Good Morning. Weeding out the chaff. The Philippines’ new minimum guaranteed fee for online gaming operators is designed to eliminate inactive licensees and ensure transparency, Tonet Quiogue, CEO of Arden Consult, argues, compelling struggling operators to disclose their business models, ultimately leading to market consolidation and a more resilient gaming environment. Meanwhile, Fitch Ratings has assigned a ‘BB-‘ rating to SJM Holdings’ proposed senior unsecured notes, citing concerns over the company’s weakening performance at the Grand Lisboa Palace resort and market share dilution, while highlighting uncertainty around its deleveraging progress despite expected balance-sheet improvements by 2027.
What you need to know
- The Philippines’ minimum guaranteed fee aims to eliminate “licenses of convenience,” promoting transparency and economic substance rather than boosting state revenue.
- SJM deleveraging faces ‘heightened uncertainty’ amid market share decline and weak performance at the Grand Lisboa Palace resort.
On the radar
- Portugal’s Estoril-Sol abandons concession for Póvoa de Varzim.
- Macau airport traffic tops 7.5 million in 2025 despite annual dip.
- Former Thai police deputy chief investigated over online gambling bribery.
- Macau police bust counterfeit chip ring targeting gamblers.
AGB Intelligence
PHILIPPINES
Philippines targets inefficient online gaming operators with new fees
The Philippines’ recently announced minimum guaranteed fee (MGF) for online gaming operators aims to eliminate inactive licensees rather than simply raising revenue, according to industry expert Tonet Quiogue. Starting April 1, 2026, all licensed gaming system administrators (GSAs) will be required to pay a fixed monthly fee to encourage operators who generate little economic activity to exit the market. The two-tier fee structure sets minimums ranging from PHP3 million to PHP10.5 million, depending on the type of operation, while compelling struggling operators to disclose their business models and performance.
Industry Updates
- Brightstar & Scientific Games secured a 15‑year lottery contract in Brazil.
- Fast Track accelerates platform growth with Greco as a core product.
- Melco pledges HKD 3M to support rural development in Xiushui County.
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