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The Philippines and Cambodia are key to the growth strategy of Malaysian casino equipment supplier RGB in the future. Malaysian casino equipment supplier RGB International Bhd is optimistic about the future of the casino equipment market. The company anticipates significant growth over the next three to five years, driven by strategic expansions in key regions such as the Philippines and Cambodia. In a recent interview with Malaysian publication The Edge, RGB’s Chief Operating Officer, Steven Lim Tow Boon, emphasized that the gaming industry, particularly the casino equipment sector, is set for strong performance. He noted the Philippines’ crucial role in this upward trajectory, positioning the country as a key driver of growth. In May, RGB made headlines by securing a major contract with the Philippine Amusement and Gaming Corporation (PAGCOR). This order involves supplying nearly 2,000 slot machines to 16 state-run casinos . Such significant contracts reflect the rising demand for gaming equipment in the region and RGB’s capability to meet this demand effectively. RGB operates through three main divisions. Its SSM division focuses on the manufacturing and distribution of electronic gaming machines (EGMs), spare parts, a variety of casino equipment, and comprehensive casino management systems. The Philippines is home to more than 15 privately operated integrated resorts and casinos, utilizing approximately 25,000 electronic gaming machines. The country has consistently achieved impressive gross gaming revenue, totaling US$3.3 billion (RM13.89 billion) in the first half of this year, positioning it to potentially outpace Singapore by next year. Plans are underway for PAGCOR to privatize all 16 of its casinos and 24 VIP clubs in the coming years. Despite having around 25,000 electronic gaming machines (EGMs) in its privately-operated integrated resorts and casinos, the Philippines is still one of the least penetrated slot machine markets in the region, particularly when considering the number of EGMs per million residents. For comparison, Australia has about 200,000 EGMs for its 25 million population, while the Philippines, with its 110 million residents, hosts only 12.5% of that figure. Lim is optimistic about the gaming industry’s future, especially within the casino equipment sector, predicting a positive trajectory over the next three to five years. “In the Philippines, there are currently up to eight new integrated resorts approved, with at least one expected to launch each year,” he notes. Expanding its regional footprint further, RGB has signed an exclusive agreement with Firm 614, a company uniquely licensed by Cambodia’s Commercial Gambling Management Commission (CGMC). This partnership enables RGB to import, sell, and distribute gaming equipment and software to licensed operators in Cambodia. The collaboration highlights RGB’s commitment to increasing its presence in this emerging market. Chuah Eng Meng, RGB’s senior vice president for sales, support, and marketing, shared insights about the Cambodian market. Currently, approximately 6,500 slot machines are operational across 118 casinos in Cambodia. With ongoing developments, this number is expected to reach 10,000 machines in the coming years. This projection underscores the potential for growth in the region and highlights RGB’s strategic positioning to capitalize on it. Despite challenges, including impairments totaling RM37.1 million ($8.6 million), RGB reported a remarkable increase in net profit for the financial year ending December 31, 2023. The company’s net profit surged 5.5 times to RM21.21 million ($4.9 million), a substantial leap from RM3.82 million ($886,344) the previous year. Excluding these impairments, the earnings would have more than doubled, reaching RM58.3 million ($13.5 million), demonstrating the robust health of RGB’s operations. Looking ahead, Chuah expressed confidence in RGB’s ability to overcome financial challenges. He pointed to positive trends already evident in the company’s second-quarter results for FY2024. The outlook remains bright, with RGB expecting to surpass its previous net profit record of RM40.17 million ($9.3 million) set in 2019. In the first half of FY2024 alone, RGB reported earnings of RM40.7 million ($9.4 million), indicating a strong trajectory.

Crown Melbourne fined AU$2M for allowing 242 self-excluded gamblers, violating responsible gambling rules from Oct 2023 to May 2024, says VGCCC. Self-exclusion is a program designed to help individuals avoid gambling by permitting them to ban themselves from entering gaming venues. It is intended to protect those at risk of gambling harm. In Victoria, it is illegal for casinos to allow self-excluded individuals to enter, remain, or participate in gambling activities. VGCCC Chair Fran Thorn emphasized the casino’s obligation to safeguard individuals vulnerable to gambling-related harm. “Those who self-exclude must be able to trust that gambling providers will take all reasonable steps to enforce their decision to avail themselves of this harm prevention initiative,” Ms. Thorn was quoted as saying in a report published by ABC News. “By allowing people who have self-excluded to enter the casino and gamble, Crown has put them at risk of experiencing further gambling harm,” she added. Crown Melbourne has been directed by the VGCCC to engage an independent expert to evaluate its self-exclusion program. This expert will assess the program’s effectiveness and recommend improvements. According to Ms. Thorn, while the casino’s oversight led to the breaches, many of the self-excluded individuals also attempted to bypass the restrictions and gamble undetected. The VGCCC’s findings suggest that the failures were systemic rather than a result of intentional disregard by Crown. The Commission has mandated that Crown implement the expert’s recommendations in due course to enhance its self-exclusion management. The self-exclusion program is a critical component of gambling harm reduction initiatives. By allowing individuals to take proactive steps to avoid gambling, the program aims to mitigate the risks associated with gambling addiction. In response to the ruling, a Crown spokesperson stated, “Crown is committed to ensuring a safe and responsible gaming environment with a focus on guest wellbeing and harm minimization.” The spokesperson indicated that the casino is collaborating with the VGCCC to resolve the issues identified. This fine follows a tumultuous period for Crown Melbourne, which had been under intense scrutiny for its operational practices. Earlier this year, the VGCCC completed a two-year probation period and determined that Crown could retain its license to operate Victoria’s only casino, contingent upon improved conduct. This latest fine raises questions about the effectiveness of those improvements. Crown has incurred a total of AU$700 million (US$470 million) in fines and settlements due to compliance failures that resulted in its designation as unsuitable to operate casinos in Victoria, New South Wales (NSW), and Perth. This includes a significant AU$450 million (US$302 million) settlement with AUSTRAC, the agency overseeing financial crime.

Okada Manila reports a 33.4% revenue drop to $142M in Q3 2024, with declines in both VIP and mass table games, marking significant challenges for the resort. According to a financial report released on October 15, 2024 which was cited by Inside Asian Gaming, total revenue for Okada Manila dropped by 30.9% compared to the same period last year, amounting to Php9.16 billion (around US$158 million). The decline was particularly pronounced in the VIP table games sector, where revenue plummeted by 44.3% year-on-year to Php2.47 billion (about US$42.7 million). The mass table games segment also saw a significant drop, decreasing by 40.2% to Php2.46 billion (approximately US$42.6 million). Meanwhile, revenue from slot machines fell by 13.4% to Php3.31 billion (around US$57.3 million). The adjusted segment EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) also reflected this downturn, coming in at Php1.10 billion (around US$19 million). This figure represents a staggering 69.2% decrease year-on-year and a 49.0% decline compared to the previous quarter. Despite the revenue challenges, the operator of Okada Manila–Tiger Resort, Leisure and Entertainment Inc. (TRLEI)–did not specify the reasons behind these declines. Notably, hotel occupancy rates remained strong, reaching 87.0% in the third quarter, up from 81.4% a year earlier. Additionally, total visitation only saw a minor decrease of 5.4%, with 1,418,190 visitors recorded during the quarter. For the first nine months of 2024, the situation remained bleak, with gross gaming revenue down 26.6% year-on-year to Php25.8 billion (around US$446 million). The adjusted segment EBITDA for this period also fell by 44.0% to Php5.57 billion (approximately US$96.4 million). The decline in revenues raises questions about the integrated resort’s market positioning and competitive landscape. While the exact reasons for the revenue drop remain unclear, some analysts have pointed to external factors affecting the gaming industry in the Philippines. These could include changes in consumer behavior, increased competition from other gaming establishments, or broader economic conditions impacting discretionary spending. It is worth noting that Okada Manila experienced significant operational issues in late 2023, when a major IT outage disrupted operations. The incident resulted in all slot machines being temporarily shut down and many systems across the resort being affected. At the time, the company referred to the outage as “technical issues” with their Information Technology Systems.

RAV Bahamas Ltd. sues Genting Americas for $600M over Resorts World Bimini, prompting a strong response from Genting Malaysia. In a statement that was published by multiple media outlets, Genting Malaysia expressed confidence in its position, describing the allegations as “baseless” and “totally without merit.” “Genting Americas is of the view that the complaint is baseless and totally without merit and will vigorously defend against the complaint,” Genting Malaysia said about the lawsuit which was filed on October 7, 2024. The lawsuit was filed by RAV Bahamas Ltd., which holds a 22-percent stake in BB Entertainment Ltd., the company responsible for operating Resorts World Bimini. Genting Malaysia indirectly controls a significant 78-percent interest in BB Entertainment, giving it a dominant role in the management and operations of the resort. RAV Bahamas alleges that Genting Americas has misused its majority position to disadvantage minority stakeholders, particularly in financial dealings related to the casino resort. One significant claim involves the purported transfer of hundreds of millions of dollars in liabilities from Genting’s other operations onto Resorts World Bimini’s financial statements. This allegation suggests that Genting Americas may have shifted burdensome debts from other ventures, affecting the financial health and operational integrity of the Bimini resort. The lawsuit adds to the complex landscape of international business operations and investment in the gaming sector, particularly in the Caribbean. Resorts World Bimini has positioned itself as a key player in the region’s tourism and entertainment industry, attracting visitors from around the world. However, allegations such as those made by RAV Bahamas could have far-reaching implications for investor relations and the resort’s reputation.

Macau's Gross Gaming Revenue surged to MOP1.08B (US$135M) from Oct 1-6, 2024, the highest since the 2019 National Day holiday, according to JP Morgan Securities. The casino industry of Macau has recorded a remarkable surge in gross gaming revenue (GGR) during the National Day holiday from October 1 to October 6, 2024. According to JP Morgan Securities (Asia Pacific) Ltd, the daily run-rate for this period was estimated at just over MOP1.08 billion (approximately US$135.4 million), marking the highest level in five years since the comparable holiday in 2019.   The preliminary data indicates that the total GGR for the first six days of October reached MOP6.5 billion, averaging MOP1,083 million daily. This figure represents a significant 30 percent increase year-on-year. JP Morgan analysts noted that this performance not only surpassed market expectations, which ranged between MOP850 million to MOP900 million per day, but also eclipsed the daily run-rate observed during the 2019 Golden Week, which was MOP1.16 billion. The analysts highlighted that this year’s holiday performance is indicative of a robust recovery in Macau’s gaming sector. The GGR for this period is approximately 20 percent higher than the average of MOP910 million per day recorded during the Labour Day holiday in May. “The strong holiday season performance suggests a ‘very strong- and golden-’ holiday,” they stated in their report which was cited by GGRAsia . Citigroup and CLSA Ltd also noted positive trends based on field visits during the holiday period, reporting strong bet sizes and volumes throughout the Golden Week. According to JP Morgan, the mass gaming segment has rebounded to around 130 to 140 percent of pre-COVID levels, while the VIP segment is lagging, recovering only to 30 to 35 percent of its pre-pandemic figures. This marks a significant improvement compared to the third quarter recovery rates, which were approximately 110 percent for the mass segment and around 25 percent for VIPs. The influx of visitors during this period has also been noteworthy. Macau welcomed an aggregate of 916,215 visitors from October 1 to October 6, with 773,895 coming from mainland China. This represents a 4.5 percent increase in visitor volume compared to the same period in 2019, according to data from the Macao Government Tourism Office. The increase in mass GGR is particularly encouraging for the local economy. JP Morgan’s analysts estimated that spending per capita improved by roughly 25 percent compared to pre-COVID levels. They noted, “This indicates that the recovery in mass GGR significantly outpaces the increase in mainland visitors during the Golden Week.” Anecdotal evidence suggests that events such as concerts have also played a role in boosting visitor numbers and revenue. High-profile performances, such as those by popular Hong Kong entertainer Andy Lau, attracted premium mass players who may have otherwise traveled earlier in the season. His concert, held from October 3 to October 6 at Galaxy’s Arena, is believed to have contributed to the above-seasonal recovery in premium mass gaming. Looking ahead, JP Morgan forecasts that Macau’s casino GGR for the fourth quarter of 2023 will reach MOP56.6 billion. If achieved, this would represent a 5 percent increase year-on-year and a substantial 78 percent recovery from the same quarter in 2019. The strong performance during the National Day holiday highlights the resilience of Macau’s gaming sector as it continues to rebound from the challenges posed by the pandemic. The combination of increasing visitor numbers, higher spending, and successful entertainment events suggests that the industry is on a positive trajectory as it approaches the end of the year.

Wynn Resorts boosts UAE casino budget to $5.1B, up $1.2B, for its Wynn Al Marjan Island project in Ras Al Khaimah, targeting the growing gaming market. Wynn Resorts, the Las Vegas-based gaming operator, has increased the budget for its ambitious Wynn UAE Casino project on Al Marjan Island to $5.1 billion, a $1.2 billion rise from initial estimates. This financial boost reflects the company’s confidence in the project, aimed at tapping into the thriving gaming market in Ras Al Khaimah. According to the Arabian Gulf Business Insight , Wynn estimates that the gaming revenue from the new resort in Ras Al Khaimah could range between $1 billion and $1.66 billion. This projection was revealed during an investor presentation, underscoring the potential profitability of the venture. The budget encompasses costs related to land acquisition, fees, and capitalized interest, with approximately $4.55 billion earmarked for direct construction expenses. To finance this major undertaking, Wynn Resorts intends to utilize $2.4 billion in debt. It plans to contribute $1.1 billion in equity, with $900 million of that still left to spend. The company noted that demand for this debt has been robust, indicating strong interest from both local and international investors. This enthusiasm for financing signals confidence in the project’s future. The company purchased 70 additional acres of land on Al Marjan Island in August. Wynn Al Marjan Island is scheduled to “pre-open” in the first quarter of 2027. The resort will occupy a significant portion of Marjan Island, which is located about 50 minutes from Dubai International Airport. This prime location offers convenient access for travelers, positioning the resort within an eight-hour flight radius for a substantial segment of the global population. The resort will feature a total of 1,542 rooms, with the gaming area occupying nearly 4 percent of the overall space. This strategic design aligns with Wynn’s target demographic of high-net-worth individuals. According to the company’s estimates, the UAE is home to approximately 9.7 million high-net-worth individuals, making up nearly 20 percent of the world’s total millionaires. Wynn plans to cater to this affluent market, anticipating that a significant portion of its gaming revenues will come from international VIP customers. The company projects that about 37 percent of its gross gaming revenues will be derived from what it defines as “international VVIPs,” which refers to ultra-high-net-worth individuals. Another 29 percent of the revenue is expected to come from other international travelers, while the remaining 34 percent will be sourced from the domestic market. Notably, the nine million non-Emiratis residing in the UAE represent an important demographic for Wynn’s new gaming offerings. Despite the promising outlook, the regulatory landscape for gaming in the UAE is still evolving. While Wynn Resorts recently secured the UAE’s first commercial gaming license, federal gaming laws have yet to be finalized. Current regulations impose restrictions on using national symbols and traditional Emirati dress in gaming advertisements. This suggests that marketing efforts will likely focus on expatriates and foreign visitors rather than the local population.

According to the 2024 Leechiu report, hotel investors are committing PHP250B to add 40,084 rooms across 158 new establishments, boosting the Philippine Hotel Industry over the next 6-7 years. Hotel investors have committed approximately PHP250 billion (US$4.39 billion) to develop 158 new accommodation establishments across the Philippines over the next six to seven years. This investment will add around 40,084 new hotel rooms to the country’s existing inventory, according to the latest “2024 Philippine Accommodation Pipeline Report” released by Leechiu Property Consultants. This ambitious expansion reflects the strong confidence of developers and investors in the growth potential of the hotel industry. The report emphasizes that the surge in new projects is closely tied to existing or upcoming casino resort developments within the country. “This significant pipeline expansion highlights the commitment of developers and investors to the continued growth and robustness of the hotel industry,” the consultancy stated. The anticipated new hotels are expected to generate approximately 57,000 direct jobs associated with their operations, underscoring the substantial economic and employment impacts these developments will bring. As the hospitality landscape evolves, the infusion of capital and new jobs is likely to invigorate local economies. More than half of the new hotel projects—approximately 54 percent—will be developed by the top ten hotel developers in the Philippines. Leading the construction efforts is DoubleDragon Corp, which plans to add 4,324 new rooms. This is followed by Megaworld Hotels and Resorts, which will create 3,889 keys, and Hann Philippines Inc, responsible for 2,850 hotel rooms. Hann Philippines is particularly noteworthy, as it is the master developer behind the Hann Casino Resort. Currently, the company is also developing the Hann Reserve property, which will feature three 18-hole golf courses, luxury hotels, villas, and residential units. The Hann Reserve is making strides in the luxury segment, with the recent groundbreaking of a Banyan Tree-branded hotel in December and a planned 250-room InterContinental-branded hotel announced in July. The report indicates that the 2024 accommodation pipeline will see local brands contributing 19,901 hotel rooms, while international brands will provide 16,798 room keys. This balance illustrates the Philippines’ growing appeal to global operators looking to tap into the burgeoning tourism sector. “This underscores the Philippines’ growing attractiveness to global operators,” Leechiu Property Consultants was quoted as saying in report published by GGRAsia . The consultancy predicts a notable increase in properties managed by international brands, spurred by the vibrant tourism landscape. From late 2024 through the end of 2025, the Philippines is set to welcome nearly 11,400 new hotel rooms, predominantly concentrated in the National Capital Region and Cebu province. Parañaque, particularly the Manila Bay Area, is witnessing significant interest from major local developers, driven by the thriving gaming industry. With 2,863 keys in the pipeline, Parañaque leads Metro Manila in new hotel room developments and ranks fifth nationwide. Notable upcoming projects in the area include Westside City Resorts by Suntrust Resort Holdings, Hotel Okura Manila Bayshore, and Banyan Tree Manila Bay. The Westside City project is being developed in partnership between the Philippine conglomerate Alliance Global Group Inc and Suntrust Resort, a subsidiary of Hong Kong-listed casino investor firm LET Group Holdings Ltd. The venue is anticipated to commence operations in the first quarter of 2025, further adding to the competitive landscape of luxury accommodations in the area. In Cebu City, the demand for new hotel rooms is equally robust. The city ranks fifth nationwide for new developments, which include a second hotel at the NUSTAR Resort and Casino. Recently, Robinsons Land Corp announced plans to invest over PHP10 billion in hospitality projects, which will feature an “ultra-luxury” NUSTAR-branded hotel as part of its ongoing investment in the Cebu tourism complex. In the 2024 accommodation landscape, independent hotels account for 3,385 rooms, representing 8% of the overall inventory. Local brands, primarily from leading national developers, offer 19,901 hotel rooms, while international brands add 16,798 rooms to the mix. The influx of investment and the introduction of new hotels reflect the Philippines’ potential as a major player in the hospitality industry. With a burgeoning tourism sector and an array of new developments linked to casino resorts, the future appears bright for hotel investors, developers, and the local economy.

Preferred destinations for Thailand casino entertainment complexes include Phuket, Chiang Mai, Chonburi, Rayong, and Hua Hin, rather than Bangkok. Thailand’s Fiscal Policy Office (FPO) has recently wrapped up public hearings on the proposed entertainment complex bill. The results, which include 45 key recommendations, are set to be submitted to the Cabinet for further consideration. This initiative aims to attract foreign tourists and generate substantial revenue for the nation. The proposal for Thailand casino entertainment complexes has gained momentum as the government seeks new ways to boost the economy. The House of Representatives has emphasized that these complexes should be located in popular tourist destinations, rather than in the busy capital of Bangkok. According to the Thai publication The Nation , the recommendations from the public hearings highlight a desire to base these entertainment complexes in key locations such as Phuket, Chiang Mai, Chonburi, Rayong, and Hua Hin. This shift in focus underscores a growing recognition that tourist hubs outside of Bangkok could offer a more strategic advantage in attracting international visitors. Among the significant points discussed during the public hearings, there are suggestions to rename the bill from “entertainment complex with casino” to the “Integrated Resort Act.” This change aims to reflect a more comprehensive approach to tourism and entertainment in Thailand. Another recommendation includes expanding the range of entertainment activities permitted in each complex. The current proposal allows for four types of activities, but participants suggested increasing this number to seven, including zones for promoting Thai culture. These designated zones for promoting Thai culture could enhance the overall visitor experience and showcase the country’s rich heritage. Ownership and licensing emerged as critical issues during the hearings. Participants proposed that Thai ownership in these entertainment complexes should be maintained at a ratio of 30% to 51%. This recommendation aims to ensure local stakeholders have a significant stake in the operations, fostering a sense of community involvement and benefit. Regarding licensing, there were mixed opinions on the validity period. Some participants called for a reduction from the proposed 30 years to just 10 years, while others argued for an extension to 50 or even 60 years. This debate highlights the tension between the need for stability and long-term investment in the industry. Investment bank JP Morgan  has suggested that if integrated resorts were to be established in Bangkok, they could potentially generate annual revenues between $2.5 billion and $3 billion, with estimates going as high as $5 billion. However, the emphasis on alternative locations indicates that stakeholders are looking to diversify the tourism experience throughout the country. Phuket, for instance, is a renowned tourist destination known for its stunning beaches and vibrant nightlife. Establishing an entertainment complex there could attract visitors seeking both relaxation and entertainment. Similarly, Chiang Mai, with its rich cultural heritage, offers a unique backdrop for integrated resorts that could blend entertainment with cultural experiences. Chonburi, Rayong, and Hua Hin are also identified as suitable locations. Each of these areas boasts distinct attractions that could enhance the appeal of entertainment complexes. By decentralizing the entertainment offerings, Thailand can create a more balanced tourism ecosystem that benefits various regions. The FPO’s recommendations will soon be reviewed by the Cabinet, which will decide which proposals to adopt and implement. If approved, these entertainment complexes  could pave the way for a new era in Thailand’s tourism sector, potentially transforming the economy by drawing more international visitors. Furthermore, the proposal to charge entry fees for Thai citizens, ranging from 1,000 to 2,000 baht per visit or 20,000 to 40,000 baht annually, suggests that the government is considering various ways to regulate access while still maximizing revenue. In the current draft, locals are supposed to pay an entrance fee of 5,000 baht on a per-visit basis.

Wynn Resorts' multi-billion-dollar project, opening in 2027, is being built on Wynn Al Marjan Island, a 62-hectare site extending into the Arabian Gulf. Wynn Resorts, a prominent hotel and casino operator based in Las Vegas, has made history by being granted the first commercial gaming operator’s license in the United Arab Emirates (UAE). The General Commercial Gaming Regulatory Authority (GCGRA) confirmed this significant milestone, marking a new era for gaming in the region. This groundbreaking license is associated with Wynn’s ambitious project, Wynn Al Marjan Island, set to be the first integrated gaming resort in the Middle East and North Africa (MENA) region. The luxury resort is being constructed on an expansive 62-hectare island extending into the Arabian Gulf, with plans for a grand opening in early 2027. The GCGRA did not provide further specifics about the license but noted that it follows a “diligent and extensive review.” In a statement , Wynn Resorts expressed gratitude to the GCGRA for the confidence this license represents. “Wynn Resorts thanks the GCGRA for the confidence and trust the license grant signifies and is proud to be the recipient of the first commercial gaming facility license in the UAE,” the company stated. They emphasized their commitment to becoming a key player in Ras Al Khaimah’s tourism economy. Wynn Al Marjan Island will house the UAE’s first casino, an impressive array of 24 dining and lounge options, luxurious spa and wellness facilities, an upscale shopping promenade, a cutting-edge events center, and a theater showcasing exclusive productions. It will house 1,542 rooms and suites, including 22 private villa estates, making it a luxurious destination for visitors. This will mark the first Wynn Resort to be situated on a beach, standing out among its six properties in Las Vegas, Macau, and Boston Harbor. Construction of the Wynn Al Marjan Island resort began in early 2023, with a standout feature being its 300-meter-tall resort tower, expected to be topped off in the fourth quarter of 2025. The resort will not only focus on gaming but will also include extensive non-gaming amenities. The project is a joint venture between Wynn Resorts and local partners, Marjan and RAK Hospitality Holding. This collaboration aims to establish a destination that blends luxury hospitality with world-class gaming. The GCGRA defines commercial gaming broadly as any game of chance or a combination of chance and skill, where money or cash equivalents are wagered. This includes land-based gaming facilities, among other operators specified by the GCGRA. The recent license awarded to Wynn Resorts marks a significant shift in the UAE’s regulatory landscape, as it moves to embrace commercial gaming. This decision to allow gambling comes as the UAE grapples with increasing economic competition in the Gulf region, particularly from Saudi Arabia. In response to this competitive pressure, the UAE has introduced several liberal legal reforms aimed at maintaining its status as a leading trade, tourism, and financial hub in the region. Interestingly, this license is the second to be issued by the GCGRA, which was established as an independent executive entity within the UAE federal government. The authority is tasked with regulating, licensing, and supervising all commercial gaming activities and facilities across the UAE. In July, the GCGRA had already awarded a license to operate the first authorized lottery in the country to Abu Dhabi-based The Game LLC. The announcement of Wynn’s license comes after a series of reforms aimed at modernizing the UAE’s approach to gambling. This shift reflects a broader trend of increased openness in a region traditionally conservative regarding such activities.

Robinsons Hotels to invest PHP 10B in new hotels, starting with the luxury NUSTAR Hotel in Cebu, opening later this year as part of its integrated resort. Robinsons Hotels and Resorts (RHR), a prominent player in the Philippine hospitality sector, has announced a bold plan to invest over PHP 10 billion (US$178 million) in the coming years to develop a series of new hotels. At the heart of this significant capital infusion is the upcoming NUSTAR Hotel, located within its integrated resort NUSTAR in Cebu. Scheduled to open later this year, this ultra-luxury hotel will mark the completion of the first phase of the resort. According to RHR, a business unit of Robinsons Land Corporation, this ultra-luxury hotel will cater to “discerning local and international guests who seek personalized, world-class experiences.” Barun Jolly, RHR’s Senior Vice President and Business Unit General Manager, emphasized the hotel’s commitment to celebrating Filipino culture. In the company’s disclosure released on October 3, 2024, RHR announced that it will be constructing the upcoming Fili Hotel in Bridgetowne, a real estate development spanning the border of Pasig and Quezon City. Fili, which is said to be the first and only Filipino-owned five-star hotel brand, aims to “celebrate Filipino hospitality while setting a new standard in international luxury.” The new Fili Hotel in Metro Manila will soon rise alongside the Opus Mall and the iconic Victor statue. In addition to the NUSTAR and Fili hotels, RHR plans to introduce the Grand Summit hotel brand, which will significantly increase the company’s portfolio. RHR will open two additional Grand Summit properties in Cebu and Pangasinan, ultimately raising RHR’s room count to around 1,000 across its various properties. The Grand Summit brand aims to provide a lifestyle experience that integrates local culture, art, and design, offering guests a unique and authentic stay. Robinsons Hotels and Resorts is confident that these developments will not only bolster its portfolio but also enhance its reputation among globally recognized hotel brands. The company’s strategic investment is expected to drive long-term growth and elevate its presence in the burgeoning tourism and real estate markets in the Philippines. During the recent IAG Academy Summit held in Manila, Alan Teo, COO of NUSTAR, shared insights with IAG  on the ongoing developments within the resort. He highlighted the strong growth trajectory of the property as new facilities are opened. By early next year, visitors can look forward to exciting additions such as the Skydeck, which will feature a glass floor on the 36th floor. This vantage point will offer breathtaking views of the sea and mountains, setting the stage for unforgettable experiences. Teo also mentioned plans for a leisure park that will debut alongside the Skydeck. As the NUSTAR project progresses, a third hotel tower is expected to be completed within two years, which will house a theater, further enhancing the resort’s appeal as a multi-day destination. “We will have the Skydeck, which is a glass floor located on the 36th floor where you can look straight down and will also have the perfect view of the sea and the mountains. Our leisure park will open at the same time. When the third hotel tower is competed two years from now there will be a theater as well,” Teo explained, underscoring the vision of positioning NUSTAR as a premier destination in the Visayas region.

According to a Morgan Stanley report, Thailand and UAE could generate $3B-$6B in annual GGR, with UAE Integrated Resorts playing a key role in the global gaming industry. Thailand and the United Arab Emirates (UAE) are on the verge of becoming significant contributors to the global gaming industry according to a recent report from Morgan Stanley. Estimates suggest that both nations could generate between $3 billion and $6 billion in gross gaming revenue (GGR) annually, positioning them as key players in the evolving landscape of international gaming. The report, as cited by AGBrief , highlights the UAE’s gaming market, where Wynn Resorts is leading the way with ambitious plans to establish the country’s first casino by 2027. This venture marks a significant milestone for the UAE, as Wynn Resorts has partnered with RAK Hospitality to develop an integrated resort on Al Marjan Island, a man-made island in Ras Al Khaimah. The project represents a shift in the UAE’s tourism strategy, which has traditionally focused on luxury hotels and attractions but is now embracing gaming as a potential growth sector. Wynn’s Al Marjan development is expected to tap into the rapidly growing population of high-net-worth individuals in the region, coupled with an influx of international tourists. This demographic presents a fertile ground for the gaming industry. The UAE’s favorable tax environment further enhances the attractiveness of this market for potential investors. With the market projected to reach between $3 billion and $5 billion in annual GGR, Wynn’s early entry provides it with a strategic advantage. The lack of direct competition from established gaming hubs like Singapore and Macau positions Wynn to capture significant market share and drive robust revenue growth. While the UAE is setting its sights on integrated resorts, Thailand is emerging as another market with substantial gaming potential. Morgan Stanley’s report estimates that Thailand could generate between $4 billion and $6 billion in annual GGR. The country is already a well-established tourism destination in Southeast Asia, with a solid infrastructure that could support gaming expansion. However, the future of Thailand’s gaming industry heavily relies on regulatory developments. The government’s stance on licensing and taxation will play a critical role in shaping the market. If Thailand  implements a favorable regulatory framework, it could quickly rise to become one of Asia’s largest gaming markets. Analysts say Thai’s legal casino sector could even rival more established markets such as Singapore and the Philippines. Industry leaders are optimistic about this potential, as the country has seen growing interest from both domestic and international investors eager to enter its gaming sector. In contrast, Macau continues to solidify its position as a leading gaming market in Asia. Despite challenges faced by the broader Chinese economy, Macau’s gaming revenue has shown remarkable resilience. As of September 2024, gaming revenue in Macau has rebounded to approximately 77 percent of pre-pandemic levels, with the mass gaming sector even surpassing those levels. This stability is attributed to significant entry barriers and a lack of market overcapacity, allowing Macau to maintain high margins. Morgan Stanley’s report emphasizes the importance of return on invested capital (ROIC) in assessing the health and potential of gaming markets. Historically, global gaming has sustained ROIC levels above 15 percent, even amid economic downturns. In Singapore, ROIC has returned to pre-COVID levels of 20 percent, driven by a strong recovery in VIP gaming. Emerging markets like the UAE and Thailand are expected to follow suit, benefiting from lower tax rates and carefully managed capital expenditures. While Macau’s ROIC has dipped post-COVID, hovering around 12.7 percent in 2023, projections indicate improvement to 14.8 percent by 2024. This expected uptick reflects the market’s stabilization and its enduring appeal to operators despite challenges in the VIP segment.

Thailand aims to legalize casinos to formalize its underground economy, potentially boosting GDP by 0.3-1% and tax revenue by 0.4-1.25%, according to JP Morgan. Thailand is positioning itself to enter the world of legalized casinos as part of a broader strategy to formalize its significant underground economy, which is estimated to make up as much as 50% of the country’s gross domestic product (GDP). A recent report from JP Morgan indicates that establishing legal casinos could potentially increase the GDP by 0.3 to 1 percent and boost tax revenues by 0.4 percent to 1.25 percent. The push for casinos has gained momentum under Prime Minister Paetongtarn Shinawatra. Initially, the concept was absent from former Prime Minister Srettha Thavisin’s policy agenda when he took office in September 2023. However, it has now emerged as an urgent priority. This shift is part of the proposed “ Entertainment Complex (EC) Bill ,” which aims to integrate casinos into Thailand’s economic framework. JP Morgan’s report, as cited by GGRAsia , underscores the government’s goal to expand the tax base by legalizing activities currently relegated to the underground economy, which reportedly includes around 0.6 percent derived from on-site gambling. Legalizing casinos aims to attract more foreign tourists and encourage foreign direct investment, a crucial component of Thailand’s economic growth strategy. The draft legislation for legal casinos has already completed the public hearing process and is expected to be presented for parliamentary discussion later this year. If all goes according to plan, commercial operations could commence as early as 2032 or 2033. JP Morgan also analyzed potential casino locations, identifying eight possible sites, with four in greater Bangkok and four others spread across the country. The banking group estimated that casinos in Bangkok alone could generate between US$1.5 billion and US$5 billion in revenue. This revenue could yield an earnings before interest, tax, depreciation, and amortization (EBITDA) ranging from US$400 million to US$1.5 billion, with an internal rate of return between 12 percent and 29 percent. The potential for a legal casino sector in Thailand has attracted interest from various global and regional operators. Six organizations have expressed enthusiasm about entering the Thai market. Notably, the Royal Turf Club of Thailand  plans to invest THB 200 billion (approximately US$6.21 billion) in a large-scale entertainment complex, potentially collaborating with the Royal Sports Complex and other foreign partners. Several major casino operators are also eyeing opportunities in Thailand. Galaxy Entertainment Group Ltd, a prominent player in Macau, has shown interest, along with Hard Rock International. Edward Tracy, president of Hard Rock Asia, has stated that the company is “absolutely interested” in entering the Thai market. Las Vegas Sands Corp, which operates Sands China Ltd in Macau, is another major contender. Chairman and CEO Robert Goldstein has confirmed the company’s keen interest in establishing a presence in Thailand. Similarly, MGM Resorts Internationa l , through its Macau-based entity MGM China Holdings Ltd, is planning a feasibility study to explore casino opportunities in Thailand. Wynn Resorts Ltd is also actively considering options, with chairman and CEO Craig Billings announcing their interest in entering the Thai casino market. Investment bank Morgan Stanley has weighed in on the potential economic impact of a legalized casino industry, estimating it could generate annual gross gaming revenue (GGR) of between US$4 billion and US$6 billion. This projection highlights the significant financial implications of integrating casinos into Thailand’s economy. The prospect of legal casinos has sparked a range of opinions among the public and policymakers. Proponents argue that casinos could provide a much-needed boost to the economy, increase tourism, and create jobs. Critics, however, express concerns over potential social issues related to gambling addiction and the impact on local communities. As Thailand moves closer to the potential legalization of casinos, the focus will be on how the government balances economic growth with social responsibility. The upcoming parliamentary discussions will be critical in shaping the future of the casino industry in Thailand.