The Philippines is home to both commercial and government-held casinos. The Philippine Amusement and Gaming Corporation(PAGCOR) regulates commercial gaming resorts in Manila and in special freeport zones. The agency also runs casinos under the Casino Filipino brand.

Former Philippines President Rodrigo Duterte flip-flopped on his pledge to sell off PAGCOR’s casinos on grounds that their operations provided too critical of a tax benefit, specifically in the aftermath of the COVID-19 pandemic. Duterte’s successor, President Ferdinand “Bongbong” Marcos, has since resumed the central government’s mission to divest the casino portfolio.

Liquidation Delayed

Earlier this year, PAGCOR Chairman Alejandro Tengco said the agency would unload its nine casinos and 33 satellite branches before the end of the first quarter in 2026. This week, Tengco pushed back on that statement and revealed that the selloff won’t even start until sometime in 2026.

In the interim, PAGCOR is investing in modernizing its Casino Filipino properties, many of which are outdated and in need of upgrades. Tengco believes such an investment will make the venues more attractive to prospective buyers and result in richer sales.

As we prepare for the planned privatization of PAGCOR casinos, we intend to increase their value by modernizing our gaming facilities and equipment to make them more attractive to potential investors,” the PAGCOR chief said on Tuesday during his keynote address at Inside Asian Gaming’s Academy Summit at the Hilton Manila.

Tengco detailed that PAGCOR has ordered 3,341 new slot machines that are commonly found in the multibillion-dollar integrated resort casinos in Manila’s Entertainment City to be installed in Casino Filipino’s premier properties. The first batch of 1,968 terminals is expected to be delivered this week.

Tengco additionally said PAGCOR will mandate that buyers of the Casino Filipino properties will be required to maintain a minimum of 50% of the acquired venue’s workforce for a certain period. Those who are let go will be required to receive severance packages based on their length of employment.?

PAGCOR Casino Revenue

PAGCOR’s gaming operations pale in comparison to the integrated resorts in Manila.

In the second quarter, Casino Filipino locations generated gross gaming revenue of approximately PHP8.29 billion (US$147.5 million). During that same April through June period, Manila’s City of Dreams, Solaire, Okada, and Newport World Resorts produced GGR of PHP40.3 billion (US$717.1 million).

The influx of Chinese high rollers has Filipino gaming magnates bullish on the industry. This week, Travellers International Hotel Group and Alliance Global, the parent companies of Newport World Resorts, revealed their intentions to open casino resorts in Boracay and Cebu. ?

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Recent media reports suggest that new Prime Minister Paetongtarn Shinawatra is poised to bring a casino policy statement to parliament as soon as this week, and that the package is likely to include a directive calling for as many as seven gaming venues to commence Thailand’s foray into regulated gaming.

Should related speculation about the creation of seven integrated resorts, including three in Bangkok prove accurate, those numbers would top previous scuttlebutt. Earlier this year, there was chatter that should Thai policymakers approve casino gaming — an increasingly likely prospect — the country would start with five casino hotels. That plan called for two gaming venues in Bangkok, and one each in the Eastern Economic Corridor, Chiang Mai, and Phuket.

Bangkok Could Be an Alluring Casino Center

An article published by The Nation on Monday featured comments from Deputy Secretary-General to Prime Minister Suksit Srichomkwan indicating that the casino legislation under consideration by the Thai cabinet provides for three integrated resorts in Bangkok.

Assuming long-term return on investment in the high teens or low 20s in percentage terms – a common goal in the gaming industry – a $3 billion licensing fee would likely be palatable to numerous gaming companies, including US-based firms Las Vegas Sands, MGM Resorts International, and Wynn Resorts. All three have expressed some interest in Thailand.

The aforementioned legislative package also includes stipulations that casinos command no more than 10% of an integrated resort’s square footage and that gaming venues outside of Bangkok will carry an initial licensing fee of $1.5 billion.

Bangkok Casinos Matter for Other Reasons

The Thai government’s commitment to allowing casino resorts in Bangkok is important for other reasons. First, it’s the most populous city in the country, thus making it desirable for operators.

Speaking of Japan, Thai lawmakers backing the country’s casino ambitions are hoping to speed up the legislative process so that their nation’s first gaming venues open before MGM Osaka does in 2030.

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The announcement was made in a regulatory filing with the Hong Kong Stock Exchange (HKSE). An entity known as Venetian Venture Development Intermediate II and a financial services firm plan to purchase the Sands China equity. Based on Sands China’s September 9 closing price, $103 million represents 59,612,518 shares or 0.74% of the gaming company’s freely floating stock.

Sands China is the largest casino operator in Macau, running five integrated resorts in the lone Chinese territory where gaming is permitted.

LVS Could Further Boost Sands China Stake

News that Las Vegas Sands is upping its interest in its Macau unit isn’t surprising because it did so last year. Some analysts believe LVS’ plan is to eventually take that percentage to north of 75%, but not ultimately buy out minority investors.

That listing is important because it allows local retail investors and professional market participants in Hong Kong and mainland China to access the stock. In turn, that listing shows commitment to Macau and China, which can be viewed as a positive among Chinese regulators.

In his August note, Umansky added that Sands China is unlikely to restart its dividend before next year although it’s been 14 months since LVS resumed its quarterly payout. Sands China is one of three Macau operators that doesn’t currently pay a dividend.

Another Reason the Sands China News Isn’t Surprising

There’s another reason why it’s not surprising that LVS is again upping its equity holdings in Sand China. The company told investors such moves were possible when it sold Venetian and Sands Expo and Convention Center on the Las Vegas Strip more than three years ago.

Private equity giant Apollo Global Management now operates the Venetian while VICI Properties owns the property assets of the integrated resort and the convention center.

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On Tuesday, Sam Hou Fai received a record 96% of the nominations to become the sole candidate for the chief executive position from a 400-strong pro-Beijing election panel. The nomination period for the SAR’s leadership election ended last Thursday.

Current leader Ho Iat Seng announced in August that he would not seek a third term as chief executive, citing poor health.

Sam, 62, stepped down as president of the Court of Final Appeal, Macau’s highest court, ahead of his announcement in late August that he would run for office. He will now stand unopposed in the October election, rendering the voting process somewhat meaningless for Macau’s citizens.

Concerns for Casino Sector?

A native of Zhongshan, Guangdong Province, in mainland China, Sam will be the first Macau chief executive to have been born outside the gambling hub. He will also be the first to hail from the legal profession as opposed to the business sector.

The panel’s emphatic support for Sam reflects his willingness to toe the party line. Certainly, his views on the gaming industry echo those of the central government in Beijing, which has long pressed for the diversification of Macau’s economy.

Beijing blames the industry for facilitating money laundering and capital flight from the mainland. The government is currently cracking down on illegal money exchanges that allow mainland gamblers to circumvent tight controls on the movement of money.

“For a period of time, the tourism and gaming industry developed in a disorderly manner and expanded wildly,” Sam said at a press briefing last month. “Having one dominant industry is not beneficial for Macau’s long-term development and has had a very negative impact.

“Macau’s long-term development is only possible with the country’s support,” he added, alluding to heightened cooperation with Beijing.

Pro-Beijing

Macau has its own financial system and a degree of political autonomy as an SAR under China’s one country, two systems policy. However, despite its capitalism, it has been far less resistant to the creeping influence of Beijing than has Hong Kong, its fellow SAR and neighbor across the Pearl River Delta.

That’s probably due to its population makeup. More than half of Macau’s 686,607 citizens have immigrated from the mainland in the past few decades. In contrast, most of Hong Kong’s population was born and raised in a liberal, free-market democracy.

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Dr Yew Choy Wong ran up an AU$43.2 million (US$29 million) debt during a week-long baccarat binge at the casino between June and August 2018 after gaining access to an AU$40 million check-cashing facility.

Wong is a former director of Celton Manx, the Isle of Man-based online betting operator that owns SBOBET, the first Asian-facing sportsbook to sponsor an English Premier League team.

Dealer ‘Mistakes’

Wong denied authorizing the casino to use the check to collect the debt and claimed the check-cashing agreement was blank when he signed it. He also claimed he shouldn’t have to pay his losses because the dealers kept making mistakes, which he complained about on four occasions.

The casino conceded that three mistakes warranted complaint, and the casino’s chief operating officer, Paul Arbuckle, issued a letter of apology to Wong on July 30, 2018. However, the letter made no mention of wiping Wong’s gambling debt.

The Star initially sued Wong in Singapore, unsuccessfully, because that nation’s Civil Law Act prohibits the government from assisting foreign companies to recoup debts related to overseas gambling.

Wong argued the Singapore ruling should stand and that Star’s efforts to pursue him in Australia constituted “unjustified oppression.”

In April 2021, the Queensland Supreme Court?permitted the case to proceed, describing it as a “relatively straightforward” claim that should be determined on its merits.

In her ruling Monday, Justice Melanie Hindman said the Star had clearly stated its claim for debt recovery, while Wong had “not made out any pleaded defense to that claim.”

Star’s Financial Woes

The suit against Wong is one of Australia’s largest-ever debt recovery cases, which may be of some comfort for casino operator Star Entertainment. Barely two weeks after the company opened its AU$3.6 billion (US$2.4 billion) project at Queens Wharf in Brisbane, it finds itself in financial disarray and has turned to the government of Queensland for short-term tax relief.

Star reportedly needs a cash injection of AU$300M (US$201M) to keep Queen’s Wharf operational.

The company said Monday it would sell its leasehold interest in the Brisbane Treasury Building, the site of its former Brisbane casino, for AU$67.5 million (US$44.9 million).

The post Star Gold Coast Can Recoup $38.7M Debt from Billionaire Ex-Betting Exec appeared first on Casino.org.

In September 2021, the Osaka Prefecture selected MGM as its casino resort development partner. After years of planning and the obtaining of necessary approvals, MGM and its local consortium were issued Japan’s first casino license in April 2023.

When MGM Resorts signed its development agreement with the Osaka prefecture and city governments, a condition was included to allow the company to back out of the deal under certain terms. MGM has reportedly canned the clause to signal its ongoing commitment to completing the more than $8 billion project.

Exit Terms

The Osaka casino development agreement with MGM Resorts allowed the Bellagio operator to withdraw from the project if tourism failed to recover to pre-COVID-19 levels, if financing was unable to be secured at fair terms, or if unexpected issues with the construction site on Yumeshima Island arose.

With MGM fully on board, construction is expected to be expedited. Work began on the JPY1.27 trillion (US$8.9 billion) scheme in December 2023.

MGM Osaka is slated to be a six-year construction endeavor. The integrated resort blueprint includes 2,500 hotel rooms across three distinct brands, 730K square feet of convention and meeting space, dozens of restaurants and bars, a theatre, and a shopping mall.

MGM hasn’t specified the scope of the casino, but the gaming floor is limited to 3% of the property’s overall indoor floor space under Japan’s 2018 gaming law.

Solid Foundation?

With MGM Resorts securing its Osaka plan, an unwavering pledge that originated nearly a decade ago, laborers are focused on strengthening the island worksite. Since December, workers have been drilling holes where steel beams will extend some 230 feet deep to reach bedrock.

Yumeshima Island was a former landfill that became a land reclamation project in the early 1990s. Yumeshima is to play an integral role in Osaka’s hosting of the 2025 World Expo.

Yumeshima is targeted to become a “smart resort city” by the city government that serves Osaka as a “global tourism hub.” The long-term development plan includes zones for business, tourism, and logistics, plus green space.

MGM told Asian gaming media outlet GGRAsia over the weekend that it continues to target a mid-2030 opening for MGM Osaka.

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The Star Entertainment Group says it’s selling the leasehold interest in the former government administration building to Griffith University. The South Queensland school will refit the historic complex into a hub for its business, information technology, and law disciplines.

Star is selling the lease for AU$67.5 million (US$44.9 million) and will net roughly $60.7 million after settlement adjustments. The transaction is expected to close before the month’s end.

It has been a privilege for our company and team members to be the caretaker of the much-loved heritage building for almost thirty years. We are delighted to hand the baton to Griffith University, knowing the Treasury Building is in the safe hands of another proud Queenslander which respects its history as much as we have,” said Star Brisbane CEO Daniel Finch.

“As a neighbor just up the street at The Star Brisbane at Queen’s Wharf, it will be exciting to watch the story of the Treasury Building evolve, continuing to provide unique experiences and memories for future generations,” Finch added.

In Australia, a Crown leasehold provides a tenant “ownership” in a property over many years, generally in 99-year terms. The property, however, remains under the control of the Queensland Government.

Cash Needed

The Star is in need of quick cash as the group’s finances remain in disarray after investing AU$3.6 billion to relocate its Brisbane casino a block east to a new integrated resort. Star additionally remains the subject of suitability probes, with a second inquiry in New South Wales (NSW) recently concluding that the company remains unfit to possess a gaming license.

Star is reportedly in need of AU$300 million in short-term funding to keep its Queens Wharf operation along the Brisbane River afloat. Star is seeking tax breaks and other government relief, something it’s likely to receive because the government is unwilling to jeopardize thousands of jobs and the associated reduced economic activity that would result in The Star Brisbane closing.

The worst case scenario would be that they have to close their doors not long after opening them,” Queensland Premier Steven Miles said last week. “This is a fantastic asset for our city. It is a big job generator. It is a major attraction.”

Star owes its lenders AU$450 million. Its creditors are demanding that any new loans must come with government concessions.?

Gold Coast Appointment

Star announced Monday that it poached Mark Mackay away from rival Crown Resorts to lead its Gold Coast casino. The Star Gold Coast is located in Queensland’s Broadbeach.

Before joining Crown in 2017, Mackay was COO of The Star Gold Coast, which at the time was known as Jupiters Hotel and Casino.

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Thailand’s Deputy Finance Minister Julapun Amornviva said the country’s new government is behind the effort to bring integrated resorts to the Southeast Asian country and plans to move forward on that front. The finance minister said the plan was supported by 80% of politicians attending a recent meeting on the subject.

News of the political momentum for Thai gaming venues emerged after a public comment period on the 22-page Draft of the Complete Entertainment Business Act B.E. That ran through Aug. 18 and by all appearances, Thai citizens are on board with the country introducing casino hotels as a way of boosting the tourism industry, which is one of the largest drivers of economic activity in the nation.

Speculation indicates that Thailand could approve as many as five casino licenses to start with the locations rumored to be two in the capital city of Bangkok, and one each in the Eastern Economic Corridor, Chiang Mai, and Phuket. Each venue would carry a 30-year licensing term.

New Regime Backs Thailand Casinos

Last month, former Prime Minister Srettha Thavisin was surprisingly removed from power, but the winds of political change in Thailand — a country with a history of political volatility — aren’t damaging the case for casinos.

He could be onto something with that assertion because by some estimates, Thai gaming venues could generate more than $15 billion in annual in gross gaming revenue. Should that forecast prove accurate or be exceeded, it’d make Thailand one of the largest casino markets in the world. While that pace of GGR would trail Macau and Nevada, it’d be more than enough to rival or beat Singapore.

The ruling Pheu Thai Party has acknowledged that Thailand is now trailing other countries in the region, including Cambodia, Myanmar, the Philippines, and Singapore, when it comes to legalized gaming. Currently, Thailand has no legal casinos or sports betting, but the country has more than its share of illicit gaming dens, which create problems for those communities and local law enforcement.

Thailand Could Be Vibrant Casino Market

The ongoing political momentum in Thailand for integrated resorts is important on a number of fronts, including the country’s ambition of getting some of those venues open before MGM Osaka debuts in 2030. Additionally, a hospitable regulatory environment could be pivotal in luring big name operators.

It’s believed Las Vegas Sands, MGM Resorts International, and Wynn Resorts are among the global gaming giants that are interested in pursuing Thai licenses. MGM said it would do so through its MGM China unit.

Experts believe Thailand will opt for a 17% tax on gross gaming revenue (GGR) — the same rate applied in Singapore. That tax rate is viewed as attractive and would be competitive with other casino markets in the region.

The post Thailand Casino Plan Gains Momentum as Political Support Increases appeared first on Casino.org.

They may want to rethink that view because there are emerging signs that momentum is building for the Wynn Al Marjan Island integrated resort in Ras Al Khaimah. For example, Wynn management is hosting an investor day in Las Vegas early next month.

In a new report to clients, JPMorgan analyst Joseph Greff said that could be a positive sign because it could imply UAE regulators are preparing to officially approve casino gaming.

The fact that management is willing to host a three-hour investor meeting could likely imply that regulations and licence issuance are imminent,” wrote Greff. “We don’t look at this as a derisking event, but rather one in which equity investors can start to ascribe the currently discounted equity value related to the project.”

The General Commercial Gaming Regulatory Authority (GCGRA), the UAE’s first gaming regulatory agency, was formed last year and in July, approved a lottery license for an Abu Dhabi-based company. That sparked hope the authority would sign off on a casino license for Wynn. Some investors are waiting on that approval because the economics of Wynn Al Marjan Island are significantly more attractive when a casino is included.

More Positive Signs for Wynn’s UAE Casino

Potential near-term approval of a UAE-issued gaming license for Wynn could be a boon because competitors are eager to test the region. The Wynn property is scheduled to open in early 2027, indicating that it would have a temporary monopoly should it win a casino permit because it’s further along than any venue that could be considered competition.

“In September 2023, the UAE establishing the General Commercial Gaming Regulatory Authority (GCGRA), signaling the country’s intent to regulate and potentially legalize certain forms of gambling. Since that announcement, public curiosity has surged, with online searches for gambling-related terms increasing by 54.38%,” according to Dubai Casinos.

The research group added that, on average, each marquee news event pertaining to wagering in UAE sparks a 12.54% increase in related internet searches among citizens of the Emirates.

Interest is There for UAE Casinos

While Wynn Al Marjan Island is positioned as a tourist destination with gaming space occupying a scant percentage of overall square footage, it’s clear there’s burgeoning interest among locals in land-based gaming venues.

This is evident in the steady search volume for ‘Casino in Dubai’ and ‘Ras Al Khaimah Casino,’ suggesting that the public is eager to learn more about the possibility of brick-and-mortar gaming venues in these areas,” added Dubai Casinos.

Regulators haven’t commented on whether or not there will be limitations on local visitation to UAE gaming venues, but that could be a difficult, impractical task owing to the vast oil wealth in the Emirates.

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Guo was the Mayor of Bamban, a sleepy town in Tarlac province where she allegedly had interests in an online casino that also operated as a front for human trafficking and internet scams. She is believed to have left the Philippines by speedboat on or around July 14 after slipping past border checkpoints.

Guo was apprehended on Tuesday night in the Indonesian city of Tangerang, west of Jakarta, Philippine authorities said.

Photographs taken of her arrest show Guo wearing light pink pajamas and a white shirt. She is currently in custody in Indonesia and it’s unclear whether she will be extradited to the Philippines.

Who is Alice Guo?

Guo’s case has gripped the nation since police raided the Bamban compound in March to find hundreds of trafficked workers, as well as luxury villas and a network of underground tunnels. They also found Guo’s car and documents showing the land on which the Philippine Offshore Gaming Operator (POGO) complex was built was partially owned by the mayor.

Investigations into Guo’s background provided further intrigue. She claimed to be a natural-born Philippine citizen, the “love child” of a Chinese father and a Filipina maid, who had grown up “hidden” and friendless on a pig farm until she decided to run for mayor in 2022.

All of her social media accounts were registered that year. Residents of Bamban say no one in the town knew her before that.

Guo’s wealth was inconsistent with that of a small-town mayor, and her bank accounts showed mysterious transactions to individuals and business entities in China.

All this led to accusations that Guo is a Chinese asset, which she denied.

Final Straw

The case proved to be the final straw for the POGO industry, which was long criticized for links to organized crime. On July 23, just over a week after Guo’s disappearance, Philippine President Bongbong Marcos ordered the industry to be dismantled.

Marcos said on Facebook Wednesday that Guo’s arrest was “a warning to those who attempt to evade justice.”

“Such is an exercise in futility. The arm of the law is long, and it will reach you,” he wrote.

Marcos previously warned that “heads will roll” after learning of Guo’s flight from the country.

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The company spent the weekend in talks with stakeholder groups, lenders, and regulators in an effort to raise funding – to no avail, reports the Australian Financial Review (AFR).

Star has asked the government of Queensland for tax relief, and those negotiations are ongoing. The New South Wales (NSW) government has already refused to offer any such bailout because it would be used to support the company’s Queen’s Wharf project in Queensland.

Suspended from ASX

The news comes a day after Star was suspended from the ASX for missing the deadline to file its full-year financial results.

The report by the New South Wales Independent Casino Commission (NICC) concluded the operator had failed to sufficiently address the “governance and cultural concerns” raised by a 2022 inquiry that found it unfit for licensing.

Criminal Gangs

Star’s Sydney license has been suspended since 2022 when the inquiry concluded it had allowed itself to be used by criminal gangs to launder money in private high-roller junket rooms.

Despite the license suspension, gaming at the Star Sydney has remained operational. In a statement last week, the NICC said it was “contemplating [the new report’s] findings, including four compliance breaches,” adding that it would respond in due course.

Too Big to Fail

Queensland Premier Steven Miles said Wednesday his administration would do everything it could to keep Queens Wharf open.

This is a fantastic asset for our city. It is a big job generator. It is a major attraction to our city and state,” he said. “It is an important platform for Brisbane 2032 and everything that we’re going to do in our city over the next decade or so.”

Miles added that any bailout would still require Star to pay all of its taxes and license fees, but they would be deferred.

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The company told shareholders on Friday that it would halt trading and publish its full-year results later in the day. That’s while it “considered the implications” of a damning report by New South Wales (NSW) regulators that found it was still unsuitable to hold a gaming license for its flagship Star Sydney property.

The report by the New South Wales Independent Casino Commission (NICC) concluded the operator had not sufficiently addressed the “governance and cultural concerns” highlighted in a 2022 inquiry that initially found it unfit for licensing.

It has only very recently turned its attention to dealing with challenges that should have been prioritized earlier,” NICC chief commissioner Philip Crawford said.

“It was unclear whether The Star could feasibly operate under less supervision, when it was exhibiting past behaviors with its license still suspended,” he added.

Secret VIP Room

The 2022 inquiry determined that The Star Sydney had failed to protect itself from being used by criminal gangs to launder money in private high-roller junket rooms.

Star allowed Macau-based junket operator Suncity to secretly operate an unbranded VIP room, referred to as “Salon 95.” This was despite Australian authorities having identified Suncity as having links to organized crime.

Salon 95 continued to operate even after then-Star CEO Matt Bekier told regulators his company had severed business links to Suncity.

The casino also allowed Chinese high rollers to withdraw a total of $900 million for gambling using China UnionPay (CUP) credit cards while disguising these transactions as “hotel expenses” to avoid breaching CUP’s no-gambling transaction rules. Star subsequently lied to CUP and the National Australia Bank in an effort to conceal the deceit.

Crown Passes Test

Star’s competitor, Crown Resorts, faced similar accusations of cultural shortcomings and was also found unsuitable for licensing in NSW following a 2021 inquiry. But last April, the NICC determined that the company had successfully addressed its failings.

The report, published last Thursday, came just two days after Star opened its AU$3.8 billion (US$2.5 billion) Queens Wharf in Brisbane, Queensland. It also runs The Star Gold Coast in Queensland.

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The gross gaming revenue (GGR) numbers provided by the city’s Gaming and Inspection Coordination Bureau account for about 81.5% of pre-pandemic August 2019 levels when the six commercial casino operators combined to win a little more than $3 billion.

August was Macau’s second-best month since Chinese President Xi Jinping lifted “zero-COVID” in late 2022 and allowed some form of normalcy to return to the world’s second-most populated country and second-largest economy. Macau is under Chinese control through a “one country, two systems” policy principle that’s applied to the People’s Republic’s two Special Administrative Regions (SAR) — Macau and Hong Kong.

August Meets Expectations?

Macau’s August GGR was in line with analyst expectations. Citigroup had pegged August revenue at MOP20 billion, while JPMorgan had called for an August win of around MOP19 billion to MOP19.5 billion.

However, there’s more to the August 2024 revenue story. August benefitted from having 14 Fridays, Saturdays, and Sundays, as compared to only 12 in August 2023. July 2024 also had 12 weekend days.

But with a strong August, GGR through eight months of 2024 totaled MOP152.1 billion (US$18.92 billion). That’s a 33% surge from the same period in 2023 and represents almost 78% of the pre-pandemic 2019 January through August number.

Market Headwinds

Macau’s gaming industry underwent considerable change during the pandemic. The six concessionaires in late 2022 agreed to invest $16.2 billion into their resorts in nongaming projects in exchange for new 10-year gaming licenses.

Just a month later, the terms became more unfavorable to the licensees after Suncity boss Alvin Chau was found guilty of running a criminal syndicate and facilitating illegal gambling. Dubbed the “Junket King” for Suncity controlling around a quarter of the junket business in Macau, Chau’s sentence of 18 years in a Chinese prison prompted most VIP groups to flee to more favorable markets like Vietnam, the Philippines, and South Korea.

Macau’s next chief executive could further strain the city’s casino industry. With Chief Executive Ho Iat Seng not seeking reelection because of health problems, former Court of Final Appeal President Sam Hou Fai is the odds-on to become Macau’s top government official.

Sam recently expressed his opinion that Macau diversify away from gaming. Casinos continue to account for more than 80% of the region’s tax income.

During a media briefing last week, Sam said that the casino industry “developed in a disorderly manner” and has “expanded wildly.” He opined that “having one dominant industry is not beneficial” for the city’s long-term development.

Sam believes the casino’s dominance has also resulted in tunnel vision for Macau’s youth who think their only career opportunity is in gaming.

The post Macau Casino Revenue Improves in August Thanks to Favorable Calendar appeared first on Casino.org.

Black Spade Capital, Ho’s family investment vehicle that’s named after the playing card suit that is often linked to good luck, this week announced the initial public offering of Black Spade Acquisition II. The blank-check entity is offering 15 million shares priced at $11.50 each.

Black Spade is headquartered in Hong Kong and backed by Ho, whose net worth is around $1 billion. Ho’s fortune is less than half of what it was before the COVID-19 pandemic shuttered his casino resorts in Macau where Melco is most invested. ??

Diversifying Portfolio

Melco Resorts owns and operates three integrated resorts and six gaming cafés in Macau, the Chinese Special Administrative Region where gambling on slot machines and table games is allowed. Melco’s portfolio also includes City of Dreams Mediterranean in Cyprus.

Melco, also traded on the Nasdaq, has seen its share price plummet since the onset of the coronavirus pandemic. Melco shares have crashed 76% over the past five years from $21 to a close of just $5 today.

Ho, the largest individual shareholder in the organization, has naturally seen his wealth diminish. One of the late Stanley Ho’s 17 children, the so-called “King of Gambling” who held a monopoly on casinos in Macau until Portugal handed back the enclave to China around the turn of the century, Ho is looking to lessen his dependency on the global gaming industry in favor of new markets he’s bullish on.

Black Spade Acquisition, the company’s first SPAC offering that held its IPO in August 2021, raised $169 million. Earlier this year, the blank-check firm merged with VinFast Auto, an electronic vehicle manufacturer based in Vietnam.

Macau Win-Win

Melco Resorts in December 2022, along with the five other casino operators in Macau, agreed to collectively invest billions of dollars into their resorts in exchange for new 10-year gaming licenses. The Macau SAR Government required that 90% of the pledge go towards nongaming projects.

The Macau government is seeking to become better known for its leisure, entertainment, hospitality, and events offerings and capabilities.

Ho said in March that the company had already carried out its nongaming guarantee by investing in improvements and projects like amusement parks and other family-oriented amenities at Macau’s City of Dreams, Studio City, and Altira resorts. Should Ho’s Black Capital Acquisition II find an AI firm that can improve or streamline Melco’s nongaming segment, the SPAC play could be a win-win for the billionaire.

The post Melco Resorts Casino Tycoon Lawrence Ho Installs Second SPAC IPO appeared first on Casino.org.

The 2024 Independent Inquiry Into The Star, the second government probe in the state to determine if The Star is worthy of possessing a casino license in NSW, concluded this week that the firm remains unsuitable to run gaming operations at The Star Sydney. The integrated resort opened in 1995 and is the second-largest casino in Australia behind rival Crown Resorts’ Crown Melbourne.

The 2024 inquiry was again led by Adam Bell SC. Bell reported to the New South Wales Independent Casino Commission (NICC) that The Star failed to implement recommendations from the 2022 inquiry that found the casino to be noncompliant with anti-money laundering regulations and evidence of widespread fraud.

The Bell Report reveals a company that has not moved quickly enough to address the governance and cultural concerns raised in the first Bell Report. It has only very recently turned its attention to dealing with challenges that should have been prioritized earlier,” said NICC Chief Commissioner Philip Crawford.

The Star Sydney holds NSW’s lone slot machine license, commonly called poker machines or pokies Down Under. As a result, Crown Sydney can only operate dealer games and electronic table games.

The Bell report comes just two days after The Star opened its AU$3.8 billion (US$2.5 billion) Queens Wharf in Queensland’s Brisbane. The Star also runs The Star Gold Coast in Queensland.

Next Steps

Crawford said the NICC is considering its next steps for the future of the suspended casino operator. Star Sydney’s nearly 2,000 slots and 140 table games remain in operation for the interim.

Crown, which faced similar accusations in a separate NSW inquiry, immediately took remedial steps to become compliant and appease the probe’s findings. But Bell said The Star leadership and board room became combative and threatened a lawsuit against the 2022 inquiry outcome.

Along with appointing a government monitor following the 2022 probe, the NICC imposed an AU$100 million (US$68M) pecuniary penalty against The Star. The 2022 report made 30 recommendations to address the issues identified in the inquiry.

Bell found in the subsequent probe that it was only recently — specifically, after the departures of CEO Robbie Cookie and Chair David Foster — that meaningful changes came to The Star.?

Governance Improvements, Stock Halted?

Crawford noted regulatory compliance improvements since Steve McCann became the group’s CEO in late June, Jeannie Mok became group CFO in late May, and Janelle Campbell became CEO of The Star Sydney in January.

The level of transparency and cooperation has certainly improved since their appointments,” Crawford said.

The Star successfully petitioned the Australian Securities Exchange to halt the trading of its shares in the wake of the Bell findings. The Star was to issue its annual financial results on Friday, but requested more time to formulate guidance. Shares will resume trading next week.

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The casino is suing Dr. Yew Choy Wong for an AU$43 million (US$30 million) gambling debt, which it says he ran up during a weeklong gambling spree six years ago.

Wong arrived at the Gold Coast venue in July 2018 on one of the casino’s private jets to play a baccarat tournament, according to the complaint. When he left on August 2, he was $43 million in the hole.

Blank Check

The Star claims Wong was given access to a $40 million check-cashing facility on the day he arrived. He authorized the casino to use a blank check he had given to sister casino, Star Sydney, a year earlier to pay the debt on his departure, per the lawsuit. The check bounced.

Wong claims the credit agreement was blank when he signed it and denies authorizing the casino to use the check to collect the debt.

The defendant says he decided to stop gambling on July 28 after becoming infuriated by dealer mistakes, but VIP hosts persuaded him to continue.

The high roller claims he made it clear that he would not pay further losses if the mistakes continued, which they did, he says.

Wong testified Wednesday that he instructed his private banker to ensure the check would bounce because it was too old.

‘Unjustified Oppression’

The Star initially sued Wong in Singapore but was unsuccessful because the country’s Civil Law Act prohibits the government from assisting foreign companies seeking to recoup debts related to overseas gambling.

Wong argued the Singapore ruling should stand, adding that Star’s efforts to pursue him through the Australian courts system constituted “unjustified oppression.”

Wong is a former director of Isle of Man-based Celton Manx, which owns SBOBET, the first Asian-facing sportsbook to sponsor an English Premier League team.

A spokesperson for Celton Manx told?Casino.org?that Wong resigned from the position in March 2019 soon after the company became aware of the dispute.

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The Dotts Law Office represents a major creditor in the failed ultra-luxury integrated casino resort scheme that was envisioned by Chinese billionaire Cui Lijie. Attorney Michael Dotts revealed to the Saipan Tribune this week that Imperial Pacific International (IPI), the bankrupt entity that’s under liquidation, needs to immediately produce material that will allow creditors to field the best bid possible for an acquisition of the property located in the US territory.

A proper procedure needs to be put in place so that other investors can obtain due diligence material. IPI is in possession and control of material needed for potential purchasers to consider the investment,” Dotts said.

“These materials include blueprints, construction inspection reports, permits, construction contracts, and estimates of what it will cost to complete the building. ‘A bid package’ should be assembled,” Dotts explained.

Bidding Procedures

Dotts didn’t reveal who is behind the potential acquisition, but says his client was offered $10 million. Dotts has advised his client to reject the offer in favor of IPI being required to publish bidding materials and hold a competitive auction.

“It is in the best interest of the Commonwealth of the Northern Mariana Islands and of all creditors who reside here that not only the highest price is obtained for the property, but that the purchaser actually completes the project,” Dotts concluded.

Imperial’s Imperil Downfall

Cui was an early investor in one of the largest junket groups in Macau. More than a decade ago, she and her son, Ji Xiaobo, founded IPI and embarked on an ambitious plan to build and open a $3.9 billion casino destination in the Northern Mariana Islands.

IPI obtained the lone gaming concession in the commonwealth, but the scheme encountered considerable hurdles soon after.

The FBI raided the resort’s construction site after a worker died in 2017 and reports about unsafe working conditions and many workers from China being trafficked to work in slave-like conditions and low pay were documented. The US Department of Labor ultimately ordered IPI to pay $13.9 million in back wages.

The casino was questioned for enabling money laundering after records showed it was facilitating over $2 billion a month in VIP bets on just 20 table games to make it among the world’s richest casinos.

Imperial Pacific’s gaming numbers were about a third of what Wynn Macau reported during the same period. But Wynn Macau has nearly 200 table games, Michelin-starred restaurants, easy access to a major international airport, and global name recognition.

Getting to Saipan from any major country/city is a grueling trip. From Hong Kong or Macau, flying to the Northern Mariana Islands is a more than five-hour flight. From Manila in the Philippines, it’s a seven-hour flight.

COVID-19 travel restrictions led to the Saipan casino’s downfall. After the VIP guests who visited the resort were confined to mainland China for several years during President Xi Jinping’s “zero-COVID,” IPI failed to fulfill its financial obligations to the Northern Mariana Island government.

The company eventually filed for bankruptcy, a decision that reportedly cost Cui more than $1 billion.

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Alice Leal Guo fled the Philippines by speedboat on July 18 after repeatedly failing to turn up to a Senate committee hearing examining her case.

The agency said this week it believes Guo is taking a circuitous route to the Golden Triangle, a semi-lawless area spanning the intersecting borders of Laos, Thailand, and Myanmar, which is under the influence of triads, drug cartels, and trafficking syndicates.

Shocking Discovery

The?Guo?case became a national sensation after police raided a POGO (Philippine Online Gambling Operator) complex in her town of Bamban in the northern province of Tarlac last February.

Inside, they found hundreds of trafficked workers, Guo’s car, and documents showing the land on which the POGO complex was built was partially owned by the mayor.

Residents of Bamban say that no one knew Guo before she ran for mayor in 2022, which is also when all of her social media accounts were registered.

Meanwhile, investigators have discovered that large sums of money were deposited in Guo’s bank accounts, which were then transferred to other individuals and business entities in China.

The mystery surrounding Guo’s identity has led to speculation that she is a Chinese asset, which she has denied.

Fujian Clan

The PAOCC claims Guo is connected to the so-called “Fujian Clan,” a network of Chinese nationals that?washed at least US$2.2 billion — largely the proceeds of illegal online gambling — through Singapore’s banking system.

“We are confident that she is trying to get into the Golden Triangle,” said Winston Casio, spokesperson of the PAOCC, who added that the Guo family also has business interests in Cambodia, another hotbed of triad scam centers.

“They are part of a big criminal organization. The Fujian Gang, to which the Guos belong. is part of the Golden Triangle Triad,” he claimed.

Guo’s escape from the Philippines has angered President “Bongbong” Marcos. Speaking of those who must have aided her flight, he warned that “heads will roll” over the “corruption that undermines our justice system and erodes public trust.”

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Sam Hou Fai, 62, stepped down as president of the Court of Final Appeal ahead of his announcement this week. He is expected to be the only candidate to be approved to run for office by a pro-Beijing election panel.

Macau has its own financial system and a degree of political autonomy as a Special Administrative Region (SAR) under China’s one country, two systems policy. However, candidates for the chief executive role are chosen by the Beijing-approved 400-strong panel comprised of politicians and businessmen. This renders ordinary citizens’ right to vote for their leader almost meaningless.

‘Wild’ Expansion

Sam’s views on the gaming industry echo Beijing’s policies, which have long sought diversification of the SAR’s economy. The central government is currently engaged in a crackdown on money laundering and capital flight from the mainland, which has moved from targeting the casino junket industry to illegal money-exchange businesses.

For a period of time, the tourism and gaming industry developed in a disorderly manner and expanded wildly,” Sam said at a press briefing Wednesday, as translated by Bloomberg. “Having one dominant industry is not beneficial for Macau’s long-term development and has had a very negative impact.”

The casino industry’s dominance has strained the resources of society such as manpower, and narrowed the career choices of young people, Sam claimed. As such, the city’s economic and political development faced “unavoidable” challenges, and Macau needs to “reform and innovate.”

“Macau’s long-term development is only possible with the country’s support,” Sam added, referring essentially to heightened cooperation with Beijing.

Casino Stock Impact

Shares in Macau casino operators fell slightly on the news. Sands China Ltd. was down 2.8% Wednesday, while MGM China dropped 2.5%.

His predecessor, Ho Iat Seng, announced last month that he would not seek a third term as chief executive, citing poor health.

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Should slot machines and table games come to the Southeast Asia nation that’s home to nearly 66 million people, new research formulated by a special House committee reported this week that the overwhelming majority of patrons would likely be Thai people.

The study used data analytics based on Macau, the Chinese Special Administrative Region where six casino operators report that about 90% of its patron traffic comes from local residents and people from the mainland. Using those gauges, the Thai House committee concluded that a similar forecast should be expected in its own casino resorts.

Local Focus

The study committee assumed that about 10% of the Thai population aged 18 to 75 who are not national welfare cardholders and therefore, would qualify to patronize a casino, would do so. That would equate to about 3.7 million people.

With Thailand attracting roughly 11 million foreigners a year, and the committee assuming that 10% of that population would be willing to gamble — or 1.1 million travelers — the report resolved that the possible casino customer base would total around 4.8 million people.

The committee believes its estimate is conservative, as global gaming industry research has concluded that about a quarter of adults gamble worldwide. Gambling has also historically been more a part of Asian cultures than in other parts of the world.

Gambling in Thailand is currently limited to horse racing wagering and the state-run lottery. However, illicit gambling like underground casinos and sports betting rings is rampant throughout Thailand.

Srettha resigned effective August 14 amid political pressure for hiring Pichit Chuenban to work in his office. Pichit served jail time for attempting to bribe Supreme Court officials in 2008.

Casino Details

Paetongtarn’s Entertainment Complex Policy Committee will determine the precise regulations that will govern casinos in Thailand should the Senate vote to authorize an initial allotment of up to five resorts.

The regulatory committee continues to field public input, but has previously recommended charging casino operators a five billion baht (US$150 million) licensing fee renewable annually for one billion baht. Licenses would be good for a minimum of 30 years.

The committee recommends that casino floors occupy 5% or less of each resort’s overall footprint. Locals, or Thai residents, would face entry fees to gamble, but the Entertainment Complex Policy Committee has suggested such tolls not exceed 5,000 baht, or about $150.

Las Vegas-based Wynn Resorts has publicly declared its interest in Thailand. Wynn remains bullish on foreign investment as it continues to construct Wynn Al Marjan Island in the United Arab Emirates, and is still heavily invested in Macau.

The post If Thailand Legalizes Gambling, Casinos Won’t Need to Look Far for Gamblers appeared first on Casino.org.

The Moscow Times, an English-language online independent news agency that’s been banned in Russia since 2022 and now operates from Amsterdam, reports that Russia’s Federal Security Service seized an underground casino operating from inside a prison in Rostov. The southern Russian city borders Ukraine.

Agents determined the gambling ring was being run by one inmate who facilitated the illegal wagering activities and games. Winnings were reportedly paid via wire transfers twice a month, with some winners receiving over 100K rubles (US$1,100).

The man allegedly behind the operation was identified as a 30-year-old who was serving a little more than four years in federal prison for theft. He now faces additional charges for illegal gambling activities that could keep him behind bars for much longer.

Russia’s Federal Security Service is conducting sweeping raids of penitentiaries across the country after two prison uprisings in Rostov and Volgograd involved inmates conspiring to overtake the facilities. The federal law enforcement probe is to determine what led to the significant security lapses.

Gambling in Russia

In 2009 during Russian President Dmitry Medvedev’s reign, gambling was outlawed everywhere except in four designated areas. Casinos, however, have only opened in one of the gaming zones — the Far East Primorye gaming region north of Vladivostok.

Gambling anywhere outside of Russia’s planned version of the Las Vegas Strip, a concept that has failed to materialize as investors fled during the COVID-19 pandemic and Russia’s invasion of Ukraine has fended off subsequent interest, is prohibited.

People convicted of gambling unlawfully face steep financial penalties and prison time. The Moscow Times reports that the inmate who organized the alleged gambling syndicate is facing an additional two years in the Rostov prison for running the scheme.

Dangerous Prisons

Russia’s prison system is considered among the world’s most dangerous, as inmate life comes with few human rights protections.

Security Journal Americas, a media firm focused on the global security industry, in May ranked the “15 Worst Prisons in the World.” Russia accounted for two on the list — the Black Dolphin Prison in Orenburg and Butyrka Prison in Moscow.

Butyrka is notorious for its overcrowding, inadequate facilities, and brutality among inmates. The Black Dolphin is considered even worse for its stringent and harsh conditions.

Black Dolphin houses those convicted of the most heinous crimes, including serial killers, terrorists, child molesters, cannibals, and rapists.

At Black Dolphin, inmates are subjected to physical and psychological abuse. Under 24-hour surveillance, prisoners are not allowed to sit or rest from the time they wake until bedtime, roughly 16 hours a day, and must adhere to all orders and answer “yes, sir” to directives.

Inmates endure extreme isolation, with limited contact with the outside world and fellow prisoners.?The prison’s strict discipline includes grueling labor and strict rules enforced by guards.?Reports of violence, abuse, and psychological pressure on inmates have fueled its notoriety,” the Security Journal Americas report on Black Dolphin summarized. ?

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Crown announced Monday that Carruthers will step down as the group’s chief executive effective September 1. Crown President and Chief Operating Officer David Tsai will become interim CEO on that date.

Crown Resorts Chair John Borghetti, who joined the Crown board in June after heading Virgin Australia, thanked Carruthers for his leadership that came at a critical time in the casino company’s history and resulted in the firm retaining its coveted gaming licenses and the organization undergoing a corporate restructuring.

Under Ciaran’s leadership, Crown has achieved critical milestones including a business transformation and remediation program,” said Borghetti. “Ciaran’s leadership and contribution has been highly valued, and we wish him every success in the future.”

Carruthers will remain with Crown in an advisory role until his full departure sometime before the year’s end.

Successful Tenure

US-based private equity giant Blackstone acquired Crown Resorts and its three casinos — Crown Melbourne, Crown Perth, and Crown Sydney — in early 2022 for more than $6 billion. Crown additionally owns Crown London, a private high-end members club in the ritzy Mayfair neighborhood, Betfair Australasia, and a 50% stake in the Aspers Group, which runs four regional casinos in the United Kingdom.

Blackstone rescued the company founded by billionaire James Packer by agreeing to pay $450 million in inquiry fines. Blackstone, which owns the real estate of several iconic Las Vegas Strip casinos, including the Bellagio, The Cosmopolitan, and Aria, then invested more than $130 million to update Crown’s operations to appease inquiry findings in New South Wales and Victoria.

Blackstone brass tapped Carruthers to lead the firm’s rehabilitation in September 2022. He replaced Steve McCann, who now heads Crown rival Star Entertainment.

Carruthers was credited for improving the organization’s regulatory compliance and enhancing its business performance despite a slowdown in consumer spending.

I am very pleased to hand over a stronger, compliant, and transformed business to its next leader. There is more work to do, but I am very proud of what we have achieved as a team,” said Carruthers.

Carruthers arrived in Australia by way of China’s Macau where he was COO of Wynn Macau and previously senior vice president and director of operations at Sands China’s Venetian and Palazzo resorts. ?

Exit Light on Details

During his time as CEO, Carruthers cut over 1,000 jobs to strengthen Crown’s bottom line. Carruthers said inflationary pressures and interest rate increases stressed consumers’ discretionary spending.

By most accounts, Carruthers’ time was a success. But Crown didn’t specify whether the company is seeking a new leader or if Carruthers’ exit was on his own accord.

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That’s the view of Seaport Research Partners analyst Vitaly Umansky. In a new report to clients following meetings with Las Vegas Sands management at the 2024 Seaport Annual Summer Conference, Umansky said it’s not likely LVS will consider moving out Sands China minority shareholders, which would result in delisting of the gaming stock from the Hong Kong Stock Exchange.

There is not a likely scenario at this stage of a full buyout of the Sands China minority, and delisting of Sands China,” observed Umansky. “A listing in Hong Kong continues to show Sands’ commitment in China.”

Last December, LVS boosted its ownership of the China entity to 71.19% from 70%. Umansky said it’s possible the Las Vegas-based parent would like to increase that stake to 75% or more, but moving out minority investors entirely isn’t in the offing. Sands China operates five integrated resorts in Macau.

Sands China Dividend Could Return Next Year

It’s been 13 months since LVS resumed its quarterly payout, and Sands China remains one of three Macau concessionaires currently not paying a dividend. Melco Resorts & Entertainment (NASDAQ: MLCO) and SJM Holdings are the others.

“Hong Kong investors like dividends, so it makes sense to restart some dividends at Sands China,” added Umansky.

Many of the largest market participants in Hong Kong are institutions with ties to mainland China or state-owned banks. The implication is that Sands China could potentially garner some favor with Beijing by bringing back its dividend.

LVS Likely to Focus on Buybacks Over Dividend

Since announcing the return of its quarterly distribution in July 2023, Las Vegas Sands hasn’t increased it from 20 cents a share per quarter. Before the coronavirus pandemic, the company was one of the steadiest growers of its dividend in the gaming industry, but Umansky said the operator’s current emphasis will be share repurchases over dividend growth.

Las Vegas Sands will prioritize share buybacks — especially at current valuation — over dividend increases,” he noted.

In terms of goings on in Macau, Umansky said it’s likely part of Sands China’s much-ballyhooed Londoner hotel will open before the end of this year with another tower to follow next May. The Cotai Arena at Venetian Macao will reopen before the end of 2024 and be fully operational by the end of the first quarter of 2025, according to the Seaport analyst.

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Ho took a sudden medical leave of absence in mid-June to receive treatment for an undisclosed illness. He extended the leave and questions have remained since he returned to office in early August.

I have profound feelings for Macau and have done my utmost for Macau’s development but due to the fact that my health has not been fully restored, for the sake of Macau’s long-term development and from the perspective of the overall situation, I have decided not to participate in the election for the sixth-term chief executive,” Ho said in a government release. “I will fully support the sixth chief executive and the Macau SAR Government in governing according to law and in their continued contribution to the cause of ‘One Country, Two Systems’ and the development of Macau.”

Macau is the only place under Chinese control where casino gambling is allowed.

Most Difficult Period

Macau’s chief executive is elected every five years by a 400-person election committee. The composition of the electorate is comprised mostly of establishment figures who have pledged their allegiance to Beijing and the SAR.

Ho was picked by the committee in October 2019 to succeed Fernando Chui, who served in the chief executive role for 10 years. Ho assumed office on December 20 of that year.

Ho’s time in office couldn’t have come during a more difficult period, as the COVID-19 virus emerged in China that same month. Ho’s government oversaw three years of lockdowns and sporadic closures as China President Xi Jinping maintained his controversial “zero-COVID” policy until late 2022.

In December 2022, the Macau SAR Government, under Ho’s command, granted the region’s six commercial casino operators fresh 10-year gaming licensing extensions. They came at a costly price, as Ho’s government required that in exchange for the new concessions, the six companies must collectively invest nearly $18 billion in nongaming projects.

The goal of the nongaming pledge is to diversify the casino industry away from the VIP gambler to more of the mass market and MICE (meetings, incentives, conferences, exhibitions) business.

China’s central government believed the flow of billions of dollars from the mainland through the tax haven of Macau posed national security risks. The law enforcement crackdown was highlighted by China’s successful prosecution of Suncity Group founder Alvin Chau, who was convicted of illegal gambling and criminal association, and sentenced to 18 years in prison.

Chief Executive Candidates

The question now becomes who will succeed Ho in the most important government role in Macau?

Anyone aged 40 and older who is a Chinese citizen and permanent resident of Macau can submit their candidacy. Candidates must also not have residency status in any other country.

Jorge Chiang, a businessman and president of the Macau Lotus Chamber of Commerce, announced his candidacy last month on Facebook. But the odds likely favor Sam Hou Fai, the current president and chief justice of Macau’s Court of Final Appeal.

Candidates must formally declare their candidacy between August 29 and September 12. The election committee will cast its votes on October 13.

The post Macau Chief Executive Ho Iat Seng Won’t Seek Reelection in Casino Enclave appeared first on Casino.org.

The case of Alice Guo became a national sensation after police raided a POGO (Philippine Online Gambling Operator) complex in her town of Bamban in the northern province of Tarlac last February. The business, Zun Yuan Technology, was suspected of involvement in crypto scams, human trafficking, and cybercrime.

Inside, they found hundreds of trafficked workers. They also found Guo’s car. Police also discovered that the land on which the POGO complex was built was partially owned by Guo.

Further investigation into Guo’s background prompted concerns about national security. She claimed to be a natural-born Philippine citizen, the love child of a Chinese father and a Filipina maid. She said she grew up “hidden” and friendless on a pig farm.

Just Who is Alice Guo?

But her wealth, which she previously flaunted, was inconsistent with that of a small-town mayor in a Philippine backwater. Her birth certificate was registered when she was 17 years old, and her fingerprints matched those of a Chinese national named Guo Hua Ping who entered the country as a teenager.

All of this has led to accusations that she is a Chinese asset, which she has denied. The allegations come at a time of increased tension between Manila and Beijing over disputed territories in the South China Sea.

Last month, a warrant was issued for Guo’s arrest after she twice failed to appear at a Senate hearing to answer questions about her citizenship and the inconsistencies surrounding her birth and upbringing.

According to the Philippines’ Bureau of Immigration and the country’s Presidential Anti-Organized Crime Commission (PAOCC), Guo flew to Kuala Lumpur, Malaysia on July 18. Three days later, she hopped on a flight to Singapore. On August 18, she traveled to Batam, Indonesia, via ferry, according to PAOCC.

‘Heads Will Roll’

Her flight raises questions about how a fugitive from justice was able to travel through border checkpoints and whether she was aided in her escape.

President “Bongbong” Marcos announced Wednesday that “heads will roll” as a result of the incident, which he said had “laid bare” the corruption in the judicial system.

The POGOs, composed largely of Chinese nationals, thrived under former president Rodrigo Duterte, who was willing to license and tax the sector as long as it didn’t take bets from Philippine citizens.

More than 4,000 POGO-linked crimes, including kidnapping and murder, were reported from January 2017 to 2023, according to Philippine police.

Last month, President Marcos ordered the industry to be dismantled.

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Last week, the Nevada Gaming Control Board (NGCB) said it wants to pursue financial penalties against Resorts World Las Vegas because the casino hotel allegedly permitted known black market bookmakers to wager there without declaring from where their funds were sourced. One of those bookies was Mathew Bowyer — the man believed to have taken millions of dollars in bets from Los Angeles Dodgers star ?Shohei Ohtani’s interpreter Ippei Mizuhara.

The extent of RWLV’s financial punishment isn’t yet known, but S&P Global Ratings believe Genting will support the integrated resort while it deals with the regulatory pressure.

We believe it will receive extraordinary support from its parent, Genting Bhd., under almost all foreseeable circumstances,” observed the research firm.

S&P rates RWLV BB+ with a “stable” outlook.

Possible Template for RWLV Fine

Former Resorts World Las Vegas President Scott Sibella is at the center of the scandal and it’s possible that the manner in which the NGCB dealt with MGM Resorts International — his employer prior to RWLV — could prove instructive in terms of what financial penalties the Genting venue could face.

“Genting group has a track record of gaming operations in different jurisdictions for over five decades. The group also has the strategic significance of expanding its foothold into the U.S. gaming market. We expect RWLV to work with regulators to resolve and address the issues raised,” added S&P.

It remains to be seen, but if the levies faced by RWLV stemming from the Sibella imbroglio are on par with those incurred by the MGM properties, parent Genting can easily absorb those expenditures.

RWLV Vital Part of Genting Portfolio

RWLV is one of the three crown jewels of the Genting gaming empire, along with a flagship property in its home country of Malaysia and Resorts World Sentosa in Singapore. As such, the parent company is incentivized to provide financial support to the Las Vegas venue.

While the BB+ corporate credit rating on Genting’s Strip casino resort is one notch into junk territory, it doesn’t appear to be in near-term danger of a downgrade and the conglomerate has the resources to support that rating.

“The stable outlook on RWLV mirrors that on the parent, which in turn reflects our expectation that the company’s market position across its operations will translate into a stable operating performance, such that its ratio of funds from operations to debt remains above 30% over the next two years,” concludes S&P.

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With problem gambling rates continuing to hover at rates deemed unacceptable by mental health experts and many in the public, government officials on both sides of the bench have suggested limiting or banning advertisements promoting the country’s vast gaming industry. Prime Minister Anthony Albanese’s Labor Party government is expected to push for a cap on gambling-related television advertising, while crossbench parties are campaigning for a complete ban.

Gambling firms would continue to be allowed to sponsor jerseys, however, and on-field and in-stadium signage would remain. The Albanese government favors gambling advert restrictions over a complete ban, which is endorsed by the Greens.

Recognizing that this is a complex issue, we’re taking a comprehensive approach,” said Albanese.

Labor controls 78 of the 151 House seats and 25 of the 76 Senate seats.?

Lawmakers Divided

Australia is notorious for having some of the highest per capita annual gambling losses in the world. The Australian Institute of Health and Welfare says nearly four in 10 Aussies gamble at least weekly, with nearly 50% of men reporting playing each week.

The Green Party has the support of the Alliance for Gambling Reform, which wrote Parliament ahead of its spring convening urging the government to outlaw all gambling ads. The alliance is an independent, not-for-profit committee that seeks to reduce gambling harms Down Under.

There is strong evidence that gambling companies are now grooming our kids by targeting children as young as 14 through social media,” the Alliance for Gambling Reform’s letter to Parliament read. “Our children are also being targeted by the tsunami of gambling ads that assault our screens, especially around coverage of our major sporting codes. It is ensnaring a whole new generation of gamblers.”

The letter calls on the government and opposition “to publicly commit to the swift adoption and implementation” of all recommendations made in the 2023 Murphy Report. The report, led by the late Labor MP Peta Murphy, who died in December 2023 from breast cancer, recommended a blanket ban on gambling adverts.

The alliance letter is signed by 74 current or former lawmakers along with health experts. Among the signees are former Prime Ministers John Howard and Malcolm Turnbull.?

Public United

In 2023, the Australian Institute of Family Studies commissioned a poll to gauge how the public feels about gambling ads continuing to clog television commercial breaks.

The probe concluded that Australians “predominantly support” greater restrictions on gambling ads.

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China, of which Macau is a territory, forbids visitors to the casino center from entering with more than $5,000 in cash, but that rule has long been circumvented with bettors using local money exchangers to whom cash was sent prior to the bettor’s arrival. China also limits the amount its citizens can withdraw from bank accounts via debits when traveling outside the country, furthering demand for Macau money transfer operations, but Beijing is clamping down on that system.

That comes as Macau casino stocks have been trending lower for months, prompting some analysts to speculate that the money transfer news could stoke more selling pressure.

In our opinion, the news about the Macau government’s decision to criminalize money exchange activities could bring some noise and lead to near-term share price weakness,” said Citigroup analysts George Choi and Ryan Cheung in a new report.

Under the latest iteration of the “‘Law to Combat Gambling Crimes,” those running money transfer businesses with the primary purpose of serving customers who intend to use the funds at Macau casinos could face up to five years in prison if they don’t have proper licensing.

Money Transfer Rules Could Pinch Premium-Mass Players

Potentially further weighing on Macau gaming equities is the notion that the bettors most likely to use money transfer services are premium-mass players or those who wager more than their mass-market counterparts and less than VIPs.

“Although most players have their own legitimate ways to get their funds over to Macau — and these small money touts are unlikely [to be] the main fund facilitator for premium mass players – we are afraid that this negative news could add uncertainties and hurt the already fragile investment sentiment against the Macau gaming sector,” added the Citi analysts.

The volume of cash exchange by unregulated money transfer operators isn’t known, but Bloomberg reported that in 2023, Macau authorities detained 10K individuals providing related services.

Macau Casino Stocks Already ‘Fragile’

Despite a run of mostly solid monthly gross gaming revenue (GGR) data, a Bloomberg Intelligence index of Macau casino stocks is flirting with 170 today after trading north of 240 in May, underscoring lingering weakness in the group and investor apprehension about the status of the stocks as value plays.

This negative news could add uncertainties and hurt the already fragile investment sentiment against the Macau gaming sector,” observed Choi and Cheung.

The analysts did note that Macau remains one of the top destinations for outbound tourism by Chinese nationals.

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Mohegan revealed in its quarterly report that the $504.2 million in operating revenue its domestic and international properties generated during the three months represented a record result. Mohegan’s quarterly net revenues surged 21.4% year-over-year.

“As I look across our enterprise, I feel confident about how our strategy is taking shape and I’m excited about our near and long-term prospects,” said Raymond Pineault, Mohegan CEO. “The combination of profitable growth in Digital, the ramp at Inspire since the grand opening in March, combined with the stability and resilience of our flagship, Mohegan Sun in Connecticut, highlights some of the important drivers for our growth in the present and future.”

Along with Inspire and Mohegan Sun, Mohegan owns and/or operates Mohegan Pennsylvania, Resorts in Atlantic City, Mohegan Casino at Virgin Hotels Las Vegas, and Fallsview and Casino Niagara properties in Canada’s Niagara Falls. Mohegan is winding down its management agreements in Las Vegas and Atlantic City by the end of the year. ?

Inspired Debut

Mohegan officials revealed during the quarterly filing that the company’s marketing efforts in the Seoul metro area are paying off. Visitation to the Inspire casino floor has increased each month since it opened, with visitor counts going from 15,803 visitors in March and 19,295 visitors in April to 24,781 gamblers in May and 27,411 patrons in June.

The first phase of the integrated resort cost $1.6 billion and brought 1,275 hotel rooms across three towers to Seoul’s primary air hub. A 15,000-seat arena, a year-round indoor water park in an enclosed glass dome, and an outdoor park complement the casino floor’s 150 live dealer table games, 374 slot machines, and 176-seat electronic gaming stadium.

The Mohegan financial summary reported that the Inspire casino generated gross gaming revenue (GGR) of $35.2 million from tables and $2.5 million from slots from April through June.

The resort’s hotel rooms were occupied nearly 71% of the time at an average rate of $190. Business at the Korean resort has only further improved, said Mohegan Chief Operating Officer Joseph Hasson.

When you look at July, the ramp continues and it is significant. We see it in tables, we see it in slots, and we see it across the board in nongaming revenues,” Hasson said.

The COO said the ongoing ramp-up of Inspire should soon bring the resort into operational profitability.

Record Revenue, Higher Costs

Though Mohegan never generated more revenue in a quarter than in Q3, the company said higher operating costs cut into profits. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) fell 3.6% to $104.74 million.

Mohegan Chief Financial Officer Ari Glazer said the adjusted EBITDA downfall was primarily due to higher costs and opening expenses related to Inspire.

Gambling at Inspire is reserved for foreigners, as residents of South Korea are prohibited from entering the casino space.

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As widely reported during the years through which MGM pursued a Japan gaming license with a long-standing focus on Osaka, the city is scheduled to host the World Fair, also known as Expo 2025. Japanese media reports recently surfaced that the Bureau International des Expositions (BIE), which is overseeing the event, wants construction on the gaming venue to be halted for six months.

Expo 2025 is slated to run from April through October on Yumeshima. That’s the man-made island in Osaka Bay on which the MGM property — Japan’s first regulated casino hotel — is being built.

Another Possible Delay for MGM in Osaka

When MGM initially set out on its quest to land its Japan license, there was some optimism that the Osaka venue could be ready in advance of Expo 2025. That would have allowed the operator to benefit from the lengthy event, but a series of bureaucratic delays and snafus in Japan’s gaming regulatory process quashed that dream.

Now, BIE wants construction there halted and covered up on the basis that it could harm aesthetics tied to Expo 2025. That request comes at a time when there are signs of progress on the integrated resort, which were highlighted by MGM CEO Bill Hornbuckle on the company’s second-quarter earnings conference call last week.

I just recently returned from Japan and that it’s moving along nicely,” Hornbuckle told analysts. “We are in the ground as we speak and we hope to start pylons by May or June of next year with a target date still of middle of 2030 for opening.”

That call was held prior to publication of the reports indicating BIE wants a six-month pause on the construction of MGM Osaka.

If MGM Osaka is Delayed, Thailand Could Benefit

The potential cost increases associated with a construction pause at MGM Osaka aren’t yet known, but they’re likely to be significant. Additionally, if BIE gets its way and work on the gaming venue is halted for six months, that could push the opening into 2031.

Currently, that goal appears within reach, but MGM can defray some of that potential risk by participating in the Thailand bidding process — something the operator said it will do via its MGM China unit.

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Forbes Asia on Wednesday unveiled its “Philippines’ 50 Richest” list. The Sy siblings, who inherited their fortune from their late father, Henry Sy Sr., retained the top spot, as they have for more than two decades.

The six Sy children are the heirs to SM Investments Corporation, a conglomerate with holdings in banking, real estate, retail, and energy. The business portfolio includes City of Dreams Manila, an integrated resort casino in the Philippines’ capital city that’s operated by Hong Kong-based Melco Resorts.

SM Investments’ Belle Corporation is the City of Dreams landlord. The casino is located in Manila’s Entertainment City and leases its operations to Melco.

The Sy family is worth an estimated $13 billion per Forbes. While that’s down $1.4 billion from a year ago, the extravagant wealth was easily enough for the Sys to stay on top.

GGRAsia, an online media group focused on Asian gaming industries, reports that the Sy children are mulling additional investments in the Philippines gaming industry, specifically in the Clark Freeport Zone.

Bloomberry Billionaire Second?

After the Sy kids, Forbes reports that Enrique Razon Jr. is the second richest Filipino with a net worth of approximately $11.1 billion. Razon’s business empire centers around his International Container Terminal Services, the Philippines’ largest port operator.

Razon also controls Bloomberry Resorts, which owns and operates Solaire in Entertainment City and is a direct competitor to Sys’ City of Dreams. Bloomberry expanded its Manila footprint with Solaire North, a $1 billion development in Quezon City, in May.

Bloomberry’s holdings additionally include Jeju Sun Hotel & Casino in South Korea. In February, Casino.org reported that Bloomberry was “open to the possibility” of unloading the boutique casino resort on Jeju Island south of the Korean Peninsula.

Unlike the Sy fortune, Razon’s net worth has continually climbed since 2020. Forbes says his fortune has ballooned from $3.4 billion to $5 billion in 2021, to $6.7 billion in 2022, and to $7.3 billion last year. Razon added nearly $4 billion over the last year to his wealth.

In late 2022, Casino.org reported on rumblings that Villar will transform his Global South shopping complex in Metro Manila into an integrated resort casino. Villar said in July that those plans remain, with his intent being to open a casino at the mall as early as mid-2025.

Rest of the Richest

Two other members of the “Philippines’ 50 Richest” list are invested in casinos.

At No. 13 is Andrew Tan at $1.8 billion. Tan’s Alliance Global conglomerate is the landlord of Newport World Resorts (formerly Resorts World Manila). Alliance operates the Manila casino resort through its subsidiary, Travellers International Hotel Group, Inc.

Uy continues to shop his unfinished Emerald Bay casino resort in Cebu. ?

Forbes Asia says the combined wealth of the 50 Filipino tycoons year-over-year climbed $400 million from $80.4 billion to $80.8 billion.

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Macau’s Judiciary Police said its officers responded to Wynn Palace on Wednesday afternoon after resort security found a deceased man in a hotel room bathroom. A wellness check had earlier been requested by a family member of the victim.

Police identified the deceased as a 40-year-old male. The victim had a nearly eight-inch knife wound around his neck.

Wynn Palace has 1,706 guestrooms and suites, and a casino floor with about 700 slot machines and more than 220 live dealer table games.

Arrests, Charges Made?

Investigators found evidence that the victim knew his assailants and worked with them illegally in part of a gang primarily engaged in money laundering. After identifying the suspects, police tracked down the alleged assailants in Macau’s Taipa neighborhood just north of the Cotai Strip.

A 40-year-old man with the surname Yang and a 48-year-old woman surnamed Tang were arrested. The man was charged with aggravated homicide and robbery. The woman was charged with money laundering.

Approximately HK$1.7 million in cash has been recovered. It wasn’t immediately known whether the victim had won the HK$2.5 million gambling or was trying to launder dirty money on behalf of his criminal enterprise through the Wynn casino.

Currency Exchange Gangs?

Last month, China’s Ministry of Public Security deployed an initiative seeking to crack down on money exchange gangs operating in Macau. The national police force said the campaign is to limit the “arrogance of criminals” and disrupt the cleaning of dirty money inside Macau, a tax haven where taxes are considerably lower than on the mainland.

Chinese government officials in Beijing say there’s been a noticeable uptick in the number of illicit money exchange gangs operating in Macau. Such criminal enterprises help mainland people illegally engage in foreign exchange trading in Macau.

These criminal organizations are reportedly overseen by ‘hidden financers,’ and the transfer of Hong Kong currency and renminbi is carried out through clandestine financial institutions in the nearby city of Zhuhai. It is estimated that these illicit activities have yielded yearly earnings exceeding HKD1.5 billion,” a July report in the Macau Daily News explained of the underground sector.

China President Xi Jinping says managing financial risks and tightening monetary outflow from the Communist Party’s regime is vital to national security. The crackdown coincides with China’s directive to Macau that it push out junket groups that had catered to the mainland’s elite by offering them complementary first-class travel and five-star accommodations in Macau in exchange for a pledge that they would gamble a similar amount to their trip’s overall expense.

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The Las Vegas-based company previously confirmed interest in Thailand, but comments made by executives to that effect on a conference call with analysts this afternoon are among the operator’s most over to date on the matter.

We would pursue it out of Wynn Resorts out of the U.S.-listed entity,” said CEO Craig Billings in response to a question from Morgan Stanley analyst Stephen Grambling. “It’s still early days. You’re right, there has been progress, and it’s encouraging to see, and it seems as though the legislators in Thailand really want to get this moving, which is great.”

In prepared remarks earlier on the call, Billings identified Bangkok as the city Wynn is likely to focus on in pursuit of a Thailand casino license. That’s country’s capitol city and its largest by population.

Good Timing for Wynn to Comment on Thailand

In what’s no more than interesting coincidence, Wynn’s second-quarter earnings report arrived a day after Thai politicians posted draft rules pertaining to casino gaming in the country. Citizens there have until Aug. 18 to comment on the matter.

Those are among the details that are known at this point, but they haven’t been formally approved, meaning gaming companies and their executives are still in wait-and-see mode on Thailand.

“We need to see more details on the regulatory and licensing structures, but the market is an attractive market, and it’s probably conducive to meaningful investment, pending, again, a deeper understanding of the regulatory and licensing structure, you have amazing tourism infrastructure, you have a really strong service culture and a favorable operating expense, structure available in that market,” added Billings on the call. “So we’re continuing to monitor the process very, very closely and we’re active on the ground there.”

Wynn Touts UAE Progress

In the second quarter, Wynn contributed $357 million of its equity to the Wynn Al Marjan Island project in the United Arab Emirates (UAE). That include the acquisition of a 40% pro rata share of 155 acres on the island on which the venue is being built.

“As a result, our joint venture now owns not only the land under Wynn Al Marjan, but also 70-plus acres of land for potential future development on the Island,” noted Billings. “Of course, we have banked land before in the US and Macau, and we are confident that acquiring this sizable Al Marjan land bank will prove valuable over the long term.”

Hotel construction is now up to the 15^th floor and stands at 90 meters, making the Wynn venue already tallest building in that Emirate. Last week, the General Commercial Gaming Regulatory Authority (GCGRA) approved a lottery in Abu Dhabi — a move some industry observers expect will pave the way for approval of casino gaming. Should that happen, Wynn could have a significant head start on rivals eyeing the UAE.

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Shane Christopher Lees, 44, was arrested last November after attempting to steal a book and a cell phone from the quizmaster in the city of Townsville, northeast Queensland, while armed with three kitchen knives.

The unnamed victim refused to hand over the items and Lees retreated from the scene, The Townsville Bulletin reports.

Lees was charged with attempted armed robbery and resisting arrest after he “thrashed around with his legs” while police later attempted to restrain him. He was found to be in possession of 6.3 grams of cannabis, which added a “possession of a dangerous drug” charge to the rap sheet.

Kidnapped at Gunpoint

Police were initially skeptical when Lees told them about his kidnap ordeal, but they eventually came to realize he was telling the truth. They have now arrested several individuals who are accused of holding the man hostage at gunpoint for several days in an attempt to extort money from him.

Meanwhile, a psychologist’s report confirmed that Lees was probably experiencing post-traumatic stress disorder (PTSD), which caused him to be “distressed and paranoid” when he tried to rob the quizmaster.

Lees, a self-employed DJ, had arrived in Townsville from his hometown of Dimbulah in Queensland’s rural far north to purchase a vehicle. Afterward, he hit the Ville Casino Resort in Townsville where he won a significant sum of money, according to court documents.

While there, he befriended two women with whom he confided that he was looking to buy a motorcycle. These women took him to meet a purported seller.

“You told (the psychologist) you recall plastic (sheets) being spread around the unit and you thought they were going to kill you,” said Judge Gregory Lynham at Lees’ sentencing hearing on Monday, August 5.

Daring Escape

Lees managed to free himself from the zip ties and escape through a window when his captors were asleep. The attempted robbery of the quizmaster occurred shortly afterward.

He fought back tears when he realized he was walking from the court a free man, according to The Bulletin.

Those who kept him hostage are yet to face trial.

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Macau’s Judiciary Police says surveillance video of a nondisclosed casino floor in the city’s ZAPE District (Zona Aterro do Porto Exterior) allegedly shows a female supervisor swindling gaming chips from a roulette table on four different occasions.

The total value of the theft — HK$400K — is worth about US$51,400.

Crime Crackdown

Judiciary Police say the woman was caught red-handed over the weekend while in possession of the HK$100K gaming chip and a sticky substance on her one palm. The woman was arrested and charged with aggravated theft. ?

Macau’s law enforcement agencies this summer are embarking on a crackdown on illicit activities inside and around casinos. Dubbed “Thunderbolt 2024,” police officers have ramped up their presence throughout the SAR but are focusing on the Cotai and ZAPE districts.

ZAPE is located east of Grand Lisboa, Wynn Macau, and MGM Macau downtown on the city’s main peninsula. The neighborhood is home to several smaller casino hotels including the L’Arc. The Cotai District is home to the Cotai Strip, Macau’s glitzy main drag where five-star ultra-luxury resort casinos dominate the skyline. ?

The law enforcement mobilization has resulted in several large-scale criminal takedowns.

After chatting for roughly three minutes, the woman stood and walked away. Moments later, the man realized his fanny pack was missing HK$320K worth of chips.

After notifying casino security and police being tipped off, the woman was found on surveillance video at another casino in the ZAPE District exchanging the chips for cash. She was located later and arrested, but only HK$82K was recovered. The woman was also charged with aggravated theft.

Non-Casino Raids?

Macau’s Thunderbolt 2024 initiative extends to gambling operations outside of casinos. Law enforcement continues to focus its energies on ridding the region of such illegal gambling hubs and networks, much of which often focus on sports gambling.

Judiciary Police said 50 of the suspects reside in Macau, most notably one of the law enforcement agency’s own in a Macau customs officer.

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Gaming companies that are granted permits to operate in the Southeast Asian nation could renew their licenses for an additional 10 years, potentially allaying concerns associated with more frequent regulatory renewals in jurisdictions such as Macau.

Thai citizens are eligible to comment on the 22-page Draft of the Complete Entertainment Business Act B.E. through Aug. 18. That package contains details on entertainment venues, which would be homes to casino hotels, with one of the requirements being an upfront payment of $285 million by gaming companies to the government.

Thailand Banking on Casinos to Jumpstart Tourism

For years prior to the coronavirus pandemic, Thailand was one of the most visited Asian nations, frequented by tourists from China, India, and the West, but the global health crisis put a dent in Thai tourism and policymakers there are hoping casino gaming can provide a source of rejuvenation.

Tourism is one of Thailand’s key industries accounting for about 20% of total jobs and making up roughly 12% of the nation’s $500 billion economy. Foreign arrivals this year through July have jumped about 34% to more than 20 million from the same period in 2023,” reported Bloomberg.

It’s widely believed that Thailand could approve as many as five casino licenses to start with the locations rumored to be two in the capital city of Bangkok, and one each in the Eastern Economic Corridor, Chiang Mai, and Phuket.

Among the stipulations floated in the draft bill is that a casino can occupy just 5% of the space a gaming operator commits to with the rest allocated to hotel rooms and other amenities. Another important point is that Thai policymakers want operators to partner with the government, which is similar to the concession model employed in Macau.

Draft Rules Probably Not Deterrent to Thai Casino Bids

The 5% casino square footage mandate and the possibility of Macau-style concessionaire model probably won’t deter many gaming companies from pursuing Thai licenses for a simple reason: some analysts seeing the market there generating as much as $15.1 billion in annual gross gaming revenue upon maturity.

That coupled with what’s expected to be a favorable tax regime and the difficulty in finding new, lucrative gaming markets could be enough for most of the world’s biggest casino operators to at least kick the tires on Thailand.

Among US-based operators, MGM Resorts International said its MGM China unit would run its Thailand bid and Las Vegas Sands has said it’s monitoring developments in the country. There’s also speculation Wynn Resorts could consider bidding for a license there.

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Last week, SkyCity Entertainment Group Limited announced the closing days in conjunction with an agreement with New Zealand’s Secretary for Internal Affairs.

The temporary shuttering of the casino floor will cost the company about NZ $5M (US $3M) in lost revenue, according to the New Zealand Herald. It’s the first time a casino in New Zealand has voluntarily closed, the report added.

The casino company could have been forced to close the Aukland casino, and those in Hamilton, and Queenstown, for 10 days, according to earlier news reports. Regulatory fines could have totaled as much as NZ $8M.

The five-day shuttering doesn’t apply to SkyCity Auckland hotels, the Sky Tower, the theater, or restaurants and bars outside of the gambling area.

Failure by Casino

“The closure is the result of failings on the part of SkyCity, which we have accepted responsibility for. We failed to meet the standards expected of us in this case,” SkyCity CEO Jason Walbridge said in a recent statement.

“Over recent years, we have made significant progress to strengthen how we manage risk across the SkyCity Group, but there is still work to do. We are well underway and remain committed to prioritizing the care of our customers. We understand that the privilege of holding a casino license comes with significant responsibilities and obligations,” he added.

Continuous Gambling

The wrongdoing relates to play by an unnamed casino guest between 2017 and 2021. In 23 instances, the guest continuously gambled at the casino.

SkyCity technology should have picked up that he was continuously playing and staff should have appropriately responded, the Herald reported.

The guest later complained about the debt he accumulated as a result of his gambling activity. The guest also argued the company violated responsible gambling rules.

The casino investigated the incident and blamed its lack of oversight on a glitch related to technology design errors, the Herald reported. The issue has since been corrected and the casino has released an apology.

SkyCity will pay its staff during the five-day Auckland shuttering.

SkyCity owns five casinos located in New Zealand and Australia

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With the gaming equity trading at its lowest levels in 20 months, the calendar turning to August is potentially ominous because Wynn’s average decline in the eighth month of the year over the past decade is 5.19%, according to Schaeffer’s Investment Research. Over that period, just three other members of the S&P 500 averaged worse August showings than Wynn.

On the charts, WYNN’s 20-day moving average has steadily guided it lower since it touched an annual high of $110.38 on April 4. The security is now trading at its lowest levels since November 2022, down 13.1% in 2024,” noted Schaeffer’s. “Plus, seasonality suggests the shares are going to drop even more.”

Despite some encouraging news out of the United Arab Emirates (UAE), where Wynn is building a casino resort, earlier this week, the stock slumped 6% on the week and is off 12% over the past month. A decline of 10% is considered a correction.

More Troubling Signs for Wynn, Other Gaming Stocks

Wynn’s slump this week and those of other gaming equities is arguably troubling when considering that Macau operators, of which Wynn is one, posted July gross gaming revenue (GGR) of $2.31 billion.

For now, sell-side analysts remain bullish on Wynn, but that thesis could be challenged by the stock’s weakness and the operator’s second-quarter earnings report scheduled for Aug. 6.

“There’s plenty of optimism to unwind amongst options traders and analysts as well. Of the 14 analysts in coverage, 11 recommend a ‘strong buy’ rating, while its 12-month consensus price target of $123.67 is a 55.9% premium to current levels,” added Schaeffer’s.

Wynn Stock Not Only August Gaming Offender

Wynn isn’t alone among gaming stocks that often struggle in the eighth month of the year. Over the past decade, Las Vegas Sands (NYSE: LVS) averaged an August decline of 3.15%, noted Schaeffer’s.

Like rival Wynn, Sands is also one of the worst-performing S&P 500 components over the past 10 years in the month of August. And like Wynn, Sands didn’t benefit from the Macau July GGR report as that stock slid 2.86% this week.

Unlike Wynn, Sands doesn’t run any US casinos, but that status hasn’t spared the shares, which are off 10.55% over the past month.

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The chief executive office made that clear on the company’s second-quarter earnings conference call late Wednesday. MGM China, which is helmed by Pansy Ho, runs two integrated resorts in Macau — MGM Cotai and MGM Macau.

Next month, myself and Pansy Ho will be in Thailand looking at that opportunity. That is a venture that we’re interested in. And if we do, do that, we’ll do it through MGM China Holdings,” said Hornbuckle on the call.

No further mention of MGM’s potential Thailand ambitions was made on the call, but Hornbuckle’s comments arrived just a day after research firm CLSA published a report in which it estimated annual gross gaming revenue (GGR) for Thailand casinos — when the venues are fully ramped up — could reach as much as $15.1 billion.

MGM Has Well-Documented Interest in Thailand

MGM Resorts International has already clearly signaled interest in Thailand and Hornbuckle’s declaration that such an effort would run the operator’s China unit is the first inkling of the company’s approach to the Southeast Asian nation.

Hornbuckle telling analysts that MGM China would run the Thailand effort is confirmation of speculation that surfaced in June when Ho reportedly met with Thai tourism officials in an effort to promote travel to Macau among Thai tourists.

There are already significant ties between Macau and Thailand as the latter ranks among the top countries for inbound arrivals to the Asian casino hub.

MGM Eyeing UAE, Too

MGM’s international exposure consists of MGM China and an integrated resort in Osaka, which is expected to open in 2030, indicating that Thailand could add diversification to the operator’s portfolio. The United Arab Emirates (UAE) could be part of that equation as well.

Earlier this week, the General Commercial Gaming Regulatory Authority (GCGRA) approved a lottery in Abu Dhabi, sparking hope that broader gaming regulations could emerge there. That could position UAE as the next lucrative international casino frontier. MGM and a local partner are building a non-gaming hotel in Dubai, but there is space there for a casino and the company has previously said it could quickly pivot if gaming expansion takes hold there.

“With UAE, I think, the great news is now that they’ve announced the lottery, which is something that they said they would do. I’m encouraged that the rest of this will roll out as defined. Now timing is still unknown. It kind of keeps moving around,” said Hornbuckle on the call. “But I can’t imagine by end of this quarter or into early next, we won’t know with some specificity around what it means for Abu Dhabi and then potentially what the umbrella language is as it relates to all of the other Emirates.”

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The city’s gaming regulator, the Gaming Inspection and Coordination Bureau, reported that July gross gaming revenue (GGR) climbed nearly 12% year over year. The month marked a 5% gain from June.

July was Macau’s fourth-best gaming month so far in 2024 behind May ($2.5 billion), March ($2.42 billion), and January ($2.4 billion).

While July maintained Macau’s gaming industry recovery momentum, the month’s GGR represents just 76% of the July 2019 revenue when the casino concessions collectively won more than $3 billion.

Through seven months, Macau casino revenue stands at $16.46 billion, about 37% better than where the industry stood at this time last year. Compared with pre-pandemic 2019, however, the haul remains 24% lower.

In Line With Forecasts

The consensus among analysts forecasting July GGR initially projected revenue of around MOP19 billion. Midway through the month, analysts downgraded their outlooks on slower-than-expected business, with JP Morgan issuing a forecast of MOP18.5 billion.

While downtown Macau casinos on the peninsula have long targeted the general public, most of the glitzy five-star luxury resort properties on the Cotai Strip have not.

Casinos last month were ordered to stop giving out so many freebies to gamblers, including free drinks and snacks, after local businesses reported a downtown in sales. Unlike in Las Vegas where free drinks, including booze, are typical, Macau has traditionally only offered such perks to high rollers in private rooms. ?

Choppy Year?

It’s been a mixed story this year in Macau, the only place under Chinese control where slot machines and table games are permitted.

After a strong start with January GGR of $2.4 billion, up 67% year over year, February win slowed to $2.29 billion. Gaming bounced back in March and then slowed again in April to GGR of $2.3 billion.

Seaport Research Partners, which provides analyst coverage on Macau, is predicting a “slight increase” in GGR in the third quarter before a more significant 5.5% improvement in the fourth quarter. The realized results, the brokerage says, will be dependent on “operating costs, player reinvestment, July trends, August outlook, and impact of money flow crackdown.”

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