Good Morning. The floodgates officially opened over the Chinese New Year holiday, at least for Macau, as visitors flocked in, packing out streets and hotels and giving a heady boost to February’s gross gaming revenue. Meanwhile, in the Philippines, PAGCOR’s Chairman says the country is open for business, with encouraging results in the online space a good sign for potential investors. In other financials, MGM China beat out even the highest estimates with its 4Q23 results, surpassing even pre-pandemic levels.
What you need to know
- Macau’s CNY saw nearly 900,000 visitors in five days, surpassing expectations. The boost should positively impact February’s GGR.
- PAGCOR’s Chairman encourages new investors amid strong results for 2023, with online gaming figures up over 90 percent.
- MGM China results for the fourth quarter beat the highest expectations and surpassed even 2019 pre-pandemic levels: brokerages.
On the radar
- POGOs face scrutiny in the Philippines House of Representatives.
- LET Group and Summit Ascent trading suspended on the Hong Kong Exchange.
- MGM China’s 2023 adjusted EBITDA reached a historical high of $921M.
- PAGCOR to appeal against pay rule cuts to employee benefits.
- GAN shareholders approve sale to Sega Sammy.
- Cambodia PM orders nationwide inspection of gambling venues.
AGB Intelligence
CHINESE NEW YEAR
Macau flooded with visitors, boost to February GGR
The Chinese New Year holiday period in Macau surpassed even the government’s expectations, as visitors flooded the city, reaching nearly 900,000. Hotels saw a particularly strong boost, as occupancy reached 97 percent. The tide of visitors is expected to push February gross gaming revenue to around $2.4 billion and bodes well for the rest of the year.
Asian poker play on the rise: Asian Poker Tour President
The Asian Poker Tour is aiming to appease all enthusiasts – from hobbyists to focused high-rollers, allowing buy-ins at levels that coincide with skill and interest levels, says APT President Neil Johnson.
Corporate Spotlight
Why bettors from the Philippines choose 1xBet
1xBet is one of the leaders in the global betting industry. The bookmaker offers its clients excellent betting and gambling opportunities worldwide, quality service, and support. 1xBet listens to its players to constantly improve the product, which the brand’s clients in the Philippines have already tried.
Industry Updates
- Earn with Gadget Mania: MegaPari’s affiliate opportunity.
- Push Gaming reimagines classic slot machines in Hearts Highway.
- Pragmatic Play sets sail in Big Bass Floats My Boat.
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.
MEET THEM AT ASEAN 2024
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