to $109 million in 2Q24, with adjusted property EBITDA falling to $40.5 million (down by $6.5 million yearly). The group attributes this to ‘softer performance in the mass market table games segment’.

City of Dreams Mediterranean, COD Mediterranean, Melco Resorts
City of Dreams Mediterranean

In Cyprus, City of Dreams Mediterranean and its three satellite casinos brought in some $58.7 million, a stark rise from the $30.9 million reported in the same period of last year.

The property generated adjusted EBITDA of $13.1 million, up by nearly 90 percent yearly. This was ‘primarily a result of better performance in the mass market segment and non-gaming operations following the opening of City of Dreams Mediterranean in mid-2023’.

Speaking of the results in non-Macau properties, Melco Chairman and CEO Lawrence Ho noted:

“City of Dreams Manila in the Philippines has consistently exhibited solid results. City of Dreams Mediterranean and our satellite casinos in Cyprus built upon the momentum seen in the past quarter, with luck adjusted EBITDA growing more than 30 percent quarter-to-quarter.”

Philippines eGames service provider PhilWeb continues profit recovery in 2Q24

Nelson Moura
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Philippines eGames service provider PhilWeb continues profit recovery in 2Q24

Philippines-listed eGames service provider PhilWeb Corp has maintained the turnaround in its financial performance during the second quarter of 2024.

The company achieved positive net income of PHP224,929 ($3,950) for the quarter ended June 30th, 2024, a notable recovery compared to the PHP5.26 million ($92,356) net loss reported in the same quarter of 2023.

Meanwhile, PhilWeb’s gross revenue increased by 4.8 percent year-on-year, reaching PHP208.89 million ($3.66 million) in the second quarter 2024, up from PHP199.36 million ($3.5 million) in the same quarter last year.

PhilWeb supplies software content, eBingo machinery and services to a network of 150 licensed gaming venues, and also owns and operates 50 electronic gaming and electronic bingo venues across the Philippines.

The growth in the company’s revenue during the second quarter of this year was supported by a slight reduction in gross expenses, which fell by 1.5 percent to PHP193.84 million ($3.40 million), compared to PHP196.77 million ($3.45 million) in the previous year.

As a result, PhilWeb posted a positive income before tax of PHP10.45 million ($183,384), a significant improvement from the PHP2.2 million ($38,632) loss before tax recorded in the same quarter last year.

Gross revenue for the year-to-date period grew by 2.6 percent to PHP414.15 million ($7.27 million), while gross expenses decreased by 2.9 percent to PHP387.64 million ($6.80 million).

Despite the positive momentum, the company’s balance sheet showed a slight decrease in current assets to PHP208.94 million ($3.66 million), with a slight reduction in total liabilities to PHP661.03 million ($11.6 million) from PHP669.95 million ($11.76 million) at the end of the previous fiscal year.

PH Ombudsman dismisses “POGO Mayor” Alice Guo from service

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PH Ombudsman dismisses “POGO Mayor” Alice Guo from service

The Philippines’ Office of the Ombudsman has ordered the dismissal from service of “POGO Mayor” Alice Guo, who had been previously suspended.

An order dating from August 12th details that the former Bamban, Tarlac Mayor has been accused of grave misconduct, according to the Philippines News Agency.

The order also permanently bans Guo from holding public office as well as ordering the forfeiture of her retirement benefits.

According to the nation’s anti-graft body, Guo was intrinsically linked to offshore gaming operations (POGOs) raided in her area and that there was a “willful intent on her part to violate the law or disregard established rules,” the ombudsman’s office noted.

“The series of acts are interconnected, leaving no other conclusion than that they were committed by Guo with ulterior motive or self-interest,” cites the publication.

Guo could also potentially face further cases leveled by the government, while a further other 12 Bamban officials having been found guilty of conduct prejudicial to the best interest of service by the Ombudsman, being suspended for three months.

Alice Guo has been one of the highlights of the POGO crackdown, which culminated in the banning of offshore gaming operations under PAGCOR by the nation’s President in his State of the Nation Address (SONA).

Senator Risa Hontiveros, Philippines, PH Ombudsman dismisses “POGO Mayor” Alice Guo from service
Senator Risa Hontiveros

Guo’s arrest has already been ordered by numerous authorities, stemming from contempt to appear in front of authorities to respond to her potential links to POGO operations.

In July, Guo’s legal team asked the Supreme Court to cancel a subpoena issued by the Senate committee, chaired by Risa Hontiveros, against Guo and her family members.

G2E Asia Philippines 2025

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G2E Asia Philippines 2025

G2E Asia Philippines is the most effective platform for deep market penetration and network intimately with the gaming operators in the Philippines.

G2E Asia @ the Philippines, a special edition of G2E Asia, makes its highly anticipated return to Manila Marriott Hotel this December 10 and 11. Tailored for the Philippine gaming industry, the 2-day event will feature over 100 brands in the exhibition, many of which have no local presence.

Wazdan releases Mighty Wild: Panther Grand Diamond Edition

AGBrief Editorial
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Wazdan releases Mighty Wild: Panther Grand Diamond Edition

Wazdan, the leading gain-focused developer, guides players back to the jungle’s depths as it releases the fourth edition of its player-favorite series, Mighty Wild: Panther Grand Diamond Edition.

The familiar 5×3 playing grid offers two alluring bonus rounds through the renowned Hold the Jackpot and Wild Rampage. Both grant players the chance of securing the Grand Jackpot, which stands at a whopping 5,000x the original bet.

Wazdan’s Cash Out mechanic is the only way to win outside of the two bonus games. If landed, it will stick to the reels for up to 20 spins. If Cash, Cash Infinity, Mini, Minor, or Major Jackpot symbols are drawn on that reel during the spins, their value will be accumulated.

Wazdan’s latest title exemplifies its customizable approach to gaming and successful implementation of its Online gaining™ philosophy, which has been pivotal in yielding tangible results for its partners and allowing players to tailor gameplay to their preferred style.

Andrzej Hyla, Chief Commercial Officer at Wazdan, said: “At Wazdan, we are always looking for ways to develop top-performing series and Mighty Wild: Panther Grand Diamond Editon elevates gameplay for players through its two stimulating bonus rounds and Cash Out feature, enhancing the number of ways to secure grand wins.

G2E Asia 2025

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G2E Asia 2025

The 2025 editions of the Global Gaming Expo – G2E Asia and Asian IR Expo are set to take place in Macau from May 7th to 9th, at The Venetian Macao.

Global Gaming Expo (G2E) Asia is the must-attend marketplace for the Asian gaming-entertainment industry, offering a one-stop platform to showcase the latest technologies, services, and products to the industry professionals where they come to network, source for new products and solutions and learn the latest global industry trends.

ESA Gaming enhances Game Aggregator System with Religa’s live casino content

AGBrief Editorial
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ESA Gaming enhances Game Aggregator System with Religa’s live casino content

ESA Gaming, the innovative games provider, has bolstered its Game Aggregator System (GAS) by integrating live casino content from Religa, a leading solutions provider in the field.

Under this partnership, ESA Gaming’s aggregation platform will now feature a selection of Religa’s acclaimed live casino games, including popular titles like Blackjack, Baccarat, and various Roulette options.

Religa, Esa gaming

Founded in 2021, Religa is recognised for its high-quality, immersive gaming experiences. Its live streaming is sourced directly from both prestigious land-based casinos and purpose-built studios, offering an HD quality solution optimized for seamless play across web and mobile platforms.

The partnership significantly enhances ESA Gaming’s live casino aggregation offering during a period when the supplier has also expanded its portfolio with several new providers.

Thomas Smallwood, Chief Commercial Officer at ESA Gaming, said: “It has been a productive year for our GAS offering, and the inclusion of Religa’s content further strengthens our position.”

Edgar Portelli, CEO, at Religa, added: “We are delighted to partner with ESA Gaming, expanding the accessibility of our live casino games to their network of partners.”

Mohegan’s outlook improved on strength of INSPIRE project: CBRE

Nelson Moura
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Mohegan’s outlook improved on strength of INSPIRE project: CBRE

The Mohegan Tribal Gaming Authority (Mohegan) has seen its financial outlook improved, say CBRE analysts, thanks to progress in its South Korean project, which is ramping up revenue faster than expected.

Mohegan’s INSPIRE integrated resort in South Korea has helped boost the company to achieve the highest quarterly net revenues in its history, reaching $504.16 million in the second quarter of 2024.

Mohegan INSPIRE, Incheon, Korea

The figure is a 21.4 percent yearly increase and reflects the net revenues generated by INSPIRE of $101.1 million since opening.

According to CBRE, recent reports highlight that Mohegan’s management is optimistic about refinancing its debt by early 2025, as management plans to simplify finances, reduce debt, and avoid needing extra support for the South Korean venture, which has been a concern for some investors.

Mohegan Gaming & Entertainment

‘Mohegan outperformed our expectations with solid digital growth and faster-than-expected revenue ramp in Korea. Positively, management paid down $54mm on the secured revolver and did not appear to provide any support to Korea’, CBRE affirmed in a recent dispatch.

Overall, Mohegan’s ability to generate strong cash flows, especially from its operations in South Korea and Connecticut, was said to have boosted investor confidence. As a result, their financial outlook is now more positive, with strong potential for refinancing and continued growth.

Queensland pubs and clubs EGM revenue rises 7% in July, sets monthly record

Nelson Moura
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Queensland pubs and clubs EGM revenue rises 7% in July, sets monthly record

The Queensland pubs and clubs electronic gaming machine (EGM) market experienced significant growth in July, recording a 7.7 percent increase compared to the same period last year and a 14.8 percent rise from the previous month.

According to Wohlsen Consulting, this surge in demand resulted in a new monthly record for Average Daily Revenue (ADR) per machine across the state, reaching AU$263 ($173), surpassing the previous record of AU$244 ($160) set in July of the previous year.

This performance is largely attributed to the cash influx from income tax returns, a common trend during this period. However, the strength of these results is particularly noteworthy given that June benefited from 14 weekend trading days, while July only had 12 weekend trading periods.

Hotels saw a substantial benefit from this growth, increasing their market share to a record 58 percent, compared to clubs, which held 42 percent. This shift in market dynamics may be influenced by a younger working demographic, who likely saw an increase in disposable income due to tax returns and cuts.

Additionally, the recent restrictions imposed on June 11th regarding the use of credit cards and digital currencies for online betting may be driving some players towards EGM play, especially in hotels, creating a substitution effect that has bolstered the market’s performance.

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