FBM Champion’s Night celebrated bingo operators’ hard work and success

Philippines

AGBrief Editorial

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August 11, 2024

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FBM Champion’s Night celebrated bingo operators’ hard work and success

FBM organized a Champion’s Night at the prestigious hotel Marco Polo Ortigas on the past July 30^th. The initiative gathered dozens of bingo operators to celebrate its successful performance during the Cash Panalo promotion held from May to June.

FBM Champion’s Night honored the top-performing bingo sites, celebrating their hard work and dedication throughout the season with a night full of surprises and moments to remember.

The FBM Champion’s Night marked the anniversary of the brand’s first link promotion, highlighting the achievements and growth within FBM’s bingo community. The evening brought moments of shared joy, recognizing the outstanding accomplishments of bingo operators attending during the Cash Panalo bingo promotion.

Pepe Costa, FBM’s Country Manager for the Philippines, opened the night with a welcoming speech focusing on FBM Foundation’s mission. The FBM representative highlighted the intervention of the FBM’s Group solidarity project, and the Outstanding Contribution in CSR Award obtained during the Asia Gaming Awards. Pepe Costa encouraged operators to pledge their donations, in the sequence of a natural disaster in the Philippines, furthering the Foundation’s mission to support various charitable initiatives.

FBM Champions Night, Philippines — Pepe Costa, FBM’s Country Manager for the Philippines, made the opening speech at FBM Champion’s Night.

Prizes and artistic shows created a memorable evening for the attendees

Hosted by the dynamic duo Papa Jackson and Giselle Sanchez, the FBM Champion’s Night proceeded to a moment of celebration which kept the audience entertained and engaged. The event highlighted the achievements of bingo hall sites as several operators received exclusive FBM plaques, as a distinction for their exceptional contributions and dedication. The night also featured a thrilling raffle draw, where attendees had the chance to win exciting cash prizes, Apple Watches, and iPads, adding an element of suspense and joy to the event.

FBM Champion's Night, bingo, Philippines — FBM Champion’s Night celebrated the outstanding contribution of bingo operators during the Cash Panalo bingo promotion

The festive atmosphere continued with spectacular performances that elevated the night’s excitement. Giselle Sanchez surprised the audience with a musical performance, showcasing her incredible talent and adding a touch of glamour to the event. Renowned singer and songwriter Bugoy Drilon also took the stage with his soulful voice that captivated the audience, creating a memorable experience for all the attendees.

The FBM Champion’s Night was not merely a celebration of past successes. It was a powerful launchpad for future endeavors. By highlighting the outstanding efforts of bingo operators, FBM celebrated, once again, the success of the Filipino bingo community. This event highlighted FBM’s commitment to excellence and innovation, driving positive change in the industry and the communities served by the casino gaming company.

Speaking of the results, the Chairman of the Philippine Amusement and Gaming Corporation (PAGCOR), Alejandro H. Tengco, noted that “This sector continues to surpass targets and should help cover up for any shortfall resulting from the President’s order banning offshore gaming operations or POGOs by the end of the year.”

The nation’s president announced the ban on offshore gaming operations regulated by PAGCOR during his recent State of the Nation Address (SONA).

But in regard to the eGames growth, Tengco attributed the success to police reforms implemented by the regulator over the past year.

Looking to land-based operations, licensed casinos continued to be the strongest contributor to GGR, with revenues totaling PHP49.48 billion ($863.95 million), a slight drop compared to the PHP51.7 billion ($902.71 million) record recorded in 2Q23 and also a slight drop from the first quarter of 2024.

Revenue generated from PAGCOR-operated casinos (Casino Filipino) fell by 14.8 percent yearly, again from a record high in 2Q23, to PHP4.2 billion ($73.33 million). The figure was also a 10.41 percent sequential drop.

Meanwhile, bingo operations saw revenue of PHP4.69 billion ($81.89 million), down both yearly and sequentially.

One of the major pushes for INSPIRE’s South Korean resort, located near one of the country’s main airport, in Incheon, has been utilizing its successful United States background in entertainment to leverage the K-pop scene and maximize its 15,000-seat arena, indoor water park, MICE facilities and 30,000-capacity entertainment park.

Despite the positive revenue results, the group still accumulated some $29.94 million in loss during the quarter, compared to a profit of $50.55 million in 2Q23.

This was offset by strong domestic performance in the US market, but also by the expansion of Mohegan Digital.

The segment saw growth of 151.3 percent in net revenues yearly during the quarter, topping $41.86 million, boasting net income of $23.06 million (up 99.1 percent yearly) and adjusted EBITDA of $23.06 million (a rise of 99.5 percent). The group notes that the segment ‘continues to experience strong growth’.

Domestic US operations saw single-digit growth, of 2.6 percent in revenue – totaling $310.74 million – still the group’s strongest segment.

Net income from the group’s primary market rose by 5.8 percent yearly. To $63.53 million, while adjusted EBITDA fell by less than 1 percent, to $82.24 million.

Speaking of the results, Mohegan’s Chief Executive Officer Ray Pineault noted that: “As I look across our enterprise, I feel confident about how our strategy is taking shape and I’m excited about our near and long-term prospects. The combination of profitable growth in Digital, the ramp at INSPIRE since the grand opening in March, combined with the stability and resilience of our flagship, Mohegan Sun in Connecticut, highlights some of the important drivers for our growth in the present and future”.

Mohegan Sun, Mohegan Gaming, Connecticut — _{Mohegan Sun, Connecticut}

Mohegan operates the INSPIRE integrated resort in South Korea, with US operations in the states of Connecticut, Washington, Pennsylvania, New Jersey and Nevada. It also operates in Niagara Falls, Ontario, Canada, as well as its iGaming division Mohegan Digital.

Good morning. The middle of the third quarter could start to see marginal improvements for Macau operators, after a slow start. Certain restraining factors in July, including soft visitation and money-changing crackdowns are likely to be offset this month, boding well. However, overall the strong resurgence could be beginning to slow. Meanwhile, while some jurisdictions are shying away from the online segment, Vanuatu has just launched its new online portal to process Interactive Gaming Licenses, utilizing its new regulatory framework to provide attractive options for operators seeking better pastures.

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Macau should see a moderate GGR increase of 1 percent month-over-month in August, note Morgan Stanley analysts.
Vanuatu starts processing new Interactive Gaming Licenses through online portal, after new regulatory framework improvements.

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Belle Corp sees CoD Manila gaming revenue fall 24% y-o-y in 1H24.
Shin Hwa World expecting loss reduction of 20-35% in 1H24.
Westside City project developer Suntrust reduces loss in 2Q24 to $9.7M.
Casino machines and Paradise drive Sega Sammy’s performance in 2Q24.
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Macau’s gaming operators can expect a modest uptick in revenue in August, after a slow July. But figures are still sluggish compared to expectations. Lower visitation, in particular from Macau’s main source market China, plus concerns over money exchange crackdowns by the mainland authorities likely impacted July’s downturn; and the Euro Cup also had its toll – all factors expected to ease in August.

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Licenses are administered by the Vanuatu Gaming Authority (VGA) and its CEO, Macyn White, commented on the ease of use and advantages of this new approach: “eGaming operators require speed, effectiveness, updated information and strong compliance to successfully compete in this fast-paced industry. We’re confident that the new Online Applications Portal checks all of the boxes to get interested parties informed and up and running in record time,” White said.

“This new regulatory framework, and online portal, could not come at a better moment for the industry. Licensing jurisdictions worldwide are undergoing significant shifts, some choosing to shut down the online sector entirely, and others requiring a complex and onerous process. Here at the VGA, we endeavored to solve these problems and elevate Vanuatu as the go-to jurisdiction for online operators focused on pre-regulated markets”.

Vanuatu launches new online gambling license for pre-regulated markets — Vanuatu Gaming Authority CEO Macyn White (Left) and Vanuatu Honorable Minister of Finance John Salong (Right)

Key facts of the new Vanuatu gambling license include a EUR5,000 application fee, EUR10,000 annual license fee, a license validity of 15 years, a 1 percent Wagering Activity Tax charged on Gross Gaming Revenue (GGR), as well as the inclusion of one URL per license, with additional URLs able to be added for a moderate fee.

The VGA processes applications in a public-private partnership with the local regulator, the Vanuatu Department of Customs and Inland Revenue. Using the online-only model enables the VGA to aim for processing times of two to three weeks per successfully submitted application. The jurisdiction also follows the principle that operators must ensure targeting their desired grey market regions is legal by obtaining relevant legal advice. Only countries currently on the FATF black-list are explicitly forbidden to be targeted at this moment in time.

Beneath the game grid, a conveyor belt presents between two and ten sushi money symbols on every spin. Each money symbol takes a random value of up to 1,000x the bet in the base game and 2,500x in the bonus game. During the base game, hitting three Take Sushi symbols awards the values of all money symbols on the screen.

Running Sushi is the latest addition to the ever-growing range of Slots from Pragmatic Play, following recent hits such as Money Stacks, Bow of Artemis, and 6 Jokers.

Irina Cornides, Chief Operating Officer at Pragmatic Play, said: “Highlighting the increasing diversity of Pragmatic Play’s Slots portfolio, Running Sushi stands out with a fresh theme, beautiful visuals, and an exciting collection mechanic that can see random money values of up to 2,500x the bet added to the menu.”

Looking at other gaming income for Belle Corp, the group noted that it derived some PHP258.9 million ($4.51 million) in revenue via Pacific Online Systems Corporation, a subsidiary of PLC which leases online betting equipment to the Philippine Charity Sweepstakes Office (PCSO) for lottery operations. The figure was a 17 percent decrease year-on-year.

Total consolidated revenues for the company fell by some 6 percent compared to 2Q23, totaling PHP2.73 billion ($47.57 million), with net income dropping by one-third yearly, to PHP882.4 million ($15.37 million).

The group noted that ‘this decrease in bottomline figures is mainly brought about by the lower revenues, primarily coming from the lower revenues from gaming business units for the period’.

FBM organized a Champion’s Night at the prestigious hotel Marco Polo Ortigas on the past July 30th. The initiative gathered dozens of bingo operators to celebrate its successful performance during the Cash Panalo promotion held from May to June.

Prizes and artistic shows created a memorable evening for the attendees

Table of Contents

Gross gaming revenue in the Philippines saw a 32.3 percent yearly uptick in the second quarter, hitting PHP89.23 billion ($1.56 billion), with the eGames sector seeing a substantial rise.

Table of Contents

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

Table of Contents

What you need to know

On the radar

MACAU

Corporate Spotlight

Industry Updates

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The island nation of Vanuatu has officially launched its new online portal and begun processing applications for its recently unveiled online gambling license.

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Pragmatic Play, a leading content supplier to the iGaming industry, is serving up a feast of money symbols in Running Sushi.

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Evoplay, the award-winning game development studio, has launched its latest slot Bull’s Club, where wilds stampede the board to create big wins.

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Belle Corporation, the Philippine-listed parent company of Premium Leisure Corp (PLC), has announced that it saw a 24 percent yearly drop in gaming revenue from its share of City of Dreams Manila during the first half of the year, to PHP953 million ($16.43 million).

Table of Contents

Suntrust Resort Holdings, currently developing the Westside City integrated resort project in Entertainment City, Manila, Philippines, has announced a net loss of PHP555.51 million ($9.68 million) for the second quarter of this year, a 31.55 percent decrease in loss compared to the first quarter.

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South Korean integrated resort operator Shin Hwa World has informed shareholders and potential investors that it is expecting to see a decrease in its net loss for 1H24 of between 20 percent and 35 percent, compared to the same period in 2023.

Table of Contents

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FBM organized a Champion’s Night at the prestigious hotel Marco Polo Ortigas on the past July 30^th. The initiative gathered dozens of bingo operators to celebrate its successful performance during the Cash Panalo promotion held from May to June.