Land-Based NEWS

Andrew Rhodes, Chief Executive of the UK Gambling Commission (UKGC) confirmed that the third White Paper consultation will focus entirely on the land-based gaming sector.

Speaking at the Bingo Association Annual General Meeting (AGM) 2024, Rhodes provided insights into the . Rhodes addressed the audience, highlighting the importance of collaboration and data-driven decision-making in the gambling sector.

Rhodes began by expressing his enthusiasm to update the attendees on the Commission's work since the previous AGM, emphasising the ongoing efforts to implement the White Paper effectively. He underscored the role of the Government's policy in shaping the future of gambling across England, Scotland, and Wales, emphasising the need to prioritise its successful implementation for the benefit of all involved.

"The White Paper and the Government policy it contained was a signal moment for gambling in Great Britain
and a once in a generation opportunity to deliver positive change."

Rhodes also shed light on the Commission's commitment to enhancing the evidence base around gambling, citing the importance of accurate data for effective regulation. He highlighted the following priority areas where the GC wants to see more research being conducted, namely:

• early gambling experiences and gateway products
• the range and variability of gambling experiences
• gambling-related harms and vulnerability
• the impact of operator practices
• product characteristics and risk
• illegal gambling and crime.

Rhodes also mentioned ongoing stakeholder engagement initiatives and collaborations with the Department for Culture, Media and Sport (DCMS) to ensure a coordinated approach to implementing regulatory changes.

During his , Rhodes discussed the various consultations conducted by the Commission, including topics such as Financial Risk Checks and regulatory returns. He highlighted upcoming changes, such as the tightening of age verification processes and the introduction of new rules affecting land-based licensees. These adjustments, outlined in the Licence Conditions and Codes of Practice (LCCP), are set to be implemented in stages from August 2024 to February 2025.

The Mohegan Tribal Gaming Authority, trading as has reported a significant increase in its net revenues for the first quarter of 2024. The company’s financial performance was bolstered by the newly inaugurated Mohegan Inspire Entertainment Resort, a foreigner-only casino complex located in Incheon,

For the three months ending March 31, 2024, the company reported net revenues of US$461.7 million, marking a 13.8 percent increase compared to the same period in the previous year. Despite this, the company’s adjusted earnings before interest, taxation, depreciation, and amortisation (EBITDA) fell by 17.8 percent year-on-year to just under US$84.0 million. The net loss for the first quarter of 2024 was nearly US$46.1 million, a significant increase from the US$9.6 million loss reported a year earlier.

The company attributes the increase in net revenues primarily to the continued growth of Mohegan Digital and the revenue generated by Mohegan Inspire. Ari Glazer, who assumed the position of CFO on May 1, 2024, stated that the decrease in consolidated adjusted EBITDA was mainly due to operating costs associated with the opening of Mohegan Inspire and non-controlling interest adjustments at Niagara Resorts, a property the company operates in Canada.

Mohegan Inspire, which opened its non-gaming facilities on November 30, followed by its foreigner-only casino on 3 February had an official launch for the property on March 5. The resort boasts 1,275 hotel rooms, 11 restaurants, and a 15,000-seat arena.

In the first quarter of 2024, the Incheon casino resort recorded net revenues of US$35.9 million. However, the property’s adjusted EBITDA were negative at US$24.1 million, primarily due to opening expenses related to labour and marketing costs.

Joe Hasson, the newly appointed interim chief operating officer at Mohegan, stated during a conference call with analysts that Mohegan Inspire was still in its ramp-up phase. Despite this, he expressed satisfaction with the trends observed in April and May. He also noted that the company was encouraged by the ramp at Mohegan Inspire, which was occurring in both the casino and non-gaming segments of the business.

Hasson added that the company sees breakeven EBITDA on the near horizon on a month-to-month basis. He acknowledged that during the initial ramp, the company had to spend on labour and marketing, but he sees breakeven approaching in the immediate future.

The parent company announced that new amenities at Mohegan Inspire, including an innovative food court concept, a digital interactive art attraction, and an amusement arcade, are expected to open in the second quarter of 2024, with a few others following in the third quarter of the year.

Premium Leisure Corp, a prominent player in the has announced its intention to voluntarily delist from the Philippine Stock Exchange (PSE), effective from 9 July , 2024. This decision marks a significant shift in the company’s strategic direction, and it has sparked interest and

This decision to delist comes at a time of change and uncertainty for the gaming industry. However, it also presents new opportunities for Premium Leisure Corp to redefine its strategic direction and continue its growth outside the constraints of the stock exchange. As the company embarks on this new chapter, industry stakeholders will undoubtedly be watching closely to see how this decision impacts its future trajectory.

The petition for voluntary delisting was submitted to Ramon Monzon, the President and CEO of the PSE, on May 10. Premium Leisure Corp is a major investor in the City of Dreams Manila, (above in photo), a renowned casino resort in the Philippine capital. The resort is managed by a subsidiary of Melco Resorts & Entertainment Ltd, and Premium Leisure Corp earns a portion of the gaming revenue generated there.

Premium Leisure Corp is associated with Belle Corp, another company listed on the PSE. Earlier this year, Belle Corp announced its intention to apply for the voluntary delisting of Premium Leisure Corp from the main board of the country’s stock exchange. As part of this process, Belle Corp launched a tender offer for all outstanding common shares of Premium Leisure Corp, pricing them at PHP0.85 each.

The tender offer concluded on 9 May, with Belle Corp paying an aggregate consideration of just under PHP5.25 billion (approximately US$90.7 million) for just over 6.17 billion shares. This acquisition represents about 19.77 percent of the total issued and outstanding common stock of Premium Leisure Corp. Consequently, Belle Corp now controls 99.55 percent of Premium Leisure Corp.

Despite these significant changes, Premium Leisure Corp’s financial performance has been less than stellar. The company reported a net income of just under PHP279.5 million for the first quarter of 2024, marking a 55.3 percent decrease from the same period in the previous year. Furthermore, the company’s share of gaming revenue from City of Dreams Manila in the first three months of 2024 was PHP401.2 million, a decline of 43.9 percent from the prior-year period.

This decision to delist comes at a time of change and uncertainty for the gaming industry. However, it also presents new opportunities for Premium Leisure Corp to redefine its strategic direction and continue its growth outside the constraints of the stock exchange. As the company embarks on this new chapter, industry stakeholders will undoubtedly be watching closely to see how this decision impacts its future trajectory.

In the latest development in the Aussie pub feud, Tabcorp, a key player in the betting industry, has announced a strategic alliance with Laundy Hotels to safeguard its retail monopoly and counter the pressure from competitors like Entain. The agreement includes a commitment from Tabcorp to upgrade its facilities within Laundy Hotels' venues.

In response to the escalating competition from Entain, which has been expanding its presence in pubs through exclusive partnerships, Tabcorp has taken measures to strengthen its market position. The collaboration with Laundy Hotels, owned by billionaire publican Arthur Laundy and family, signifies a move by Tabcorp to preserve its monopoly and enhance customer engagement.

Under the exclusive deal, all Laundy Hotels will witness a transformation in their Tabcorp facilities, coupled with personalized customer offerings tailored to each venue. This partnership is part of Tabcorp's broader initiative to revamp its retail experience, aiming to create iconic TAB customer experiences and drive business acceleration in collaboration with Laundy Hotels.

Brenden Varcoe, Tabcorp's general manager of racing industry and venues, expressed enthusiasm about the partnership, citing it as a vote of confidence in Tabcorp's retail transformation efforts. With a focus on innovation and customer-centric enhancements, he said, Tabcorp aims to deliver state-of-the-art wagering experiences across Laundy Hotels' portfolio, integrating digital advancements and exclusive offers to elevate the overall customer journey.

Arthur Laundy emphasized the significance of the longstanding partnership with Tabcorp, highlighting the importance of providing top-notch service and fostering social environments within their establishments. The collaboration underscores a shared commitment to customer satisfaction and commercial growth in the wagering sector.

This strategic alliance with Laundy Hotels follows a similar successful partnership with Iris Capital, reflecting Tabcorp's dedication to enhancing on-premise experiences and driving mutual growth within the industry. Tabcorp has an exclusive retail betting license in New South Wales until 2033. As from August 2024, Tabcorp will exclusively operate for 20 years until 2043.

Suntrust Resort Holdings, controlled by LET Group Holdings (formerly Suncity Group Holdings), disclosed a loss of PHP256.1 million (€4.11 million) for the first quarter of 2024, marking a significant downturn from the PHP92.6 million (€1.48 million) profit recorded in the same period of last year. The attributed the loss to a sharp increase in operating expenses, tax expenses, and finance costs, coupled with a substantial decline in revenue and income. 

Operating expenses surged by 95 percent, escalating from PHP69 million (€1.1 million) in the first quarter of 2023 to PHP135.4 million (€2.17 million) in the same period this year, as indicated in the company's filings with the Hong Kong Stock Exchange and the Philippines Stock Exchange.

The loss per share amounted to PHP0.0353, in stark contrast to earnings per share of PHP0.0128 reported in the corresponding quarter of the previous year, reflecting the company's challenging financial performance.

Total revenue and income plummeted to PHP3,226 (€51.81) in 1Q24, primarily attributed to foreign exchange gains. 

Despite the financial setback, Suntrust Resort Holdings continues to advance its Westside City Project integrated resort in Manila. The project's main components include an entertainment complex and a five-star hotel boasting over 450 rooms. Additionally, the company is spearheading the development of the Westside shopping mall, an opera house, and a 2,000-room hotel complex.

Last week, the closing date for securing funding of up to PHP13.51 billion (€219.2 million) for the Westside City project has been pushed back by 12 months. The revised date is now set for April 30, 2025. 

The company anticipates the opening of the Main Hotel and Casino segment of the Philippines Westside City Project in the first quarter of 2025, signalling its commitment to realizing the project's long-term vision amidst current financial challenges. 

Genting Singapore achieved remarkable growth in the first quarter of 2024, recording revenue of SG$784.4 million (€538.5 million) and adjusted EBITDA of SG$369.5 million (€253.4 million). These figures represent a substantial increase of 62 percent in revenue and 93 percent in adjusted EBITDA compared to the same period last year.  

The company's gaming revenue surged by 69 percent annually to SG$576 million (€395.1 million) in the first quarter, with a notable quarter-over-quarter improvement of 31 percent.  attributes this growth to enhanced visitation and tourism spend during the Chinese New Year festivities, coupled with relaxed visa regulations between China and Singapore.  

The mutual visa-free agreement between China and Singapore, implemented in February 2024, contributed to a significant increase in visitor arrivals to Singapore. Chinese tourists have emerged as a key source market, bolstering Genting Singapore's integrated resort, Resorts World Sentosa.  

This turnout was experienced even if the company earlier  the potential changes in Chinese tourist behaviour prompted by the Chinese government’s warnings to avoid gambling.  

Genting Singapore provided updates on its revitalization initiatives, confirming that construction for the new Minion Land, Singapore Oceanarium, and Central Lifestyle Connector remains on schedule for phased openings starting from the first quarter of 2025. Moreover, the company expects to award the tender for the new Waterfront development, featuring two hotels totalling 700 rooms, in the third quarter of 2024, with on-site works slated to commence by the fourth quarter of the same year.  

Meanwhile, the former Hard Rock Hotel, which closed in March 2024, is undergoing extensive renovation and is scheduled to reopen as a new all-suite luxury hotel in early 2025. This strategic refurbishment aligns with Genting Singapore's commitment to providing exceptional hospitality experiences and further enhancing its offerings within the integrated resort landscape.  

Genting Singapore is the owner of Resorts World Sentosa, one of the largest integrated resort destinations in Asia. Resorts World Sentosa offers a casino, S.E.A. Aquarium, Adventure Cove Waterpark, Universal Studios Singapore theme park, hotels, MICE facilities, celebrity chef restaurants and specialty retail outlets. 

The Chinese government has announced the extension of the facilitated individual travel (FIT) scheme to include eight additional mainland cities for visits to Hong Kong and Macau, effective from May 27, 2024.  

Asia Gaming Brief reported that the National Immigration Administration revealed the expansion following approval from the State Council, signalling a concerted effort to enhance cross-border travel arrangements and promote economic cooperation. 

This development follows a for Chinese nationals on package tours implemented last May 6, easing travel between Macau and neighbouring Hengqin. This initiative allows participants in package tours to move freely between the two regions over a seven-day period. 

The newly added cities encompass provincial capitals such as Taiyuan, Hohhot, Harbin, Lhasa, Lanzhou, Xining, Yinchuan, and Urumqi, representing diverse regions across China. 

The FIT scheme, introduced in 2003 in response to the SARS outbreak, facilitates independent travel for mainland residents to Hong Kong and Macau, promoting tourism and cultural exchange. 

The Macau Chief Executive anticipates a significant uptick in mainland tourist arrivals, citing the potential for substantial economic benefits to the city. The recent surge in visitor numbers underscores the importance of mainland tourism to Macau's economy, particularly in the gaming sector. 

Macau experienced a notable increase in visitor arrivals, predominantly from mainland China, contributing to a substantial year-on-year rise in gross gaming revenue. The addition of more cities to the Individual Visit Scheme (IVS) list is expected to further stimulate tourism and retail industries in Macau. 

Macau authorities are committed to fostering favourable conditions for mainland residents to visit the city, emphasizing dialogue with Chinese authorities to facilitate travel arrangements. Efforts to diversify the economy beyond gaming continue, with a focus on promoting non-gaming activities and attracting international visitors. 

While the impact on the gaming sector remains uncertain, analysts suggest potential short-term benefits from the expansion of the IVS list. Macau's government encourages gaming operators to cater to international clientele and enhance non-gaming offerings to support long-term economic growth. 

As increase and non-gaming initiatives gain momentum, Macau seeks to balance its reliance on mainland tourism with efforts to attract a more diverse visitor base. Collaboration between government entities and industry stakeholders will play a crucial role in shaping Macau's tourism landscape and economic resilience. 

International Entertainment Corporation has officially taken the reins of the Casino Filipino New Coast branch in Manila, previously owned by the Philippine Amusement and Gaming Corporation (). The Hong Kong-listed company acquired the property as part of PAGCOR's privatisation initiative. 

The handover process between PAGCOR and International Entertainment's subsidiary, Marina Square Properties, Inc. (MSPI), was completed, leading to the commencement of limited operations on Thursday. The full transfer of casino operations to International Entertainment is scheduled for May 11, as per the company's announcement. 

International Entertainment Corporation underscores its commitment to regulatory compliance and responsible gambling. The company has implemented internal control procedures, including a comprehensive anti-money laundering and counter-terrorist financing program (MLPP), aligned with relevant laws and regulations. 

As part of the Provisional Licence Agreement with PAGCOR, the casino operator is obligated to remit a monthly minimum guaranteed share (MGS). In recognition of the licensee's operational commencement in May 2024, PAGCOR has granted a pro-rated monthly MGS of PHP60 million (€969,021), subject to adjustment if licence fees exceed this amount. 

With the transition now underway, International Entertainment Corporation is poised to leverage its expertise and resources to enhance the New Coast Casino's offerings and customer experience. The company aims to solidify its presence in the ' bustling gaming landscape while contributing to the local economy and community. 

During the ASEAN Gaming Summit last March, PAGCOR Chairman Alejandro Tengco stressed the vital importance of privatisation, stating, "Emphasizing PAGCOR's regulatory function through privatization is crucial for promoting fair competition and rejuvenating the industry." 

Tengco also outlined plans for the gradual privatisation of Casino Filipino properties, aiming for a leaner, more focused organization dedicated to regulatory tasks. 

Tengo said that after full privatisation, PAGCOR's revenue will mainly come from regulatory fees, licences, and a portion of gross gaming revenue, as the agency optimize operations to become more agile and efficient. 

Wynn Macau experienced a remarkable 66.4 percent surge in operating revenues during the first quarter of 2024, reaching almost $1 billion (€930 million). This impressive growth surpassed expectations and overshadowed its other segments.  

Operating revenues soared to $998.645 million (€929.08 million), with significant increases recorded both in the Cotai Strip property (56 percent rise) and on the peninsula (78.5 percent surge), reaching $586.9 million (€546 million) and $411.74 million (€383 million), respectively.  

’s adjusted property EBITDA has more than doubled, rising from $155.8 million (€144.9 million) to $339.55 million (€315.9 million) compared to the previous year, with the company's results leading at $246.26 million (€229.1 million).  

Wynn Palace, the group's Cotai operation, witnessed operating revenues of $586.9 million (€546 million), marking a substantial $217.5 million (€202.35 million) yearly increase. Adjusted property EBITDAR nearly doubled, reaching $202.4 million (€188.3 million).  

The peninsula property contributed significantly to the revenue surge, generating $411.7 million (€383 million) in operating revenues, up $181 million (€168.4 million) yearly, with EBITDAR at $137.2 million (€127.6 million), a strong rise from $44.7 million (€41.5 million) in the first quarter of 2023.  

The increase in operating revenues was primarily driven by higher gaming volumes, increased hotel occupancy, and restaurant covers across the Macau properties.  

Total casino revenue for the , including non-Asian operations, improved by 46.2 percent yearly, totalling $1.12 billion (€1.11 billion), while non-casino revenue increased by 12.9 percent, reaching $741.44 million (€689.79 million). Company-wide revenue surged to $1.86 billion (€1.73 billion), up 30.9 percent yearly.  

Wynn Macau maintained exceptional occupancy rates, with the Cotai property at 98.8 percent and the peninsula property at 99.4 percent, reflecting a significant increase compared to the previous year.  

The group's net income witnessed a substantial increase, reaching $144.2 million (€134.15 million), compared to $12.3 million (€11.4 million) in the same period of last year. Property EBITDAR rose to $654.5 million (€608.9 million), with gains across Wynn Macau, Cotai, and Las Vegas, despite a decrease in Encore Boston Harbor.  

Wynn Macau's exceptional performance in the first quarter of 2024 underscores its strong position in the gaming industry, driven by robust revenue growth and enhanced profitability across its properties.  

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Kangwon Land Inc., the exclusive operator of the only casino resort in has released its unaudited financial results for the first quarter of 2024. Despite a year-on-year decline of 8.5 percent in net profit, the company has shown resilience with a sequential increase of 26.0 percent from the final quarter of 2023, bringing the net profit to KRW92.9 billion (US$68.1 million).

The company’s gaming sales, primarily driven by mass-market table play and slot machines, have shown a promising increase. The first quarter of 2024 saw gaming sales rise to KRW316.2 billion, a 3.3 percent increase year-on-year and a 10.7 percent increase sequentially.of the company’s overall sales, which totaled KRW368.4 billion.

In addition to its gaming operations, Kangwon Land Inc. also reported non-gaming sales from its hotel, condominium, and skiing businesses. These non-gaming sales reached KRW52.2 billion, remaining steady from the previous year but showing a substantial 31 percent increase from the previous quarter.

The company’s operating profit for the first quarter was KRW75.9 billion, marking an 8.9 percent increase year-on-year and a remarkable 95.8 percent increase sequentially. This robust performance demonstrates the company’s ability to navigate the challenging business environment and deliver solid results.

Looking ahead, Kangwon Land Inc. has earmarked KRW116.8 billion for capital expenditure in 2024, aimed at enhancing resort attractions and other operational aspects. Of this budget, KRW81.9 billion is allocated for operating investment, including casino floor expansion, resort facility renovation and improvements, and gaming equipment. An additional KRW26.6 billion is set aside for the development of a water treatment facility and employee dormitories.

In a recent announcement, Kangwon Land Inc. released a KRW2.5-trillion new phase for its property, which will triple the size of its casino space by 2032. The expansion plan includes a significant increase in gaming space, a hotel expansion, a new villa with a swimming pool, and other facilities. This ambitious plan underscores the company’s commitment to growth and its strategic vision for the future.

Kangwon Land Inc.'s first-quarter performance in 2024 reflects a resilient and robust business model. With strategic investments and expansion plans in place, the company is well-positioned to navigate the future and continue delivering value to its stakeholders.