As integrated resorts (IRs) across Asia evolve beyond their traditional gaming roots, non-gaming amenities are emerging as both essential and lucrative components of the business model.
That was the consensus from a panel of industry veterans speaking at the Asian IR Expo in Macau on Tuesday, during a session titled “Opportunities and Challenges of Bringing Non-Gaming Components to IRs in Asia.”
“Some markets like Macau and Singapore are certainly leading the race,” said Jeffrey Kiang, Equity Analyst at CLSA, in assessing the current state of non-gaming development in Asia. “But overall, it is very competitive, and everyone is doing a good job in driving visitation.”
Meanwhile, Wade Howk, COO of INSPIRE Entertainment Resort in South Korea, pointed to Singapore as a strong benchmark. “What’s happening there — the growth of non-gaming assets — is real,” he said. “Regulatory changes in other markets are going to drive a lot more of that. It’s going to be a good springboard.”
For Angel Sueiro, COO of PH Resorts Group, the pace of execution has been a key shift. “The cycle from idea to execution is now much shorter than before,” he said. “The market demands speed — what we see in the region is much faster now.”
Demand and competition shape strategy
As non-gaming continues to rise as a revenue pillar, the panelists agreed that future IRs must be more than casinos with extras — they must be fully integrated destinations.
Whether through entertainment, retail, branded residences, or immersive experiences, the next generation of IRs will be built to attract a broader, more diverse audience — and keep visitors coming back.
“The question is no longer whether to invest in non-gaming…It’s how to do it smartly — in a way that enhances the entire ecosystem.”
Jeffrey Kiang
When asked about the underlying drivers of non-gaming revenue growth, the panel agreed there is no single catalyst. “It’s all of those things — regulation, competition, and consumer demand,” said Howk. “Regulation sets the framework, but it’s customer demand and competition that determine what operators actually build.”
Sueiro emphasized the intensity of competition for consumer attention. “We are not only competing against other resorts,” he said. “We’re competing with social media, with Instagram. We need to create appealing experiences that make people want to come back.”
Kiang agreed, arguing that regulation is only one piece of the puzzle. “If the first operator does a really good job with non-gaming, others have to catch up or risk being marginalized,” he said. “It’s really competition and consumer experience that are driving this.”
The panel also explored the financial decisions behind major non-gaming investments. Inspire’s Howk revealed that his property had allocated 70 percent of its capital to non-gaming elements — a notable reversal from past practice.
“We built a 15,000-seat entertainment arena — the only one in Korea — and an indoor water park,” he said. “These are our traffic drivers. We knew we had to go big to be successful.”
Howk also noted that for INSPIRE, MICE (Meetings, Incentives, Conferences, Exhibitions) business is proving especially effective. “It’s not the highest margin, but it fills hotel rooms midweek, brings F&B revenue, and supports the casino,” said Howk. “It all ties back to volume and traffic.”
Measuring value and return
As an equity analyst, Kiang warned that from an investor’s perspective, measuring the value of non-gaming components isn’t straightforward.
“We typically don’t separate non-gaming in our valuations, not because we’re lazy, but because disclosures don’t allow it,” said Kiang. “Still, if you try to estimate, non-gaming might contribute about 15 percent of EBITDA. But what I look at is how synergistic it is — how much it helps drive foot traffic, longer stays, and ultimately, gaming revenue.”
Hotel occupancy is also a critical metric, he added. “In Macau, 90 percent occupancy signals that people are staying overnight. That’s a proxy for a healthy property.”
