South Korean foreigner-only casino operator Paradise Co., has reported a 20 percent improvement in its gaming revenue for the first half of 2024.
The company’s casino revenue for January to June 2024 expanded to KRW423.06 billion ($306.56 million), marking a strong 20.5 percent increase compared to the same period last year, which saw revenues of KRW350.97 billion ($254.33 million).
Paradise Co. specializes in operating foreigner-only casinos, including Walker-Hill, Jeju, Incheon Paradise City, and Busan Casino.
Walker Hill CasinoIncheon Paradise City
In terms of different gaming revenue sources, revenue from table games rose by 20.7 percent to KRW397.14 billion ($287.08 million), up from KRW328.94 billion ($238.36 million) in the first half of 2023.
Meanwhile, gaming machines revenue jumped by 17.7 percent, reaching KRW25.92 billion ($18.78 million) compared to KRW22.03 billion ($15.97 million) during the same period last year.
Despite the overall positive trend for the first half of the year, when compared to the previous month and the same month of last year, Paradise’s gaming revenues reported a substantial decline.
Paradise’s casino revenue for June 2024 was KRW57.11 billion ($41.38 million), a 25 percent decrease from the previous month and a 39.3 percent drop from June 2023’s KRW94.12 billion ($68.23 million).
For the month, table games revenue fell by 25.7 percent month-on-month to KRW53.52 billion ($38.77 million) and by 40.4 percent year-on-year, while machine games revenue experienced a 12.7 percent month-on-month decrease to KRW3.59 billion ($2.60 million) and a 15.8 percent year-on-year decline.
The total amount of cash exchanged for chips at the table (table drop) for June 2024 was KRW531.84 billion ($385.41 million), a slight decrease of 0.2 percent from June of 2023.
The cumulative table drop amount for the first half of 2024 reached KRW3.43 trillion ($2.49 billion), representing a substantial 20.9 percent increase from KRW2.84 trillion ($2.06 billion) in the same period last year.
The company has recently forecast that sales volume will reach $952 million by 2026, as the firm plans to develop a new all-suite flagship hotel in Seoul.
This move is part of a revamped strategy to attract more international high-rollers to its properties.
The timeline for completing phase one of the reconstruction of Waterfront Manila Hotel & Casino in the Philippines has been postponed to the fourth quarter of 2024.
This update was disclosed in a filing to the Philippine Stock Exchange on Thursday by the venue’s promoter, Acesite (Philippines) Hotel Corp.
The last update regarding the reconstruction timeline was scheduled for May this year.
Waterfront Philippines Inc. initiated the redevelopment of the Manila casino-hotel property in 2018 following a significant fire incident that damaged its podium and claimed six lives.
Acesite also provided updated reconstruction timelines for the project. Phase two is now expected to conclude in the second quarter of 2025, while phase three is anticipated to be completed by the fourth quarter of 2025.
Previously, in its October filing, Acesite had projected phase two to finish by January 2025 and phase three by May 2025.
According to recent data released by the Department of Tourism (DOT), the Philippines welcomed over 2.8 million international tourists in the first half of 2024, marking a 13.7 percent increase compared to the same period last year.
International tourists constituted 92.7 percent of the overall arrivals, including individuals categorized as overseas Filipinos.
South Korea maintained its position as the leading contributor of visitors to the Philippines, with a total of 792,482 arrivals during the January to June timeframe, representing nearly 26.2 percent of the total arrivals. This figure reflected a 17.1 percent surge year-on-year.
Following closely behind, the United States remained the second-largest source, recording 493,900 arrivals in the first half of the year, unchanged from the previous year, and accounting for approximately 16.2 percent of total arrivals. However, arrivals from the United States saw a slight decrease of 0.08 percent from 1H23.
China remained within the top three sources, contributing approximately 191,222 visitors in the six-month period, constituting around 6.6 percent of all arrivals. This figure marked a notable increase of 75.8 percent from the corresponding period in the previous year.
However, various scandals involving the kidnapping and killing of Chinese nationals have been widely reported in China’s media, which might impact visitor numbers to the Philippines further.
Meanwhile, arrivals from Japan reached a total of 181,844 in the first six months of the year, comprising 6 percent of the overall arrivals and reflecting a substantial 40.9 percent increase from the previous year.
With ambitions to attract 7.7 million foreign visitors this year, the Philippines has set high targets following its surpassing of arrival goals in 2023. The country welcomed a total of 5.45 million international visitors throughout 2023, with foreigners accounting for 91.8 percent of the total.
As football fans worldwide revel in the excitement of the UEFA European Championship (Euro 2024), Chinese authorities have been busy disrupting a wave of illicit online gambling activities related to the tournament.
In recent weeks, police forces across China have reported successful crackdowns on multiple cases of scammers taking advantage of the Euro 2024’s popularity to engage in illegal gambling operations.
According to Chinese media, the Beijing Municipal Public Security Bureau announced that they had dismantled three online gambling rings, arresting 21 suspects. The police seized electronic devices, financial records, and other gambling-related items during the raids.
A similar case unfolded in Chengdu, Sichuan Province, where the Qingbaijiang police arrested two suspects. This gang had allegedly accumulated over RMB400,000 ($54,994) in bets by recruiting people to join a WeChat group and sending them betting odds.
According to the Shanghai government, scammers often create fake betting site links that closely resemble the official Euro 2024 website, tricking users into thinking they are the official designated betting platform. They manipulate the system to ensure initial small wins, but once the stakes are raised, the site’s backend shuts down, making it impossible for users to retrieve their money.
Fraudsters have also been forging and widely distributing text messages, claiming to be from the official Euro 2024 website and stating that the recipient has won a prize. If people click on the link, they are asked to transfer money to a designated account under the pretext of paying taxes or fees, or their personal information is stolen.
The Beijing police have urged the public to be cautious when it comes to online gambling, watch games rationally, resist temptations, avoid participating in such activities, and pay attention to the protection of personal privacy.
The crackdown efforts are part of a broader campaign by Chinese authorities to maintain public security and order during the Euro 2024 tournament. As the competition continues, the police have vowed to intensify their efforts to disrupt any illegal gambling operations and protect the interests of football fans.
In Hong Kong, a total of 62 people had been arrested for illegal gambling as of last Monday since the Euro 2024 tournament kick-started in mid-June, according to security minister Chris Tang Ping-keung.
The detainees face charges of conspiracy to commit bookmaking and money laundering. Among them, five were core members, 25 were suspected either to be “middlemen” or to have taken part in the operation of the bookmaking websites by assisting in the money laundering process, and 32 were holders of stooge accounts.
The involved amount exceeds HK$460 million ($58.9 million) and police investigation and enforcement operations are ongoing, the security chief added.
Tang continued that the police have been maintaining close intelligence exchanges with the mainland, Macau and overseas law enforcement agencies to combat bookmaking and the related gambling activities.
A total of 181 people were arrested for serious gambling offenses by the police from January to May, he noted.
The AGEM Index increased by 94.57 points to 1,330.19 in June 2024, a 7.7 percent rise from the prior month.
Compared to one year ago, the index climbed 26.6 percent, to 279.43 points. During the latest month, nine of the 12 AGEM Index companies reported stock price increases, which resulted in nine positive contributions and three negative contributions to the AGEM Index.
The largest positive contributor to the monthly index was Aristocrat Leisure Limited, whose 10.8 percent increase in stock price led to a 55.08-point gain to the index.
Meanwhile, Light & Wonder saw its stock price increase by 9.8 percent, leading to a 21.97-point gain for the index.
The largest negative contributor to the index was Crane NXT, Co., whose 2.9 percent decrease in stock price resulted in a 2.36-point loss to the AGEM Index.
In June, all three major US stock indices increased from the prior period. The NASDAQ grew by 5.9 percent over the month, while the S&P 500 rose by 3.5 percent. Additionally, the Dow Jones Industrial Average increased by 1.1 percent from the prior month.
The implementation of smart gaming tables in Macau seems to have encountered some issues. Nearly 1,000 gaming table supervisors in Macau casinos have expressed dissatisfaction with their increasing workload, which smart tables have failed to alleviate.
This information was shared by Macau lawmaker José Pereira Coutinho, who stated in a written inquiry that he had asked the government to intervene after the complainants approached him for help.
According to him, during peak hours, each supervisor is required to manage six tables in the mass area, with some smart tables experiencing malfunctions that demand additional staff attention.
Casino supervisors pointed out that the gaming company’s current smart table system is not a complete version and is prone to errors during use, with issues occurring in “almost every game.” As a result, staff have to spend a significant amount of time investigating the causes of these problems, according to the legislator.
Originally, checking for errors in the smart table system was the responsibility of managers. Over the past year, this task has been assigned to gaming table supervisors, leading to a substantial increase in workload and a significant rise in stress levels. Many supervisors, without sufficient time for thorough checks, have handled their work carelessly, resulting in warning letters issued to them over the past year, he informs.
In this context, the casino staff are seeking help from the city’s labor bureau, describing the working conditions as “highly stressful.”
“Since the outbreak of COVID-19, the gaming companies have avoided layoffs but have transferred a large number of gaming table supervisors to other roles,” the lawmaker wrote, quoting complaints.
“However, two years after the pandemic, the vacancies left by those who departed have not been filled,” the lawmaker added.
The written inquiry sent to the government did not identify the names of the casinos from which these complaints originated.
Smart gaming tables, commonly referred to as radio frequency identification (RFID) tables, constitute about 10 percent of all tables in Macau as of the second quarter of 2024.
All six gaming operators in Macau have revealed plans to implement smart gaming tables in the coming quarters. So far, MGM China is reportedly fully equipped with smart gaming tables in Baccarat games.
In a recent dispatch from Seaport regarding smart gaming tables, senior analyst Vitaly Umansky highlighted the significant impact of smart table technology on the gaming sector, pointing out that this technology is set to streamline casino operations, reduce human error, and provide valuable data insights.
Smart tables are equipped with advanced sensors and digital interfaces that allow for real-time tracking of game results, player behavior, and betting patterns.
According to another analysis from Citigroup, while smart gaming tables themselves cannot drive more foot traffic into casinos, the technology can expedite game play. Citigroup estimates that saving five seconds per game of Baccarat could translate to a 5.9 percent organic growth in gross gaming revenue (GGR).
Good Morning. Too much of a good thing. That’s what an expert says Vietnam is experiencing in regards to slot clubs. Due to the country’s evolving gaming regulatory framework, clubs have flourished, but took a nosedive due to the pandemic. Now, despite a ‘saturated’ environment, an expert notes that manufacturers could seize the opportunity, as many need to revamp their gaming floors. Meanwhile, in the Philippines, offshore gaming operators are the cause for a surprising liaison with China – with both nations aiming to combat POGO-related crimes.
Macau’s Court of Final Appeal has upheld the prison sentences related to the Suncity Group case.
The panel of judges rejected the appeals filed by nine of the defendants, including Alvin Chau – former head of Macau’s top junket operator, who was sentenced to 18 years in prison.
The remaining sentences range from nine to twelve and a half years.
The amount the defendants will jointly pay to the Macau government is set at MOP24.8 billion ($3.1 billion), related to proceeds allegedly obtained through illegal gambling operations.
The court also denied the appeals submitted by the defendants concerning fraud and money laundering charges.
Meanwhile, the prosecution’s request for a harsher sentence has been denied.
Alvin Chau, well known as the junket king, built his VIP business empire in the 2010s in Macau. He was arrested by Macau Judiciary Police in December 2021. Prosecutors charged Alvin Chau with 289 counts of fraud, money laundering, and illegal gambling.
The Vietnamese gaming market is approaching saturation, says Tim Nguyen, a 20-year veteran of the casino industry in the Southeast Asian powerhouse.
Tim Nguyen, managing director of Fortuna Investments
In an interview with AGB, Nguyen, managing director of Fortuna Investments, shares some of his observations on Vietnam’s gaming market. He believes there are still opportunities for investment, but it is no longer a case of “build it and they [the players] will come.”
Vietnam currently lacks a single gaming law, regulatory agency, or licensing structure. Besides integrated resorts such as Hoiana Resort, which opened during COVID-19, and the Corona Resort & Casino Phu Quoc, the country still has electronic gaming clubs, which are spread across the country. These clubs, which offer electronic gaming only to foreign passport holders, are permitted to operate in 4- and 5-star hotels predominantly located in tourist destinations.
So far, Corona Resort is reportedly the only casino open to Vietnamese citizens, who are willing to pay the entry fee and satisfy specific entry requirements.
Corona Resort & CasinoCorona Resort & Casino
Oversupply
For VIP Gaming Clubs, which only allow foreign players and are not licensed for live table games, Nguyen indicates that the industry is starting to resemble the Cambodian slot club market of the early 2000s, characterized by an oversupply of machines and locations.
Golden Bridge, Ba Na Hiils, Da Nang
Nguyen observes that for many years, “there were a few clubs in each of Hanoi, Ho Chi Minh City, and Da Nang, with at most one or two in smaller cities. There were enough players to keep them profitable, mainly Koreans and other Asian nationalities who were working or long-term visitors to Vietnam.”
However, today, the market seems to be approaching saturation. “There are simply too many clubs, and unless your location or marketing affiliations are strong, your club will have problems.”
On the demand side, Vietnam’s tourism sector has had a strong start in 2024. According to the latest update, the number of international visitors to Vietnam increased by 58.4 percent year-on-year, reaching over 8.8 million in the first six months of 2024. This includes nearly 2 million visitors from China, driven by the ongoing recovery of Chinese tourism post-COVID.
Vietnam is targeting 17 to 18 million international visitors in 2024, with tourism receipts expected to reach VND840 trillion ($34.7 billion).
Last year, Vietnam received 12.6 million international visitors, about 70 percent of pre-pandemic figures, with tourism revenue reaching VND678 trillion ($27.8 billion).
Despite the ongoing recovery from the COVID-19 impact, Nguyen is cautious about the current Vietnam gaming market.
Nguyen himself has invested in two VIP gaming clubs alongside veteran casino executive Tim Shepherd from Fortuna Investments. “We have focused on the North of the country. I am from that part of Vietnam, and my connections are stronger. We see too many failing clubs in the South.”
The strategy also indicates that the threshold for investing in the Vietnamese gaming industry is increasingly high.
Competition between slot machine suppliers
Despite the partial oversupply of gaming facilities in Vietnam, Nguyen identifies several opportunities within the industry. The Vietnamese gaming market has faced significant challenges due to the pandemic, which led to the closure of many gaming clubs and a subsequent market saturation. However, Nguyen remains optimistic about the potential for growth and investment in this sector.
Nguyen points out that a number of clubs with prime locations were forced to close during COVID-19 and now require investment to reopen. These locations, previously profitable, present viable opportunities for investors willing to revitalize them.
“There are many clubs that had good locations and were doing well before the pandemic hit,” Nguyen says. “With the right investment, these clubs can return to profitability.”
Additionally, he sees potential for new manufacturers to challenge established players like Aristocrat and Interblock, who currently dominate the market for gaming machines. These companies have maintained a stronghold due to their well-established presence and extensive product offerings. However, Nguyen notes that their products are also the most pricey on the market, which creates an opening for more cost-effective competitors.
“These suppliers are also the most expensive, so for clubs looking to maximize return on investment, it’s worth considering more affordable yet competitive products,” Nguyen explains. He represents Spintec in Vietnam through his company, Platinum Entertainment, and has noticed growing interest in recent months. Spintec offers a range of electronic gaming solutions that are gaining traction due to their competitive pricing and reliable performance.
Nguyen notes that there is interest in their products, and he believes there is a strong opportunity to gain market share from Interblock, primarily due to Spintec’s cost advantage and performance.
He adds that the cost-effectiveness of Spintec products is particularly appealing to budget-sensitive operators in the current economic climate, where businesses are keen to reduce expenses while maintaining quality.
Wazdan, the leading gain-focused game developer, has launched the latest installment to its eco-friendly series with Power of Gods: Medusa Extremely Light, improving the accessibility of the player-favorite title.
With a fresh, sleek look, Wazdan’s new Extremely Light title is less draining on battery life without compromising gameplay. Set out on a 5×3 grid, the slot sees the return of an array of Greek gods and Medusa wilds as its symbols.
Players can also unlock the popular Hold the Jackpot round, where bonus symbols worth 1x to 15x can be collected along with Mini, Minor and Major jackpots and the Grand Jackpot worth 2000x the base bet.
Wazdan has continued to bolster its Extremely Light collection, providing an eco-friendly version of its most beloved titles and following the recent additions of Power of Gods: Valhalla Extremely Light and Hot Slot: 777 Crown Extremely Light.
Andrzej Hyla, Chief Commercial Officer at Wazdan, said: “With straightforward yet engaging gameplay, our mythological-inspired Power of Gods: Medusa release took players by storm, and with this latest Extremely Light version, we can bring it to more of them than ever before.
