Good Morning. PAGCOR’s Chairman, Alejandro H. Tengco pledges a new wave of Philippine gaming, with enforced regulation even as the group partners further with industry, including the sale of its casinos but continuation of its relationship with POGOs. In Macau, MGM China sees a stellar rebound in 1Q23, as EBITDA rises to $169 million, even as GGR overall in the city is up 450 percent yearly to $1.83 billion. The Labor Day holiday spells more for the city, with up to 340k daily border crossings expected at the top terrestrial boundary.
What you need to know
- PAGCOR’s Chairman looks at avenues to take the regulator further, divesting its assets while maintaining POGOs.
- MGM China’s 1Q23 results shine, with EBITDAR up to $169 million, as revenue rises 130 percent yearly.
- Macau’s April gross gaming revenue tops expectations, up 450 percent yearly, to $1.83 billion.
- Labor Day holiday could result in up to 340,000 daily crossings at Macau’s primary border, say authorities.
On the radar
- LET Group to sell Hokkaido land for $27 million.
- Paradise Entertainment ventures into e-charging business.
- Macau’s hotel occupancy rate grew by 46.3% y-o-y in March.
- Entain fined for online “in-play” golf bets.
- Macau casinos’ broadband provider enhances cyber security.
AGB Intelligence
PHILIPPINES
PAGCOR Chair: new era for both operators and regulator
Alejandro H. Tengco, PAGCOR Chairman and CEO, notes that the group is ushering in a new era as it partners with the industry and welcomes new and increased regulation. The group moves to sell off its own Casino Filipino assets, even while maintaining POGOs, despite some opposition towards offshore operations. The group’s head says healthy competition leads a strong market.
Industry Updates
- MGM Resorts to acquire Push Gaming through LeoVegas.
- Wynn Palace collaborates with PIAGET.
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