Good morning. Thailand’s breakneck pace to push through gaming legislation has analysts excited about the potential for the country, predicting it could grow into the world’s third-largest gaming market once ramped up. Meanwhile, in the Philippines, Bloomberry saw its first full quarter of earnings from Solaire North but drops in VIP contributed to an overall loss in 3Q24. And in Macau, SJM saw improved performance in VIP at its flagship properties, helping boost its 3Q24 EBITDA.
What you need to know
- Thailand’s gaming market, boosted by new casino licenses and tourism, is set to surpass Singapore, becoming the world’s third-largest gaming hub.
- Bloomberry Resorts sees drops in VIP in 3Q24, Entertainment City compensates Solaire North earnings as the property continues to ramp up.
- Better performance in the VIP segment at Grand Lisboa Palace and Grand Lisboa main driver of SJM’s 3Q24 improvement: Seaport.
On the radar
- New rules could lead to hefty fines for unlicensed online casinos in NZ.
- Goa is set to launch a fully online lottery on November 18th.
- Light & Wonder targets new markets amid the Dragon Train challenge.
- Philippine labor department organizes job fair for displaced POGO workers.
- Macau hotel booking rate exceeds 90% during Grand Prix: MGTO.
AGB Intelligence
THAILAND
Thailand poised to become the world’s third-largest gaming market
Analysts at Citigroup have high expectations for Thailand’s potential as a gaming hub, predicting it could surpass Singapore and become the world’s third-largest gaming market. Estimates are that GGR could reach $9.1 billion once fully ramped up, assuming two gaming licenses in Bangkok and one each for Pattaya, Phuket and Chiang Mai. Legislation is being fast-tracked and the country’s first IR could even open before Japan’s is finished.
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Industry Updates
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