SJM Holdings is the Macau gaming operator most exposed to Sands China’s more aggressive player reinvestment program, brokerage CLSA said in a research note published on Thursday.
Analyst Jeffrey Kiang said SJM’s gross gaming revenue market share slipped to 9.6 percent in the first quarter of 2026, slightly below CLSA’s forecast of 9.8 percent, and pointed to continued pressure on the operator’s top line.
SJM also recorded an 8 percent year-on-year decline in gaming revenue during the May Golden Week, which the brokerage attributed to the discontinuation of satellite casinos, even though the total number of gaming tables remained unchanged.
CLSA said player reinvestment costs appeared to be rising structurally, even as SJM maintained a disciplined approach to operating expenses. ‘Commissions and incentives’ as a percentage of gross gaming revenue jumped to 12.6 percent in the first quarter of 2026, up from 8 percent in the same period a year earlier and 9.3 percent in the fourth quarter of 2025.
SJM’s first-quarter adjusted EBITDA fell 4 percent year-on-year to HK$917 million ($117.1 million), 1 percent above consensus but 2 percent below CLSA’s forecast. The adjusted EBITDA margin reached 15.5 percent, the highest level since the first quarter of 2017, following the full closure of satellite casinos. The company posted an attributable loss of HK$62 million ($7.9 million) in the quarter, compared with a profit of HK$31 million a year earlier. The interest coverage ratio stood at roughly two times as of the first quarter of 2026.
Despite the cost discipline, CLSA flagged that profit headwinds remain. SJM has guided for capital expenditure of HK$2 billion ($255.4 million) in 2026 and HK$1 billion ($127.7 million) in 2027, including HK$1 billion earmarked for the conversion of its Hengqin project into a hotel. The aggregate capex of HK$3 billion ($383.1 million) over the two-year period is above CLSA’s forecast.
The company expects its net debt to EBITDA ratio to fall below seven times by the end of 2027, while CLSA forecasts a ratio of 6.1 times. The brokerage warned that elevated capex could pose downside risk to projected dividends in 2027.
Resorts World New York City’s (RWNYC) newly launched table games generated lower-than-expected gross gaming revenue (GGR) in their first six days of operation, although slot machine revenue surged during the same period, according to a Sunday research note from Maybank.
Maybank analyst Samuel Yin Shao Yang said the casino’s 242 new gaming tables produced $4.9 million in GGR between April 28th and May 3rd, equivalent to around $3,400 per table per day, below the bank’s estimate of $7,500 per table per day.
The analyst said part of the underperformance was linked to a ‘low win rate’ of 14 percent. Maybank estimated that, normalized to a 20 percent win rate, the new tables would have generated around $6.9 million in GGR, or roughly $4,759 per table per day.
Resorts World New York City, operated by Genting Malaysia Bhd, became the first casino to introduce table games in New York City when operations began on April 28th.
Despite the softer-than-expected table games performance, slot machine GGR at the property rose sharply to $23.5 million during the week ended May 3rd, compared with Maybank’s estimate of approximately $19.5 million for the comparable week a year earlier.
Yin said the ‘fanfare’ surrounding the table games launch may have directed more gamblers toward existing slot machines rather than the new tables.
The research note also indicated that Resorts World Catskills appeared ‘more resilient than we expected,’ with total GGR declining 11.1 percent year-on-year to $3.3 million.
Maybank maintained its BUY call on Genting Malaysia, stating that it remains ‘early days yet’ for the New York City operation.
The investment bank noted that Resorts World New York City plans to progressively expand its facilities through 2030, including additional gaming tables, slot machines, hotel rooms, convention space and an arena.
Hong Kong is moving to tighten oversight of claw machine arcades after a rapid expansion of the sector raised concerns around gambling-like behavior, youth participation and unlicensed prize redemption schemes.
The Home and Youth Affairs Bureau on the 5th of May submitted proposals to the Legislative Council that would bring claw machines and other prize-based amusement devices more firmly under the Amusements with Prizes License (AWPL) framework. The proposed measures include device-by-device licensing, mandatory display of licenses at venue entrances, addiction warning signage and a review of licensing fees that have remained unchanged since 2000.
The move follows years of regulatory uncertainty after a 2022 High Court ruling determined that standard claw machines did not fall under the definition of “entertainment” within the Places of Public Entertainment Ordinance. Because operators previously required a Places of Public Entertainment License in order to obtain an AWPL, the ruling effectively removed licensing requirements for many claw machine venues.
The market subsequently expanded rapidly. According to Midland IC&I data cited in local media, the number of claw machine shops across Hong Kong’s four major shopping districts (Central, Tsim Sha Tsui, Mong Kok and Causeway Bay) rose from nine in the first quarter of 2021 to 58 by the third quarter of 2025. Low staffing requirements, remote management systems and short-term leasing flexibility helped drive growth, particularly as landlords sought tenants to fill vacant retail spaces following the pandemic downturn.
While claw machines have traditionally been viewed as low-stakes entertainment, authorities and gambling experts have raised concerns over the increasing value of prizes and the emergence of secondary resale markets. Players have reportedly spent substantial sums pursuing collectible anime merchandise, limited-edition cards and rare character goods that can later be resold at a profit. Local media quoted one regular player as saying he spent around HK$1,000 ($128) per week attempting to win items that could be resold for HK$300 ($38) to HK$400 ($51) each, while certain rare collectibles could command significantly higher prices.
Hong Kong authorities are also scrutinizing “pinball machine” style venues and claw machine operators accused of offering cash-equivalent rewards through gift redemption systems or private buy-back arrangements. Under Hong Kong’s Gambling Ordinance, prize games that effectively allow players to win money or property can fall within the definition of illegal gambling activity.
In November 2024, Hong Kong’s Organized Crime and Triad Bureau carried out what local reports described as its first operation targeting a suspected unlawful gambling establishment using claw machines for cash winnings in Mong Kok. Seventeen people were arrested, including operators, staff and players. Legal commentators have also noted that prize credits or points may still constitute gambling winnings under Hong Kong law even where no direct cash payout is offered.
The government has expressed particular concern regarding younger players. There is currently no minimum age requirement for entry into claw machine venues, while the Consumer Council warned earlier this year that existing gambling legislation does not explicitly prohibit minors from participating in simulated gambling-style games. Under the proposed framework, Hong Kong would cap play fees at HK$5 ($0.64) per attempt and prize values at HK$300 ($38). Comparable restrictions already exist in several Asian jurisdictions. Singapore caps prize values at SGD100 ($74), while South Korea limits prizes to KRW5,000 ($3.60). Japan also restricts certain prize categories entirely.
Taiwan, often viewed as one of the region’s most mature claw machine markets, tightened controls again in October 2024 after years of rapid sector growth. Taiwan’s number of claw machine arcades reportedly expanded from 920 in 2016 to more than 10,000 by 2019 before regulators introduced stricter operational requirements.
Elsewhere in the region, Brunei moved in the opposite direction entirely. In 2024, authorities banned claw machines nationwide over concerns that the machines contained gambling elements and could negatively influence younger players.
Macao currently maintains a more permissive approach. Billy Song, president of the Macau Responsible Gaming Association, told local media that claw machines in Macao are treated primarily as skill-based electronic amusement devices, provided prizes cannot be redeemed for cash.
Hong Kong lawmakers are now debating whether the proposed licensing regime will adequately address the sector’s growth without creating excessive compliance burdens for operators. The Office of the Licensing Authority had already received 53 AWPL applications from pinball machine shop operators by late March.
Some industry observers have also raised concerns regarding existing player credits and prize vouchers if operators are forced to alter or close businesses under the new rules. The Legislative Council is expected to continue discussions on the proposed framework later this year.
The Australian Football League (AFL) integrity unit is investigating a Gold Coast Suns team manager over alleged links to a gambling firm that was previously sanctioned by Victoria’s gambling regulator for unlawful inducement practices involving community football clubs.
According to multiple media reports, Gold Coast Suns staff member Mark Opie, a longtime Richmond team manager and Richmond life member, was connected to bookmaker partnership Okebet, which was fined AU$100,000 ($75,500) by the Victorian Gambling and Casino Control Commission (VGCCC) in 2024.
The regulator found that Okebet had entered into arrangements with local football clubs in 2023 that encouraged players to open betting accounts, conduct deemed to breach Victoria’s gambling laws relating to prohibited inducements. Okebet challenged the penalty before the Victorian Civil and Administrative Tribunal (VCAT), however the decision was upheld earlier this year. The matter remains formally unresolved, with payment of the penalty currently paused pending final determination.
VGCCC CEO Suzy Neilan previously said the case highlighted the need to protect local sporting communities from harmful gambling practices. “Local footy clubs are often the heart of their communities, places where people come together to support one another. They should not be used as vehicles to promote gambling, particularly where those promotions include inducements that are prohibited by law,” she said.
Media outlet Crikey reported on Friday that Opie, who joined the Gold Coast Suns in 2024, remained associated with Okebet. AFL media reports indicate the league’s integrity unit has now opened an investigation into the matter. The Gold Coast Suns declined to confirm Opie’s employment status directly, but said all staff comply with AFL industry rules and governance requirements.
“All of our people adhere by the rules and regulations of employment with the football club and abide by the training, education and requirements of working within the AFL industry,” a club spokesperson said. The AFL, Opie and Okebet have reportedly been contacted for comment.
Opie has regularly been seen alongside Suns coach Damien Hardwick during the current AFL season, having previously worked with Hardwick throughout Richmond’s premiership-winning era between 2017 and 2020.
According to VGCCC records, an individual identified as Mark Bradley Opie, alongside three others, received approval to operate Okebet in 2021. While the other partners are no longer involved, Opie reportedly remains registered as a bookmaker in Victoria.
Indonesian authorities have detained more than 300 foreign nationals in Jakarta as part of a major crackdown on illegal online gambling operations, underscoring the country’s intensifying efforts against illicit gambling and related financial crimes.
Police said the arrests followed a raid on a building in the Indonesian capital on May 7th, where authorities allegedly uncovered an active online gambling operation targeting players outside Indonesia.
A total of 321 foreign nationals were detained during the operation, according to police official Wira Satya Triputra. Those arrested included 228 Vietnamese nationals, 57 Chinese nationals, 11 Laotians, five Thai nationals, and three each from Cambodia and Malaysia. Authorities also seized mobile phones, passports, laptops and computer equipment during the raid.
Police stated that 275 of those detained are facing charges linked to gambling and money laundering offenses, while investigations into the remaining individuals are ongoing. “We caught the perpetrators red-handed, meaning they were conducting an online gambling operation,” Wira said during a press conference.
Preliminary investigations suggest the operation had only been active for around two months and was targeting customers outside Indonesia, although authorities did not specify which jurisdictions were involved. Indonesia maintains strict anti-gambling laws, with penalties extending not only to operators and bettors, but also to individuals promoting gambling-related content online. Despite the prohibition, authorities continue to battle widespread illegal online gambling activity across the country.
Official data cited by authorities indicated that turnover linked to online gambling exceeded IDR280 trillion ($16.1 billion) in 2025, with more than 12 million Indonesians estimated to have participated in illegal gambling activities.
The Jakarta arrests come amid broader regional enforcement efforts targeting cross-border cybercrime and illicit online operations. Indonesian authorities have previously warned that criminal groups displaced by crackdowns elsewhere in Asia have increasingly shifted operations into Indonesia and neighboring Southeast Asian jurisdictions.
Separately this week, immigration authorities in Batam, located in Indonesia’s Riau Islands province, detained 210 foreign nationals suspected of involvement in an investment scam operation. Earlier this year, Indonesian police also raided two villas in Bali and arrested 39 Indian nationals allegedly connected to an illegal online gambling operation.
Three individuals have been convicted in what authorities described as Hong Kong’s largest football match-fixing case in recent years, following a scheme involving bribery and manipulated match outcomes across the city’s top football leagues.
West Kowloon Court on Friday convicted former Hong Kong Under-23 player Brian Fok on five charges, including three counts of offering an advantage to an agent under Hong Kong’s Prevention of Bribery Ordinance. Fok, a 32-year-old Nigerian-born defender, was also found guilty of two counts of conspiracy to cheat at gambling alongside fellow footballer Luciano Silva da Silva, 38, and betting agent Waheed Mohammad, 29.
The case centered on allegations that players were bribed to manipulate football matches between 2021 and 2023 across Hong Kong’s top two football divisions. All three defendants were remanded in custody following the verdict. Sentencing has been scheduled for May 29 pending background reports ordered by the court.
A fourth defendant, footballer To Chun-kiu, 31, was acquitted of one count of conspiracy to cheat at gambling. The convictions come amid increasing scrutiny across Asia over sports integrity and illegal betting-related activities, particularly involving football competitions vulnerable to manipulation due to lower player salaries and limited oversight compared to major international leagues.
Games Global, in collaboration with exclusive studio partner Slingshot Studios, has unveiled Candy Combo 2 Power Combo, a vibrant new franchise instalment featuring enhanced Link&Win gameplay and expanded Power Combo mechanics.
Built on the success of the original Candy Combo Power Combo, the sequel introduces up to 31 bonus combinations with heightened win potential.
Set in a vibrant candy-themed world, the 5×3, 20-payline slot features five collectible jar characters that trigger enhanced Link&Win modifiers, with gameplay centred on a 5×4 grid bonus where symbols lock in place.
Returning mechanics such as Connector, Collector and Jackpot symbols are complemented by new additions including Adder and Extender, expanding feature interaction and extending gameplay depth.
Up to five modifiers can combine within a single round, culminating in Super Power Combo, while additional features such as Hot Mode and Upsizer further increase bonus frequency and customisation. Candy Combo 2 Power Combo represents a confident evolution of a proven title within Games Global’s portfolio.
“Candy Combo 2 Power Combo builds on its predecessor – one of our most successful titles – by expanding how features interact within the Link&Win format,” said Richard Vermaak, Creative Director at Slingshot Studios. “The addition of new jars and the ability to combine multiple mechanics introduces more variation across each round, while staying true to the core gameplay players recognise.”
David Reynolds, Director of Games Strategy and Partner Management at Games Global, added: “Slingshot Studios has done brilliantly at evolving a well-established concept by adding depth and flexibility to its feature set. The result is a bright, engaging title that enhances a proven mechanic while offering players more ways to experience its core gameplay.”
Hub88 has reinforced its aggregation platform through its latest partnership with Games Inc, delivering the studio’s portfolio, shaped by more than a decade of close collaboration with operators, to its global network.
The deal introduces Games Inc’s range of more than 70 tried and tested titles to Hub88’s partners, including slots and table games, granting access to premium content developed with a focus on performance, engagement and player-first design.
Founded in 2012, Games Inc began as a bespoke slot developer for some of the world’s biggest operators, before transitioning into a fully independent global content provider.
For Hub88’s partners, Games Inc’s rich knowledge translates into a line-up designed with entertainment and high performance in mind. Each release seamlessly combines engaging mechanics, balanced maths, captivating graphics and immersive audiovisual effects for the ultimate experience.
The agreement further strengthens Hub88’s reputation for choosing partners with intriguing content and robust technology that drives success.
“Games Inc brings a level of experience and deep operator understanding that really stands out to us,” said Ollie Castleman, Managing Director at Hub88. “They have spent years building custom games meticulously, and this is reflected in how their portfolio performs. Their content is shaped by real-world insight and data, and this will only bring further benefits to our operator network.”
Fiona Hickey, Managing Director at Games Inc, shared: “Hub88 is a key partner for us, with their values, way of working and enduring reputation unlocking access to more brands worldwide. Their platform is technically excellent and significantly boosts our reach. We are confident that our style and creative approach will resonate with their partners across multiple global markets.”
On May 10, the entire football world will have its eyes on Camp Nou as another unpredictable El Clásico takes center stage. FC Barcelona and Real Madrid face once again in a clash where more than just points are at stake: pride, status, and supremacy in Spain’s greatest rivalry are all on the line.
This match means a lot to the Catalans. With four rounds remaining, FC Barcelona holds an 11-point lead over Real, and even a draw would be enough to secure the title early. Doing it at home against their biggest rivals would be the perfect scenario for both the team and its fans. The club has won its last 10 La Liga games and heads into the decisive stage of the season full of confidence.
Madrid has almost no chance of winning the title, but matches like this have long played by their own rules. When it comes to El Clásico, Real Madrid never stops fighting. And writing them off would still be a mistake. This squad has more than enough world-class talent capable of deciding the game in a single moment.
Fans will witness a classic clash between two contrasting philosophies in the world of football: Flick’s structured team play against the individual brilliance and winning mentality of the Madrid side. El Clásico punishes every mistake, and this is where history is written.
QTech Games has announced its latest provider partnership with Live22, enabling its platform customers to access another flexible portfolio that has already proven itself a strong performer across both APAC and Asia-facing regions.
Founded in 2018, Live22 is a next-generation studio with a strong track record in high-performing slots, mini games, and arcade titles. The company delivers modern, visually rich gaming experiences to a global audience, highlighted by popular releases such as Mahjong Gold Lion, Kingdom of Luck, and Bloodmoon Amazonia, alongside its Space Quest, Wonders Of, and God’s Gambit franchises.
Its diverse portfolio includes innovative hybrid games designed to balance volatility, enhance retention and dwell time, and support sustainable metrics such as RTP transparency and long-term player value. Titles like Mahjong Gold Lion, featuring a medium volatility profile and 96% RTP, exemplify this approach by combining frequent wins with strong payout potential to drive ARPU.
All these games and formats now form part of Live22’s progressive portfolio which has been made available to QTech Games and its clients.
Commenting on the strategic partnership, Live22’s CEO said: “QTech is the best hub for the finest and most localised digital content across emerging markets. As a result, we were naturally eager to broaden our horizons in lockstep with their platform’s sprawling range of operator partners. In an increasingly competitive landscape, our high-performing titles and their accompanying range of mechanics bridge the gap between attracting new players and securing long-term retention.”
The partnership accelerates Live22’s expansion into high-growth markets spanning Africa to Latin America, unlocking fresh revenue streams. Leveraging its position as a leading aggregator in these territories, QTech delivers a wide-ranging, fully localised gaming portfolio, enhanced by native mobile apps, advanced data tools, and continuous local-language support.
Philip Doftvik, QTech Games’ CEO, added: ““Live22’s burgeoning reputation for immersive and high-quality games makes them an exceptional addition to our platform, pushing the boundaries of casino gaming by combining creativity and technology, while respecting different player proclivities around risk-appetite. We look forward to helping them place market-specific adaptations of their already successful games to find fresh audiences across new territories for Live22.”
