International Game Technology (IGT) has announced that its revenue topped $1.07 billion for the first quarter of the year, up by 1 percent yearly, with strong growth in its Global Lottery segment.
According to the group’s most recent financial results, the group is now upgrading its outlook for FY24. Full-year revenue is now expected to reach $4.4 billion, while second quarter income is expected to come in around $1.05 billion.
The first quarter results encompass global lottery revenue of $661 million, up 6 percent ‘on significantly higher product sales’. The group indicates terminals in Canada and ‘software upgrades in Singapore and Germany’.
Gaming and Digital revenue fell by $30 million yearly, to $406 million, with lower product sales and fewer unit shipments, however the group saw a 10 percent increase in iGaming revenue – to $48 million.
While the US and Canada made up the majority of the group’s revenue, at $660 million (down 1 percent yearly), while the Rest of World revenue was also down 1 percent yearly, to $150 million, and 16 percent quarterly.
Operating income for the group was flat, at $256 million, despite Global Lottery seeing a 8 percent uptick, to $258 million. Gaming and Digital income fell by 3 percent, to $81 million.
Speaking of the results, the CFO of IGT, Max Chiara, noted “We delivered a record organic profit performance in the first quarter, if we exclude Separation & divestiture costs”.
Vincent Sadusky
The group’s CEO Vince Sadusky further noted that “We continue to make progress on separating Global Lottery from Gaming & Digital and preparing for the proposed transaction with Everi”.
At the end of February, IGT announced the Global Gaming and PlayDigital businesses would be combining with Everi, to create a ‘comprehensive Global Gaming and FinTech Enterprise’.
The deal values the combined businesses at approximately $6.2 billion. IGT’s shareholders continue to hold 100 percent of the Global Lottery business after the merger.
The deal is expected to close in late 2024 and early 2025.
Slotegrator, a leading iGaming content aggregator and solution provider, has announced a new partnership with game developer SA Gaming, one of Asia’s biggest names in the live casino sector.
SA Gaming has been a leading provider of premium online entertainment for over a decade. Since its foundation in 2009, the company has been attracting attention with its wide range of live dealer games, including baccarat, roulette, blackjack, and many others. With numerous features such as Multi-Bet and interactive statistics during the game, products from SA Gaming will appeal to players of all kinds.
SA Gaming products are localized for different countries, enabling people to enjoy gameplay in their native language. The company provides games in English, Indonesian, Traditional and Simplified Chinese, Japanese, Thai, Korean and many other languages. SA Gaming’s products are available on a variety of devices, providing a user-friendly experience.
Yana Khaidukova, managing director of Slotegrator, says: “I am thrilled about our collaboration with SA Gaming. SA Gaming is a prominent player in the industry, and this partnership signifies a strong alliance aimed at driving business growth.”
Galaxsys, a games studio that creates high-energy games preferred by players who enjoy quick wins and something unique, is gearing up for its next major game release, Dr. Shocker, which will be available on the web and mobile.
”Dr. Shocker’ offers a thrilling, fast-paced experience where players connect electric cables to win. The ”doctor” in question is the game’s central character, who busily tries to connect electrical cables without being ”shocked”. The aim of the game is to win with the highest possible odds, and the electricity running towards the cables is electrifying!
Vigen Safaryan, Chief Product Officer of Galaxsys, commented, “We are always looking to make our games fun, engaging, relevant, and authentic around a central relatable character such as Dr. Shocker.
“This new turbo game not only expands our reach but also enriches the gaming experience for players. “Galaxsys is focused on our commitment to expanding our games, ensuring players always have access to the most exciting gaming experiences.”
Melco Resorts & Entertainment will partner with Our Legacy Creations (OLC) to revive the City of Dreams ‘The House of Dancing Water’ show.
The show has been suspended since 2020 due to the COVID-19 pandemic, with Melco previously noting the production would return in late 2024. The new announcement did not, however, provide an exact timeline for the reopening of the show.
Created by the late theater artist and developer Franco Dragone, ‘The House of Dancing Water’ production was staged in a purpose-built theater at City of Dreams with a stage pool holding approximately 3.7 million gallons of water, equivalent to five Olympic-sized swimming pools.
Melco’s commitment to resurrect the show was included as part of the firm’s MOP11.8 billion ($1.5 billion) spending commitment to the Macau government in return for a new 10-year casino concession.
In an announcement, Las Vegas-based entertainment producing company OLC indicated the collaboration signified more than just the return of the event but a ‘commitment to modernizing the theater to enchant future audiences’.
OLC was created by five entertainment industry veterans and former Dragone professionals after the death of the show producer in 2022.
‘It is a privilege for us to support Lawrence Ho and Melco in bringing this creative masterpiece and cultural icon of Macau back to life,’ Anna Robb, partner at OLC says in the statement.
The announcement only added that as Macau evolves its entertainment offerings, the revamped ‘The House of Dancing Water‘ will mobilize a ‘global consortium of talent’, that could help the production remain a ‘benchmark of excellence in the entertainment world of Macau’.
The Philippine Amusement and Gaming Corporation (PAGCOR) announced that the Philippines’ gross gaming revenues (GGR) for the first quarter of the year soared to PHP81.70 billion ($1.42 billion), marking an impressive 18.54 percent increase from the PHP68.92 billion ($1.20 billion) recorded in the same period last year.
This latest achievement sets a new record high, affirming the sustained growth trajectory of the local gaming industry since the post-pandemic recovery commenced in the latter part of 2022.
Alejandro H. Tengco, Chairman and CEO of PAGCOR, highlighted the remarkable performance of the Electronic Games (E-Games) sector, which saw revenues skyrocket to PHP22.5 billion ($391.28 million), a staggering six-fold increase compared to the first quarter of 2023’s PHP3.5 billion ($60.84 million).
Alejandro H. Tengco, Chairman and CEO of PAGCOR
“The E-Games revenue performance continues to exceed our projections, reflecting the profound impact of gaming technology and the widespread adoption of mobile devices on both our daily lives and entertainment preferences,” Tengco noted
“Given the ongoing evolution of technology and its influence on various aspects of our lives, including entertainment, it’s evident that the future of gaming lies within this sector.”
Attributing part of the success to PAGCOR’s enhanced regulatory framework and reduced fees, Tengco expressed confidence that these favorable conditions would attract more gaming companies, both locally and internationally, to explore business and investment opportunities in the Philippine gaming industry.
Despite the performance, licensed casinos remained the primary contributor to the first quarter GGR, raking in PHP49.7 billion ($863.47 million). However, this figure is slightly lower than the PHP54.15 billion ($941.66 million) recorded year-on-year.
PAGCOR-operated casinos under the Casino Filipino brand reported revenues of PHP4.69 billion ($81.55 million), a decrease from the previous year’s PHP5.13 billion ($89.25 million), highlighting the segment’s ongoing challenge as players increasingly transition to online platforms.
Meanwhile, bingo operations contributed PHP4.81 billion ($83.53 million) to the GGR, down from PHP6.13 billion ($106.64 million) in the first quarter of 2023.
Looking ahead, the country’s projected full-year GGR stands at PHP336 billion ($5.84 billion), with the first quarter’s total already surpassing 24 percent of the target. Traditionally, gaming revenues experience a surge in the final quarter of the year.
Although the first quarter GGR for 2024 surpassed the previous record of PHP80.12 billion ($1.39 billion) set in the last quarter of 2023, which saw full-year GGR reach PHP285.27 billion ($4.95 billion), the industry remains optimistic about sustained growth and development.
In a collaborative effort between Chinese and Philippine law enforcement agencies, more than 160 Chinese citizens engaged in offshore gaming activities in the Philippines have been deported.
This recent development, as reported by China’s official media CCTV, underscores a significant achievement in the ongoing international cooperation between the two nations. It highlights their shared commitment to combating various criminal activities, including fraud and kidnapping, prevalent within the offshore gaming industry.
China has long maintained a strict stance against gambling, and this collaborative effort signals its unwavering determination to tackle illicit practices even beyond its borders.
According to the report, the Chinese embassy in the Philippines has reiterated its pledge to enhance practical law enforcement cooperation with Philippine authorities. This commitment aims to support the Philippines in effectively addressing the persisting challenges associated with offshore gaming.
The repatriation follows the Embassy of China in the Philippines emphasizing its support for the Philippine Government in addressing the ‘root causes’ of issues stemming from the offshore gambling industry.
In April, the Chinese Embassy noted that it will maintain communication with Philippine law enforcement agencies concerning offenses related to Philippine Offshore Gaming Operators (POGOs).
At that time, the Embassy of China underscored that ‘gambling in any form is illegal according to Chinese law’ and noted that the Chinese government opposes and cracks down on Chinese nationals engaging in gambling businesses abroad in accordance with the law.
Belle Corporation, the parent company of Premium Leisure Corp (PLC), has successfully completed a tender offer for the voluntary delisting of its subsidiary from the Philippine Stock Exchange (PSE).
According to a filing made on Monday, Premium Leisure Corp, listed in the Philippines, has submitted a petition for the voluntary delisting of its shares from the main board of the Philippine Stock Exchange, effective July 9th.
PLC is an investor in City of Dreams Manila, a casino resort in the Philippine capital operated by a unit of Melco Resorts & Entertainment Ltd., earning a share of the gaming revenue generated there through one of its units.
City of Dreams Manila
The intention of voluntary delisting was firstly announced in March. Belle Corp has set the price for a tender offer for all outstanding common shares of Premium Leisure at PHP0.85 each.
According to the filing made on Monday, the tender offer was concluded on May 9th. The parent company paid an aggregate amount of nearly PHP5.25 billion ($90.7 million) for slightly over 6.17 billion shares, constituting about 19.77 percent of Premium Leisure’s total issued and outstanding common stock. Consequently, Belle now holds a 99.55 percent stake in Premium Leisure.
In the first quarter of 2024, Premium Leisure recorded net income of nearly PHP279.5 million ($4.83 million), marking a 55.3 percent decrease from the previous year.
The company’s gaming revenue share from City of Dreams Manila during the same period amounted to approximately PHP401.2 million ($6.93 million), reflecting a decline of 43.9 percent compared to the corresponding period last year.
A conducive ‘light-touch’ regulatory environment and robust support mechanisms should be put in place in order to allow India to emerge as a ‘global gaming innovation hub’, and allow the industry to contribute significantly to the country’s economic and cultural growth, the All India Gaming Federation (AIGF) proposed.
The AIGF, representing over 150 members in the online gaming sector, recently revealed its proposals to the Telecom Regulatory Authority of India’s (TRAI) consultation paper on the formulation of the National Broadcasting Policy 2024.
In April, the TRAI released a Consultation Paper on ‘Inputs for Formulation of National Broadcasting Policy-2024’ (NBP), with the AIGF releasing its submitted opinions to the body.
In its submission, the AIGF highlighted the exponential growth of India’s online gaming industry, which is currently valued at $2.2 billion and projected to reach $4 billion by 2026, emphasizing the need for a progressive regulatory framework to harness the sector’s potential.
‘There are over 450 million online gamers in India and the pay-to-play gaming comprised 83 percent of the sector’s revenues with free-to-play games and esports exhibiting robust growth,’ the federation pointed out.
In a statement regarding the consultation, AIGF CEO Roland Landers commented that, given that the industry “is in its infancy”, the federation subscribed to the country’s prime minister’s remarks for the need for top-down regulation for the industry and a light touch regulation bringing the industry under an organized legal structure in order to uplift the reputation of online gaming and “let it grow and boom”.
Roland Landers, CEO, AIGF
“We continue to advocate for a progressive regulation focused on consumer safety, competition and ease of innovation and believe that with a progressive regulatory and tax framework, online gaming can become the cornerstone of the $1 trillion digital economy as envisioned by the Hon’ble Prime Minister,” Landers commented.
In its written opinion, the AIGF stressed the importance of regulations focused on consumer safety and innovation facilitation, while asking for regulatory clarity.
The federation lauded the Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021, for providing a framework to distinguish between games of skill and chance, safeguarding consumer interests, and ensuring responsible gaming practices.
However, the AIGF warned for the need for the implementation of these rules, awaiting the designation of self-regulatory bodies by the Ministry of Electronics and Information Technology (MeitY), which can incorporate lessons learned from the IT Rules into the upcoming Digital India Act, and foster a comprehensive regulatory environment for all online games.
Additionally, the AIGF underscores the challenge of illegal offshore gambling sites and their advertising, emphasizing the necessity of coordinated efforts to combat them, proposing leveraging the IT Rules’ verification marks to identify legitimate games and curb illegal platforms’ reach.
‘At present, the proliferation of online offshore gambling poses a significant threat to Indian users. Such online platforms are illegal in most states under their public gambling laws, as these platforms offer games of chance,’ the document shows.
‘As per estimates, illegal betting activities are causing significant tax losses, with an estimated inflow of $100 billion per year, and a GST loss of 28 percent of that amount. According to another estimate, certain offshore online gambling operators are collecting $12 billion per year from Indian users, which is causing a loss of at least $2.5 billion per annum in GST alone to the national exchequer.
In October 2023 a 28 percent tax on online gaming, casinos, and horse racing was implemented and scheduled to be reviewed after six months. The taxes that were levied on the full face value increased the government revenue fourfold from the sector.
The decision evoked a sharp response from the online gaming industry, with operators claiming that they would suffer huge losses due to the additional taxes.
In the document, the AIGF suggested the implementation of verification marks as provided for permitted games under the IT Rules, as a way to enable MIB, ASCI, advertisers, and the public to access a whitelist of legitimate online games, and immediately identify content belonging to unmarked illegal gambling platforms.
Lastly, AIGF advocates for the implementation of Animation, Visual Effects, Gaming & Comics (AVGC) recommendations in mission mode to support Indian game developers and promote cultural gaming content globally.
Bloomberry Resorts Corporation reported strong performance in its domestic slot machine segment for the first quarter of this year, however lower VIP and mass table revenues contributed to an 11 percent year-on-year decline in net income to PHP2.6 billion ($44.9 million).
Bloomberry’s subsidiaries own and operate Solaire Resort Entertainment City and the Jeju Sun Hotel & Casino.
Solaire, Bloomberry’s flagship property in Entertainment City, experienced declines in VIP rolling chip volume and mass table drop by 36 percent and 8 percent, respectively.
Nevertheless, the electronic gaming machine (EGM) segment recorded a 17 percent year-on-year increase in coin-in. Total Gross Gaming Revenues (GGR) at Solaire decreased by 8 percent to PHP14.8 billion ($255.8 million), primarily due to lower VIP and mass table volumes, partially offset by growth in EGM coin-in and GGR.
Consolidated net revenue for the quarter reached PHP12.5 billion ($216.1 million), down 3 percent year-on-year. Consolidated EBITDA decreased by 14 percent to PHP4.9 billion ($84.7 million), while net income declined by 11 percent to PHP2.6 billion ($44.9 billion).
Excluding pre-operating expenses associated with Solaire Resort North, EBITDA and net income would have decreased by only 10 percent and 3 percent, respectively.
‘By increasing our mass table offerings and effectively doubling our slot machine capacity, Solaire Resort North will put Bloomberry in a prime position to gain market share,’ Razon Jr. said in the recent financial report.
Bloomberry Chairman and CEO, Enrique K. Razon Jr.
Despite challenges in the gaming segment, Bloomberry reported a 4 percent increase in consolidated non-gaming revenue to PHP2.2 billion ($38 million). The company’s net revenue for the quarter was PHP12.5 billion ($216.1 million), a decrease of 3 percent year-on-year.
Solaire Resort North
Looking ahead, Bloomberry remained optimistic about its prospects, particularly with the anticipated contributions from Solaire Resort North and pledged to continue to focus on optimizing operational efficiency and enhancing its gaming and non-gaming offerings to drive future growth.
As of March 31st, 2024, Bloomberry had a consolidated cash balance of PHP45.9 billion ($793.4 million) and total equity of PHP51 billion ($881.6 million). Additionally, the company recently completed the purchase of Bloomberry shares as part of a settlement agreement, further strengthening its financial position.
The impact of these financial results, including the transaction involving the purchase of Bloomberry shares, will be reflected in the company’s second-quarter and full-year financial disclosures.
Macau gaming operator Galaxy Entertainment Group (GEG) has announced strong financial results for the first quarter of 2024, with gross gaming revenue (GGR) growing by 59 percent year-on-year, reaching HK$9.6 billion ($1.23 billion), a 4 percent increase compared to 4Q23.
In the last three months of the year, the company’s mass GGR increased by 57 percent to HK$7.7 billion ($1 billion). Electronic GGR was HK$600 million ($76.8 million), up 78 percent year-on-year and 18 percent quarter-on-quarter.
In 1Q24, Galaxy Entertainment posted net revenue of HK$10.6 billion ($1.36 billion), up 50 percent year-on-year. Adjusted EBITDA reached HK$2.8 billion ($358 million), up 49 percent from the same period of the previous year.
The company also notes that it ‘played lucky in its gaming operation’, which increased its Adjusted EBITDA by approximately HK$63 million ($8.1 million). Normalized Adjusted EBITDA was HK$2.8 billion ($358 million), up 50 percent year-on-year and down 5 percent quarter-on-quarter.
The group’s integrated resort – Galaxy Macau – continues to be the primary contributor to the company’s revenue and earnings. According to the same financial results, Galaxy Macau’s net revenue reached HK$8.3 billion ($1.06 billion), up 55 percent year-on-year. Adjusted EBITDA was HK$2.6 billion ($333 million), up 42 percent year-on-year, with an Adjusted EBITDA margin of 31 percent.
“Our balance sheet remained healthy and liquid.”
Lui Che Woo
Lui Che Woo, Chairman, Galaxy Entertainment Group
In a statement from the chairman of GEG, Lui Che Woo mentions that the company made substantial adjustments to Galaxy Macau’s gaming floor in the first quarter, ‘in the shorter term, this was disruptive for the month of January and the early part of February’. ‘The renovation was completed just prior to Chinese New Year. With the completion of this renovation, we have seen a significant improvement in the flow of customer traffic across the entire floor.’
Meanwhile, Lui Che Woo affirms that Galaxy is in the process of implementing smart tables, which will drive further efficiency across the gaming floor. Additionally, the operator is also updating slot machine products and working on a range of upgrades to StarWorld Macau.
The chairman also showed his confidence in the company’s financial status, noting that ‘our balance sheet remained healthy and liquid.’
As of 1Q24, cash and liquid investments were HK$26.4 billion ($3.38 billion), and the net position was HK$25.0 billion ($3.2 billion) after debt of HK$1.4 billion ($179 million). Just to recall, Galaxy paid the previously announced special dividend of HK$0.30 per share on April 26th, 2024.
Pent-up demand from Mainland China
After China announced a visa scheme expansion for Chinese visitors, Galaxy Entertainment shares its view on the future, indicating that during 2024, Macau has continued to experience an ongoing recovery with both growth in visitor numbers and associated revenues. The recovery has been predominantly led by the premium segment. ‘We still see pent-up demand from the Mainland, particularly for tourism, leisure, and travel, and Macau remains one of the top choices for travel destinations by Mainland Chinese.’
The company also expects the continuous improvement of infrastructure will further boost Macau’s tourism, noting that ‘infrastructure to both access Macau and to move throughout Macau continues to improve. In February, the Jinhai Avenue Bridge and Zhuhai Urban-Airport Intercity Railway Phase 2 were officially opened. This is a new bridge that directly connects the Zhuhai airport to Hengqin Island and allows cars and trains to travel from the Zhuhai airport to Hengqin in about 15 minutes.’
‘The Zhuhai airport connects to 50 plus cities in China and will have a capacity of 27.5 million passengers when terminal 2 is completed this year. In comparison, the Macau airport connects to 48 cities in China and has a capacity of 10 million passengers. Within Macau, the fourth cross-harbor bridge is expected to open later this year and connects the peninsula to Cotai which will allow easier travel within Macau,’ it adds.
Overseas market
Galaxy Entertainment also updates that the company has opened overseas business development offices in Tokyo and Seoul and is soon to open an office in Bangkok.
‘This is in line with our commitment to the Government to further increase the number and flow of high-value international visitors to Macau.’
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