The Hong Kong Jockey Club (HKJC) reported a total turnover of HK$134.7 billion ($17.3 billion) for the 2023/24 Season, slightly down 4.5 percent from HK$141.1 billion ($18.1 billion) in the previous year.
In addition, the Hong Kong Jockey Club saw an 8.7 percent increase in overall turnover from simulcasting (including World Pool commingling) for the 2023/’24 season, reaching HK$12.8 billion. The results offset the total wagering decline.
Winfried Engelbrecht-Bresges, CEO, HKJC
Throughout the year, the club hosted 88 local race meetings, including seven twilight sessions, staging a total of 831 races. Additionally, 368 overseas races were simulcast during the season, according to the Jockey Club.
The club’s Chief Executive Officer Winfried Engelbrecht-Bresges described the overall season racing turnover as “satisfactory” amid a challenging economic situation.
“While the club will continue to grow and expand its overseas customer base, the decline in local racing wagering turnover underlines that it must constantly engage and reengage with Hong Kong racing fans,” Engelbrecht-Bresges emphasized.
The Indian online gaming industry is expected to generate some INR140 billion ($1.68 billion) in taxes in the 2024-2025 fiscal year, and help create 150,000 additional jobs, a recent report estimates.
The report underscored that, while revenue generated from the online gaming industry in India is lower compared to China, the United States, Japan, and the United Kingdom, its growth rate in the past six years has been the highest, with a compound annual growth rate (CAGR) of 30 percent from 2017 to 2023.
Regardless, the recent decision to impose a 28 percent Goods and Services Tax (GST) on the full deposit value in India’s online gaming sector has sparked concerns about its negative impact on the market’s development.
The study, developed by the EGROW Foundation and Primus Partners India spotlights the remarkable expansion of India’s online gaming sector and its main challenges, forecasting that the industry’s revenue will soar to $2.4 billion by FY2029, marking a robust CAGR of 20 percent from 2017 to 2029.
The online gaming sector’s contribution to GDP has surged, with a 27.5 percent CAGR from 2019 to 2022. Fiscal gains from this boom include INR16 billion ($191.6 million) in GST collected from gaming companies in FY 2022-23.
For the fiscal year ending March 31st, 2024, INR75 billion ($897.5 million) is expected to be collected from the tax, with INR35 billion ($419 million) generated in the October-December quarter alone. Looking ahead, India anticipates collecting up to INR140 billion ($1.68 billion) in GST from online gaming companies in FY 2024-25.
The sector’s attraction for investors remains strong, drawing INR15,000 crores ($1.8 billion) in FY2022. Expectations are high for an increase in foreign direct investment, targeting INR25,000 crores ($2.99 billion) by the close of FY2024.
Currently, the industry employs 100,000 individuals, with an optimistic outlook of creating an additional 150,000 jobs by 2025, fostering considerable employment opportunities.
Reflecting its dynamic growth, the online gaming workforce in India expanded 20-fold from 2018 to 2023, with a significant CAGR of 97 percent. The workforce grew from 100 percent in 2018 to 2,910 percent by 2023.
The technical workforce experienced a staggering 3,900 percent increase by 2023, with a CAGR of 109 percent. Gender dynamics in the workforce are also noteworthy, with the male workforce growing by 1.315 percent (69 percent CAGR) from 2018 to 2023, while the female workforce outpaced this with a 3.360 percent increase (103 percent CAGR).
The female workforce saw a notable gain of 740 percent in 2020 and a remarkable increase of 1640 percent in 2021.
The report India’s online gaming industry is on a trajectory of rapid expansion, significantly impacting revenue, employment, and technological innovation. Still, it warned of some of the regulatory obstacles curtailing its expansion, specifically the recent Goods and Services Tax (GST) increase for the sector.
Since October 1st, 2023, online gaming companies are required to charge a 28 percent GST on the full value of bets.
For the report, the GST increase aligns the taxation of online gaming with that of lottery, betting, and gambling but sparked concerns about its negative impact on the market’s development.
‘However, the issuance of retrospective show cause notices by the Directorate General of GST Intelligence (DGGI) has compounded industry woes, with a GST demand totaling up to INR1.5 lakh crore ($18.52 billion), far exceeding the industry’s total revenue,’ the report highlights.
‘Industry experts warn that this move will discourage gamer participation, drive away legitimate platforms, create opportunities for illegal operators, and ultimately reduce the sector’s economic contribution,’ the report underscores.
The increase in GST was said to have already led to a significant reduction in profitability for gaming companies.
‘Operating costs have surged by 4x to 6x, forcing many companies to cut marketing budgets and lay off employees to mitigate financial strain. Startups are particularly vulnerable, with many promising ventures struggling to survive under the weight of the new tax regime. This could result in the loss of innovation and job opportunities, posing significant challenges for the industry’s growth,’ the report adds.
While the government has attempted to bring clarity to the industry by levying a 28 percent GST on the full face value of deposits, tax authorities have issued notices for GST dues, stating that all online gaming companies are akin to betting and gambling and must pay taxes on the full value paid by users.
This retrospective action significantly impacts smaller companies, pushing them towards unsustainable operations and potential closures, but the report warns that job cuts and operational streamlining are expected as companies face decreased revenue and increased expenses due to the new taxation policy.
Several gaming companies have raised concerns that this tax rate is unsustainable, especially for budding start-ups in the industry. Many online gaming platforms are already absorbing a portion or the full cost of the 28 percent GST to remain competitive.
The report cities the CEO of a leading online gaming start-up who commented that the high GST rate acts as a major hindrance in attracting much-needed foreign direct investment (FDI) into the sector.
As start-ups rely heavily on external funding to fuel expansion, innovate products, and enhance operations, a decline in FDI would directly impact the growth of both existing and new players in this rapidly evolving market.
Despite the government of India providing 100 percent clearance for FDI in the online gaming industry, the steep 28 percent GST levy is also seen as a significant deterrent for potential foreign investors.
Industry experts argue that a more sustainable tax structure is crucial to unleash the true potential of India’s vibrant online gaming ecosystem, which has emerged as a key driver of the country’s digital economy.
According to the report, these experts also urge the government to consider rationalization of the GST rate to ensure the long-term prosperity and global competitiveness of the sector.
Newcomer SpinOn has officially announced the launch of its innovative games studio to the iGaming industry, along with the release of its first games, Gates of Thunder, Book of Evil and Shipwrecked.
Founded by a team of industry experts, SpinOn aims to provide a fresh and engaging approach to online slots, setting a new benchmark for gaming quality and boosting player involvement.
This exciting launch is supported by a partnership with Yggdrasil (YGG) Masters’ platform where SpinOn’s games are available. This collaboration allows the studio to leverage Yggdrasil’s extensive network and expertise to enhance its market presence and deliver high-quality gaming experiences.
SpinOn is set to enhance traditional gaming by building a player community, using engaging stories and immersive gameplay to connect users and create shared experiences beyond the screen.
SpinOn’s Marketing Team said: “As a brand-new studio, we needed a partner who can support us with the right tools to take off at speed and with Yggdrasil, we gain access to a platform that can propel our growth efficiently.”
James Curwen, Chief Executive Officer at Yggdrasil, added: “SpinOn’s mission is to deliver innovation and entertainment that keeps players excited and engaged from the first spin, hence their name! From the first game we have seen, “the Gates of Thunder” we are incredibly impressed with the quality of the content. Their studio is one to watch and will definitely be one of the rising stars in the future.”
EvenBet Gaming, a leading developer of online gaming software and solutions, has launched Mystery Bounty tournaments, the latest addition to its portfolio of poker products during which randomized prizes are awarded for player eliminations.
The release aligns with the surge in popularity of Mystery Bounty games across the globe, particularly in burgeoning South American markets such as Brazil, where EvenBet has committed to substantial commercial growth.
The format has seen increased engagement due to the potential for bigger winnings, with some tournaments set to include Mystery Bounty payouts of over $180,000. EvenBet’s new product mirrors the structure of standard bounty tournaments but transitions to the Mystery phase when a predetermined condition is met. The bounty part of the prize pool is then split into unequal portions and randomly assigned to the remaining players anonymously, generating anticipation and excitement.
Dmitry Starostenkov, CEO at EvenBet Gaming, said: “We are committed to continually upgrading and diversifying our range of poker products, and the introduction of Mystery Bounty tournaments to our platform is an addition which we are sure will resonate with players.”
Tiger Resort, Leisure and Entertainment Inc., the operator of Okada Manila in the Philippines, disclosed gross gaming revenue (GGR) of PHP11.3 billion ($194 million) for 2Q24, marking a 21.8 percent decrease, largely attributed to declines in VIP and gaming machine segments.
Despite this, the result showed a slight improvement over 1Q24 GGR.
According to the latest business update, in 2Q24, Okada Manila’s VIP gaming tables saw a 34.5 percent year-on-year decline, generating PHP2.9 billion ($49.7 million), while gaming machines fell by 21.8 percent to PHP2.97 billion ($50.9 million).
Mass gaming table revenue also decreased by 3.4 percent to PHP2.97 billion ($50.9 million), contrasting with a 9.7 percent increase in non-gaming revenue to PHP1 billion ($17.1 million).
Adjusted segment EBITDA for the period declined by 30 percent year-on-year to PHP2.15 billion ($36.8 million), despite an uptick in total property visitors to 1.45 million from 1.42 million in 2Q23.
For the first half of 2024, Okada Manila’s combined GGR dropped 23 percent year-on-year to PHP17.6 billion ($301 million), with adjusted segment EBITDA also decreasing by 30 percent to PHP4.45 billion ($76.2 million).
TRLEI, a subsidiary of the Japanese conglomerate Universal Entertainment Corp., also recently terminated a term sheet earlier this month with PH Resorts Group. This decision halts plans for Tiger Resort’s investment in the stalled Emerald Bay casino resort project in Cebu.
The Office of the Philippines’ Senate Sergeant at Arms (OSAA) deployed four teams to execute arrest warrants for suspended Bamban, Tarlac Mayor Alice Guo and seven others.
This action follows the Senate panel’s announcement of the arrest order earlier this month.
The reason for their arrest is contempt, stemming from their repeated disregard of inquiries into illegal activities involving Philippine Offshore Gaming Operators (POGOs).
OSAA’s head, retired Philippine Army Lt. Gen. Roberto Ancan, directed the deployment of teams to execute the arrest orders for Alice Guo, Sheila Leal Guo, Wesley Leal Guo, Jian Zhong Guo, Seimen Guo, Wen Yi Lin (suspected mother), Dennis Cunanan, and Nancy Gamo.
Most of suspects are family members of Alice Guo, including her siblings and parents.
The OSAA was tasked with serving the arrest orders within 24 hours and detaining the eight individuals at its office until they appear and testify before the Senate committee investigating POGOs, or until they are cleared of contempt charges.
Senator Risa Hontiveros, chair of the Senate Committee on Women, Children, Family Relations, and Gender Equality, also mandated the eight to appear before her committee on July 29th.
Guo’s legal team has asked the Supreme Court to cancel the earlier subpoena issued by the Senate committee, chaired by Hontiveros, against Guo and her family members.
Meanwhile, Stephen David, Guo’s lawyer, stated that the Mayor would surrender once her mental state improves.
Good Morning. Growing and growing. The Philippine Amusement and Gaming Corporation (PAGCOR) reported a substantial 121.4 percent increase in its net income to PHP6.56 billion ($112.3 million) for the first half of 2024. The boost in GGR was driven mainly by online gaming revenues which reached PHP20.66 billion ($353.79 million), with CEO Alejandro Tengco believing GGR could exceed PHP100 billion in 2024. Meanwhile, a recent study conducted by the Asia Pacific Association for Gambling Studies revealed gaps in the information disclosure practices of Macau’s major gaming operators over the past decade. Jumping to horse racing, the 40th Asian Racing Conference (ARC) this year is set to feature an extensive program centered on Japanese racing breeding, business leaders and key stakeholders.
What you need to know
The Philippine Amusement and Gaming Corporation (PAGCOR) has reported a substantial increase in its net income for the first half of 2024.
A recent study centered on Corporate Social Responsibility (CSR) practices and information disclosure of Macau’s major gaming operators from 2012 to 2021 noted a pattern of gaming operators delaying or inadequately responding to stakeholder expectations, particularly around promoting local employees. However, the study also highlights the substantial contributions these operators have made, including over $27 billion in tax revenue and employment of over 80,000 local residents at their peak, representing over a quarter of Macau’s workforce.
Aviatrix, the award-winning crash game, continues to expand its following in Brazil, this time by partnering with one of the country’s most respected operators, Casa de Apostas.
Casa de Apostas was one of the first online betting platforms in Brazil. It was the first to sponsor major clubs in the country and today it is the only one in its segment to name two World Cup Arenas: Casa de Apostas Arena Fonte Nova – Salvador / BA; and Casa de Apostas Arena das Dunas – Natal / RN. And now it offers its players access to Aviatrix.
The innovative crash game is not only hugely popular in Brazil, but also has a strong track record appealing to players worldwide.
Gabriela Novello, Head of Business Development LATAM at Aviatrix, said:“Casa de Apostas is an operator whose serious trajectory in the national market we have been following closely. We are confident that with Aviatrix’s partnership, we can deliver significant value to Betting House players through one of the most popular online casino games of the moment.”
Hans Schleier, COO at Casa de Apostas, added: “We want the best for our players, and that means adding the most exciting new games on the market. Aviatrix absolutely fits into that category. The game is already growing rapidly in Brazil and our players have been requesting it. It’s been a pleasure working with the Aviatrix team to bring this world-class title to our platform.”
Aviatrix works tirelessly to deliver the very best experience to players across Brazil. This included the recent launch of a new game splash screen to celebrate the São João festival.
Last evening, pop diva Joey Yung once again hearten up the stage and kicked off the grand finale for this year’s Melco Residency Concert Series with the first of 12 elegant encounters at Studio City.
Since its inception last year, Melco Residency Concert Series presented by Melco Style has attracted countless music fans from across Asia and has become Asia’s premier entertainment masterpiece.
Being the first superstar of LIVE in Asia’s First Ever Residency Concert Series debuted last year, Cantopop diva Joey Yung took the stage of Studio City Event Center last night to unveil the finale series of this year’s Melco Residency Concert Series with a perfect conclusion.
Joey projected all her inspirations and emotions experienced in the past year onto this bespoke Melco-limited performance, creating a musical feast that surprised audiences at every turn. Joey specifically named the concert ‘Eternity’ as she believes chasing dreams is an eternal journey, and the most beautiful things must be felt with the heart.
To draw fans into her fantastical musical world, Joey has prepared different immersive stage effects for each chapter of ‘Joey Yung Eternity Live in Macau 2024’. Joey got hold of the audiences’ immediate attention dressed in an eye-popping wings while singing “A Kind of Forever” passionately for the concert’s opening.
It was seamlessly followed by a series of her classic songs – “The Last Juliet,” “Live in the Moment” and “Peachy Adventure” that fired up the atmosphere. Joey then revelled into a section of up-tempo songs that gave her the chance to show off her superb dancing skills with her dancers, inspiring her fans to loudly sing along with every best hits.
For the next section, Joey dressed in a mystical dance outfit to perform “Pretty Crazy” and “A Magnificent Entrance” showcasing Joey’s singing and dancing prowess that elevated the mood to the next level.
As a special treat to her beloved fans, Joey performed her latest single “9.9 Seconds,” bringing a romantic vibe to the show that attracted fervent screams and thunderous applause from her fans. At the finale, Joey wrapped up her fantastic performance with medleys of chart-topping classic ballads, ”The Attractive One”, “Betrayal”, “Split Body Technique”, “Instant Breakup”, “Final Victory” and “Excuse Me”.
On the thrilling opening of her second Melco Residency Concert Series, Joey said, “I’m so happy to be with Melco again bringing residency concert culture to new heights. The long-awaited second season of “Joey Yung Eternity Concert 2024” finally kicked off at Studio City Event Center, I can feel the unwavering support of my fans from all over Asia. Their passions really moved me.
I do very much look forward to the following 11 nights where I will be able to perform my captivating music and intense dance at this Melco limited series and travel with all audiences into my beautiful eternally fantastical music world. I’m truly thrilled by the anticipation of enjoying a red-hot, all-out summer with my fans at the Studio City.”
Presented by Melco Style, Melco Residency Concert Series ‘Joey Yung Eternity Live in Macau 2024’ debuts on July 13 with a total of 12 performances over 6 weekends. Studio City is also offering superstar-level privileges to dedicated music fans, including the “Strongest hits” VIP Suite party package, which let fans enjoy in a variety of tasty food and refreshing drinks while immersing into Joey’s music world at private cabin, as well as a Club MOP private box for red-hot post-show party.
The “Pretty Crazy” Free Flow Concert package offers two hours of all-you-can-drink for enthusiast to pre-game before the show and fully indulge in the concert frenzy
Australian gaming operator The Star Entertainment Group Limited has announced the regulatory approval of two key leadership positions within the company.
On March 22nd, 2024, The Star appointed Neale O’Connell as the Interim Group Chief Financial Officer, with this appointment having now received all necessary regulatory approvals.
O’Connell will step into the CFO role on an interim basis as the company conducts a search for a permanent replacement, with The Star noting he ‘brings extensive experience in the gaming and hospitality industry’, having previously served in senior finance roles at several major casino operators.
“Neale’s deep expertise will be invaluable as we navigate the challenges and opportunities ahead,” said The Star’s Managing Director. “We are confident he will provide steady financial leadership during this transition period.”
This comes as the group recently announced the appointment of a new group CEO and Managing Director, Steve McCann.
Additionally, The Star also received approval for the appointment of Janelle Campbell as the new Chief Executive Officer of The Star Sydney, an appointment announced on January 25th, 2024.
Campbell joins The Star Sydney after holding senior leadership roles at other prominent casino resorts, and will now also join the board of The Star Sydney as part of her new responsibilities.
“Janelle is a seasoned industry veteran with a proven track record of driving growth and operational excellence,” commented the Group Managing Director. “We are thrilled to have her lead our flagship Sydney property into the future.”
