Good Morning
The Indian gaming market is expected to be one of the largest in the world, eventually. Investors are stuck in a quagmire of regulatory and legal hangups, leaving so much on the table but just beyond reach, notes an expert. Meanwhile, in the Philippines, Bloomberry sees a strong year, as the mass market surges. And in Macau, analysts are seeing February GGR heavily lag January’s, despite the boost from Chinese New Year.
What you need to know
- Regulatory hurdles and unclear legal framework hinder India’s gaming sector growth: gaming consultant Sudhir Kalé.
- Philippines’ Bloomberry sees net income surge to $170 million in FY23, up 85% from FY22, fueled by the mass market.
- Goldman Sachs: Macau’s February GGR at 70% of 2019 levels, dragged down by sharper decline in GGR following CNY holidays.
On the radar
- Intellectual Property Organization teams up with ESIC.
- Bloomberry’s Solaire North to open in late May: Chairman.
- Cambodian PM orders ban on gambling expansion due to negative impact.
- Mori Trust acquires Osaka hotel ahead of World Expo and casino opening.
AGB Intelligence
INDIA
Regulation and legal concerns hamper gaming growth: expert
India is set for rampant growth in its gaming sector, but investors are finding it difficult to navigate the regulatory and legal concerns in order to set up shop, notes expert Sudhir Kalé. While Goa is a hotspot, authorities are having trouble getting their fair share of tax, with a move to ban cruise ship gambling an effort to reign in the sector, even as online continues to boom.
VIP is important but mass to be the long-term growth driver: Timothy McNally
NagaCorp saw a rise in its VIP and referral VIP during 2023, even though China has yet to fully open up outbound visitation and Macau’s contribution has plunged. But the mass market will be the long-term growth driver, says Chairman Timothy McNally.
Corporate Spotlight
Basketball player Kai Sotto is the new 1xBet ambassador in Asia
1xBet, a leading global betting company, proudly announces its partnership with rising basketball star Kai Sotto. Hailing from the Philippines, Kai Sotto will serve as the brand ambassador, championing basketball in his homeland and across various Asian nations, extending the 1xBet brand presence across Asia.
Industry Updates
- BMM Innovation Group COO recognized among GGM’s “25 People to Watch”.
- Realistic Games sees further growth as Midnite partnership goes live.
Registration open for the ASEAN Gaming Summit 2024
Registrations for the 2024 ASEAN Gaming Summit, the calendar conference of excellence of the gaming industry in the region, are officially open. Scheduled from 19th to 21st March 2024, the Summit is the gateway to the Next-Gen of gaming in Asia.
Asia Gaming Awards 2024 recognizing excellence on March 20th in Manila
The Asia Gaming Awards, hosted by Asia Gaming Brief, is set to once again recognize and celebrate the outstanding achievements in the Asian gaming industry. The Awards ceremony will take place on the evening of Wednesday, 20th March 2024, at the Grand Ballroom of the Shangri-La The Fort, Manila.
MEET THEM AT ASEAN 2024
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