GGRAsia – 2024: GGRAsia marks 10 years amid industry expansion

2024: GGRAsia marks 10 years amid industry expansion

Dec 30, 2024 Newsdesk Features, Latest News, Top of the deck

The year 2024 saw GGRAsia mark its 10th anniversary via a party for the industry on the eve, in early June, of the Macau edition of the Global Gaming Expo (G2E) Asia casino trade show and conference. The party was attended by more than 150 executives from gaming technology companies and gaming operators, drawn from across the Asia-Pacific region.

The current year also saw GGRAsia strengthening its footprint in the dynamic gaming industry of the Philippines, by establishing a full-time presence in the country. This adds to the regional coverage GGRAsia offers via correspondents in Japan and South Korea respectively, and is all part of our work to provide quality reporting across Asia-Pacific markets.

During the conference portion of G2E Asia 2024, Alejandro Tengco, chairman and chief executive of the Philippine Amusement and Gaming Corp (Pagcor), that nation’s gaming regulator, told GGRAsia, in a wide-ranging interview, that the agency was set to reduce again, in January 2025, the rates applied to operators of electronic-delivered games in the country.

While the Philippine onshore online market flourished, the picture was different for the offshore online industry. In late July, the Philippine leader, President Ferdinand Marcos Jr, announced a ban – with effect from end-December – on the formerly-named Philippine Offshore Gaming Operators (POGOs).

Further to the west, in Thailand, the prospects for a legal land-based casino industry seemed to be on the rise. Brokerage CLSA Ltd said in a June report that four out of Macau’s six casino concessionaires had “expressed interest in investing in Thailand”.

Legalisation of casinos as businesses could happen by autumn next year, according to an opposition MP in a recent industry conference. Though the MP also told GGRAsia that the details would still need to be developed via decree law.

LVS revamp in Singapore, Macau

In early August, a spokesperson confirmed to GGRAsia that the Marina Bay Sands casino resort, promoted by Las Vegas Sands Corp, was introducing VIP gaming on levels 53 and 54 of Tower 2 at the property by September.

The year 2024 was also a milestone for the parent group’s Macau properties. Sands Macao, a casino hotel downtown which was the group’s first foray into the market, celebrated its 20th anniversary.

At the end of September, Sands China Ltd confirmed to GGRAsia that The Londoner Macao resort had opened a remodelled and rebranded gaming floor within the property, as the Londoner Grand Casino. The firm has also remodelled and rebranded some of the hotel accommodation there as the Londoner Grand hotel.

In late November, across the road at the Venetian Macao, the company showed off its Venetian Arena. The revamped and rebranded concert and event venue at the Venetian Macao casino resort features a reduction in capacity – from 15,000 seats to 14,000, but with new VIP suites and supporting amenities.

Towards the end of October, Macau’s “Law to Combat Crimes of Illegal Gambling” came into force. Among other things, the new statute criminalises gambling-related unlicensed money exchange.

In December, China’s Ministry of Public Security said it had identified “capital flow” of over CNY80 billion (US$11 billion) from what it termed “syndicates” associated with unauthorised foreign exchange that had taken place in or around Macau casinos.

15-year UAE casino licence for Wynn

In late October, Wynn Resorts Ltd – parent of Macau operator Wynn Macau Ltd – said it would have an exclusive, renewable 15-year casino licence for Ras Al Khaimah in the United Arab Emirates (UAE), and that it could generate a minimum of US$1.33 billion annually in gross gaming revenue

An investor presentation said “pre-opening” would be first-quarter 2027. The inflation-adjusted cost of the Wynn Al Marjan Island, including land, capitalised interest and fees, is put at US$5.1 billion.

Also that month, a France-based watchdog, the Financial Action Task Force (FATF), said the Philippines had made eight “key reforms” to strengthen the effectiveness of its anti-money laundering (AML) and combatting the financing of terrorism (CFT) regime. It added the body would make a visit to the nation in early 2025. For now, the country remains on the FATF’s ‘grey list’ of countries requiring additional monitoring regarding financial-system risk.

At the end of November, Pagcor’s Mr Tengco told GGRAsia on the sidelines of a Macau event he hoped the body could identify by “the end of the first quarter, early second quarter” of 2025, a “joint venture partner” for its own online casino brand, casinofilipino.com.

At the start of November this year, came news that Lui Che Woo, one of the last founder-owners of Macau casinos, via his chairmanship of Galaxy Entertainment Group Ltd, had died aged 95.

In early December – as expected by a number of commentators – one of the late Mr Lui’s children, Francis Lui Yiu Tung, was named as his successor as group chairman, having previously served as deputy chairman.

There was a high-profle executive exit on December 17, when it was announced that Tom Arasi, president and chief operating officer of Bloomberry Resorts Corp, was retiring with effect from that same day.

Before December was out, Australian casino veteran Greg Hawkins – previously in charge specifically of Solaire North – was named as acting COO at the group’s operating unit, Bloomberry Resorts and Hotels Inc.