In the latest series of raids, police arrested more than 2,000 foreign workers, reports Malaysian-based news site The Star. They seized and destroyed more than 3,300 computers, almost 22,000 mobile phones and other equipment used in online gambling. Authorities have detained former workers pending deportation.

Following the raids, the government systematically sealed or demolished the illegally built structures and broadcast the demolitions on state-run media. As of Saturday, crews had levelled 270 out of 635 buildings.

Is Myanmar crackdown an illusion?

Myanmar has reportedly targeted Shwe Kokko in its “final battle” to eradicate the multibillion-dollar fraud network. But officials may be less committed to the shutdown than they claim. The Irawaddy reports that thousands of scam workers have not been deported at all, but simply relocated to cities throughout Myanmar.

The New York Times likewise suggested the demolitions were “performative”, a strategy by the Myanmar junta to placate Beijing, which opposes scams that victimise its people.

“Just blowing up a bunch of empty buildings in an angry, haphazard fashion might be demonstrative of a show of force,” transnational crime expert Jacob Sims told the Times. “But practically, it’s nothing. No kingpins of KK Park have been turned over.”

In a similar case, organised crime gangs turned the once-sleepy border town of Laukkaing into a hub of criminal activity. Starting in the early 2000s, they developed unregulated gaming halls, houses of prostitution and online scam operations.

Before their arrests, the notorious Bai family ran 41 scam factories in Laukkaing on China’s northeastern border. There they conducted “pig-butchering scams”, building seemingly trusting romantic or financial relationships with online victims, then stealing their money, often via cryptocurrency transactions.

Trillion-dollar global threat

Online scam workers themselves may also be victims, lured into an illegal industry, then subjected to imprisonment, abuse and torture.

According to the United Nations Office of Drugs and Crime, a number of Asian border towns have become “strongholds” for transnational crime syndicates dealing in human trafficking, drug distribution, illegal gambling and “industrial-scale money laundering”.

UNDOC estimates that losses from cyberfraud in East and Southeast Asia topped US$18 billion in 2023, and may have amounted to $37 billion. Globally, these scams were estimated to cost consumers more than $1 trillion per year.

The agreement will run for three years, covering the 2025-26, 2026-27 and 2027-28 seasons. RMG, which has overseen television production for the Dubai Racing Club for over a decade, will work with long-term partner ARC for the new venture.

This will include distributing Dubai Racing Club content through GBI Racing, the international partnership of ARC and RMG. Content will be made available across global territories. GBI Racing is broadcast in approximately 10,000 venues worldwide and with more than 100 digital customers.

Meydan Racecourse is among the largest horse racing venues in the world. Its half-mile long main grandstand can accommodate over 80,000 spectators, while the facility hosts several major events including the Dubai Racing Carnival and Dubai World Cup.

The 2025-26 Dubai World Cup will be the 30th edition of the race. Some $30.5 million in prize money will be on offer across six group 1 and three group 2 races on 28 March next year.

RMG and ARC talk up revenue potential

RMG CEO Nick Mills welcomed the new partnership. He said he was pleased to build on the company’s prior relationship with Dubai Racing Club and explore new revenue opportunities with ARC.

“Combined, RMG and ARC are among the largest – and most established – distributors of horse racing content globally,” he said. “This extensive reach delivers unmatched metrics in terms of eyeballs and engagement levels on content, and will result in the highest potential revenue generation.”

Brendan Parnell, managing director, media and international at ARC, made similar comments on the deal. He said the three-way agreement will expand Dubai Racing Club’s footprint in regions around the world.

“Meydan Racecourse is an incredible facility, and its content is a huge draw around the world for racing fans,” he said. “Via our retail and GBI networks, we look forward to working alongside RMG to enhance DRC’s footprint and distribution globally.”

Erwan Charpy, head of racing operations and international relations at Dubai Racing Club, added: “We look forward to working with RMG and ARC to grow further interest in our world-class and competitive racing from Meydan Racecourse.”

More expansion for the UAE gambling landscape

The deal represents the latest step of evolution for gambling in the UAE. Just last week, Play 971 launched in the UAE, becoming the first fully licensed and regulated iGaming site in the market.

Play 971 is one of several websites licensed by the General Commercial Gaming Regulatory Authority (GCGRA). Sources suggested it was undergoing a trial rollout in a limited area, with the site only available in certain areas of the UAE.

Prior to this launch, the UAE Lottery was the only legal gambling product. Wynn’s Al Marjan Island, a new land-based resort, is not due to open until early 2027.

It is not just the market that has evolved, with the setup of regulator GCGRA also changing in recent weeks. In November, founding CEO Kevin Mullally stepped down from his role at the organisation. Mullally oversaw the establishment of the regulator’s core governance and regulatory structures but is exiting to spend more time with his family. Chairman Jim Murren has taken over in the interim.

Play 971 launched earlier this week, stating on its website that it is the maiden online gaming site to launch in the UAE with a licence from the General Commercial Gaming Regulatory Authority (GCGRA).

The regulator updated its site to add Play 971 to its internet gaming and sports wagering licensees on 28 November, with sources suggesting it is undergoing a trial rollout in a limited area. The site appeared to be available in Abu Dhabi and Ras Al-Khaimah, but not Dubai, on Wednesday.

The site is operated by Coin Technology Projects LLC. That entity shares an address with The Game LLC, the business behind The UAE Lottery, which launched ticket sales a year ago today.

Whether the site going live marks its official launch is unclear. Sources close to the project suggested an official launch was planned in the first quarter of 2026.

Which suppliers are providing games for Play 971?

A number of the games featured on Play 971’s homepage are from the supplier OneTouch, which falls under the licensed entity of Live Online Gaming Services, a subsidiary of Yolo Group.

However, in the live casino section, the Speed Dragon Tiger is supplied by Evolution, which isn’t yet listed among the licensees.

Aside from OneTouch and two other Yolo Group B2B brands – Hub88 and Live88 – geolocation provider Xpoint and sports data specialist Sportradar, the vast majority of supplier licensees announced to date appear focused on land-based and lottery gaming.

Play 971 marks UAE’s first foray into iGaming

The Play 971 launch – whether as a trial or as an official rollout – marks a major step as the UAE expands its regulated gambling market, by adding online sports betting, racing and iCasino to the nascent market. To date, the UAE Lottery is the only legal product, with Wynn’s Al Marjan Island resort not due to open until early 2027.

Sources suggest regulations allow for one online licensee per emirate, meaning there could in theory be up to seven operators in the market. This of course would depend on all seven emirates supporting an online gaming offering.

While regulations state emiratis are not permitted to gamble, a population made up of roughly 88% expats provides an addressable market for operators. Rumours of an online launch have persisted throughout 2025, as far back as the second quarter of the year.

Building Momentum

Momentum LLC became a key player in the UAE last July, when it beat local incumbents Mahzooz and Emirates Draw to secure the UAE Lottery licence. That business is operated via its subsidiary TheGame LLC, while Play 971 is linked to Coin.

The rollout may be just one step in Momentum’s growth plans. Its website lists a game publishing arm, mixed reality gaming and esports alongside lottery operations and commercial gaming as areas of focus. This, it says, is underpinned by an embrace of AI.

Personnel changes at the GCGRA

Play 971 emerges in the wake of the GCGRA’s founding CEO Kevin Mullally stepping down from his role earlier this month. Mullally, who oversaw the establishment of the regulator’s core governance and regulatory structures, is departing to spend more time with his family. Chairman Jim Murren takes over in the interim.

As well as building the foundations for regulated gaming in the UAE, Mullally also oversaw the launch of the UAE Lottery and Wynn’s licensing.

In its first year, the UAE Lottery awarded prizes of over AED147 million ($40 million) to more than 100,000 players.

The GCGRA and Momentum have both been approached for comment.

This story was updated on 28 November to reflect the GCGRA adding Coin Technology Projects to its internet gaming and sports wagering licensees.

Roque was once the official spokesman for former Philippine president Rodrigo Duterte. As an attorney, he provided legal counsel to Lucky 99 South, a Philippine Offshore Gaming Operation (POGO) in Porac, Pampanga. He represented Cassandra Li Ong, purported head of the facility, in her dealings with the Philippine Amusement and Gaming Corp (PAGCOR).

President Ferdinand Marcos Jr banned POGOs in July 2024 following reports that they engaged in online romance and crypto scams, often powered by forced labour. A raid of the Pampang facility freed about 150 foreign and Filipino workers. They said they faced beatings when they failed to meet daily quotas. Some rescued workers displayed signs of physical abuse. Police found one victim handcuffed to a bedframe.

In October 2024, the Presidential Anti-Organised Crime Commission charged Roque with qualified human trafficking at the Pampang POGO. The fugitive, claiming political persecution, is seeking asylum in the Netherlands.

Stiff penalties under expanded anti-trafficking law

If tried and convicted, Roque faces severe penalties. Last week, disgraced “POGO mayor” Alice Guo was convicted of running a POGO in Bamban, Tarlac. Guo was elected mayor of Bamban in 2022 and removed when the POGO allegations surfaced. She then slipped across the border and eluded capture for several months until September 2024, when she was arrested in Jakarta.

Investigators say Guo is not Filipina but a Chinese national who used a phony birth certificate to run for mayor. She reportedly used Chinese money to fund the Bamban POGO.

On Friday, the Pasig City Regional Trial Court found Guo guilty of the same charge lodged against Roque: qualified human trafficking. She was sentenced to life in prison. The court ordered her and seven co-defendants to pay fines of PHP2 million (US$34,000) and compensate several trafficking victims.

It was the country’s first conviction under expanded anti-trafficking laws that allow the government to prosecute people who “organise and direct others” to enslave workers.

“We can implicate people who, even if they were not the ones who physically hurt, recruited or exploited the trafficking victims themselves,” Justice Undersecretary Nicholas Ty told the Philippine Inquirer.

To limit Roque’s movement, the government has cancelled his passport.

Roque says Philippines out to ‘pulverise’ critics

In remarks to Politiko.com, Roque said he is beyond the reach of the Philippine government.

“An Interpol red notice … does not override a receiving state’s obligations under refugee and asylum law” he said. “The protections that follow from my pending asylum claim remain in force.

“I will continue to assert the protections that international law grants to asylum seekers,” Roque continued. “And I will use every legitimate legal channel to present evidence, seek accountability and defend my professional reputation.”

He said the charges against him “stem from long-running efforts by this administration to silence and to ‘pulverise’ critics”.

From 2 December, residents in the following countries will be unable to place bets with William Hill; Angola, Bolivia, Burkina Faso, Cameroon, Kenya, Mozambique, Nepal, Nicaragua, Nigeria, Republic of Congo, Democratic Republic of Congo, Somalia, Vietnam.

As explained on the William Hill website, any open bets will be settled as normal up to 2 December. Any bets due to be settled after that will be voided and refunded to accounts.

Customers will be able to log in to their accounts until 5 January to withdraw their funds.

From 6 January onwards, players’ login details will no longer work. To withdraw their remaining funds, they will have to contact the customer service team.

In 2022, Evoke licensed the 888 brand to the Africa-facing joint venture 888Africa for regulated online markets in the continent. Evoke retains a stake in the venture.

Ex-Paddy Power head of competitive intelligence Christopher Coyne serves as CEO of 888Africa, while former William Hill online manager director Andrew Lee holds the position of chief product officer.

Threat of retail closures in the UK

The withdrawal from these 13 markets comes after Evoke warned it could close up to 200 William Hill retail shops in the UK should the government increase gambling tax in the November budget, which is due next Wednesday.

Evoke is reportedly mulling the closure of up to 15% of its UK William Hill stores, with 1,500 jobs potentially being lost.

An Evoke spokesperson said: “As part of our ongoing planning, we are assessing the potential impact of different overall tax scenarios on our UK operations. This includes the difficult but necessary consideration for shop closures.

“We are mindful of potential tax increases in the forthcoming budget which would impact investment in the UK and drive more customers to the black market.”

The GRA has a “broad and overarching scope” to oversee ship-based, land-based and online operations with the exception of lotteries and social games. It will govern licensing and taxation, manage revenue collection and standardise problem gambling safeguards.

“The regulator will also ensure that casinos operate according to rules and concerns about money laundering,” said Deputy Minister of Economic Development Anil Jayantha Fernando.

The launch effectively repeals the Betting on Horse Racing Ordinance, the Gaming Ordinance and the 2010 Casino Business Act.

Minister: No rapid expansion of gaming

A handful of land-based casinos now operate in Colombo, the commercial capital of Sri Lanka. In October 2024, a $1.2 billion integrated resort opened in the port city. Developed by John Keells Holdings and Melco Resorts and Entertainment, City of Dreams Sri Lanka offers a 16,725-square-metre gaming floor.

Melco Chairman and CEO Lawrence Ho has said Sri Lanka “can be to India what Macau is to China”.

However, Sri Lanka is not looking to rapidly expand its gaming industry or hand out additional licences, according to Fernando. “The focus is on regulation,” he said. “That regulation will define which gambling activities are permitted, the restrictions that apply and matters such as the revocation or cancellation of licences.”

New tax structure increases levy by 3%

The introduction of a sole independent regulator was accompanied by a higher tax rate. On 1 October, the Betting and Gambling Levy increased from 15% to 18%. The casino entry fee for Sri Lankan citizens doubled from $50 to $100.

Sri Lanka’s gaming sector is projected to generate $410 million by 2026, up from $240 million in 2020. Analysts predict a compound annual growth rate of 5.4% through 2031.

The act prohibits any app or online platform that offers money-based gaming or related services. It makes no distinction between games of chance and games requiring an element of skill, such as fantasy sports. At the same time, it actively promotes esports, educational games and social gaming.

Despite the ban’s speedy passage, the government has yet to issue a notification that permits enforcement of the law. Offenders face fines of up to Rs21 crore (US$113,000) and/or up to three years in jail. Celebrities and influencers who back real-money games could also face criminal charges. Players are not subject to punishment.

Minister: RMG ban ‘avoids a big evil’

Proponents of the ban cited the risks associated with gambling, including financial losses and psychological harm. India Technology Minister Ashwini Vaishnaw said RMG platforms “exploit users with false promises of profit”. In his view, the act “avoids a big evil that is creeping into society”.

Jaya Chahar, founder and CEO of JCDC Sports, said banning the legal industry will do little to stop online gambling. In fact, she told ABC Asia, it “pushes fan engagement away from regulated Indian platforms into unregulated offshore spaces, which defeats the very intent of consumer protection”.

Smrita Singh Chandra, former communications officer for RMG provider Dream11, slammed the “overnight ban”. Chandra joined other critics in saying it was introduced “without transition, nuance or consideration of economic realities”.

“Declaring a platform illegal after years of validation, taxation and judicial recognition isn’t just wrong,” she wrote. “It is deeply unethical.”

RMG shuts down, losses mount up

Losses were reflected in the latest earnings quarter. According to the Economic Times, US-based Flutter Entertainment posted a $556 million impairment following the shutdown of India subsidiary Junglee Games. Canadian private equity firm Clairvest Group wrote off its investment in Head Digital Works, operator of A23 Rummy.

India’s Nazara Technologies recorded an impairment of $103.2 million on its investment in Moonshine Technologies, parent of PokerBaazi. Fintech firm Paytm recorded a 98% net profit loss after booking a $21.4 million impairment on a loan to First Games Technology.

In total, over 90 days RMG platforms have reportedly recorded asset write-downs of more than $840 million. In addition, about 7,000 Indian workers have lost their jobs.

Ban creates ‘significant regulatory risk’

Going forward, India will emphasise esports and online social games whose “outcome is determined solely by factors such as physical dexterity, mental agility, strategic thinking or similar skills”.

But media and technology attorney Probir Roy Chowdhury told Fortune India the RMG ban could have a chilling effect on investment. “This … sharp policy reversal [abandons] the government’s earlier plan for industry self-regulation under the 2021 IT Intermediary Rules,” Chowdhury said. “Such a drastic shift signals to investors that the government can arbitrarily dismantle a thriving sector, creating significant regulatory risk.”

Prior to the ban, RMG contributed approximately Rs20,000 crore (US$42.256 billion) per year in direct and indirect taxes. It also supported nearly 20,000 direct and indirect jobs.

ACMA orders blocking of illegal gambling sits

The Australian Communications and Media Authority has issued banning orders against a further nine illegal gambling and affiliate websites.

ACMA said the sites did not hold a licence to offer online gambling in Australia. As such, it requested that Australian internet service providers block access to the sites.

Among the brands were Cashed, King Maker, Posido, Spinight, Spinsy, The Pokies Reviews and Topio Networks. Also flagged was wizbet.app, an imitation of the licensed WizBet service, and next2go-au.com, an imitation of the approved Next2Go service.

“Since ACMA made its first blocking request in November 2019, 1,369 illegal websites have been blocked,” ACMA said. “Around 220 illegal services have also pulled out of the Australian market since we started enforcing new illegal online gambling rules in 2017.”

PAGCOR commits funds to typhon support

The Philippine Amusement and Gaming Corporation has allocated Php32.85 million ($557,267) to assist those impacted by the recent Typhoon Tino and Super Typhoon Uwan.

The typhoons left widespread devastation across the Philippines, claiming hundred of lives and affecting over 2.5 million families. Funds from PAGCOR were used to buy 31,500 relief packs containing food and non-food essentials.

Another batch of 16,500 relief packs worth Php18.07 million will also be dispatched.

“In times of calamities, PAGCOR will always be ready to step in and extend support to our fellow Filipinos,” CEO Alejandro Tengco said. “Part of our nation-building mission is to help our kababayans rebuild their lives.”

Hippos ATG names Nurmi as COO

The newly established Hippos ATG has appointed Jussi Nurmi as its chief operating officer.

Nurmi has 10 years of experience within the iGaming industry, including time working in senior roles with Betsson and TonyBet.

In April, Sweden’s ATG announced a 50/50 joint venture with local Finnish racing association Suomen Hippos. It was later confirmed the business would operate in Finland with the ATG brand.

“Hippos ATG combines strong heritage with a clear ambition to build a modern and sustainable business for the Finnish market,” Nurmi said. “I’m excited to contribute to creating a competitive and responsible gaming company in Finland.”

Intralot extends with Arkansas Scholarship Lottery

In the US, Intralot has signed a new, 10-year contract with the Arkansas Scholarship Lottery.

The agreement, which comes into effect next August, will extend a partnership that began in 2009. It covers the introduction of new technology for the lottery.

Intralot will introduce its new lottery solution, including the LotosX Central Gaming System. Arkansas will be one of the first states in the US to roll out the technology.

“We look forward to our continued partnership with Intralot.” Arkansas Scholarship Lottery Executive Director Sharon Strong said. “With this new agreement, we remain committed to both our players and our mission of supporting Arkansas students.”

National Council on Problem Gambling appoints Maurer

The National Council on Problem Gambling has appointed Heather Maurer as its new executive director.

Maurer brings over 25 years of leadership experience in the fields of public health, policy, and nonprofit management. She was most recently CEO of the National Association of Nurse Practitioners in Women’s Health.

As executive director, Maurer will lead strategic direction and oversee national programmes, partnerships and advocacy initiatives.

“I’m honoured to join NCPG and build on its strong legacy of leadership in addressing gambling-related harm,” said Maurer.

Keith Whyte served as executive director of the national council for more than 25 years before his departure in January.

About 5% of gamblers are believed to be young people between the ages of 10 and 19.

“Because online gambling is conveniently accessible with just a smartphone, there are fears that children may become increasingly addicted to gambling without their parents realising it,” Toshiaki Tsuneoka, psychiatrist and associate professor at Showa Medical University, told the Japan News.

The government strategy would also remind citizens that the activity remains illegal in Japan, even if the operators are regulated in other jurisdictions. Penalties include fines of up to JPY500,000. Repeat offenders could face up to three years in jail.

Legal gaming to grow with Japan’s first casino

Japan’s legal gaming sector now includes pachinko, state-run lotteries and bets on horse racing and other public sports. In 2030, land-based casino gaming will join the list with the opening of the nation’s first integrated resort. The casino at MGM Osaka, on Yumeshima Island in Osaka Prefecture, will offer 2,000 slot machines, 200 tables and thousands of electronic games.

MGM’s local partner, Japanese developer Orix, predicts the IR will attract 20 million visitors a year and generate JPY520 billion (US$3.4 billion) in revenue. Orix has said the IR will stand up to competition from established resorts in Macau and Singapore.

Japan nationals who patronise MGM Osaka will have to pay an entry fee of JPY3,000. Osaka residents will be required to pay an additional municipal levy, doubling the fee.

Legal gaming currently generates an estimated JPY20 trillion per year, with just JPY840 million allocated for prevention programmes, said Noriko Tanaka, of the Society Concerned about Gambling Addiction. Tanaka says Japan is decades behind other countries in its efforts to mitigate gambling harm. She points to government data documenting 398 gambling-related suicides in 2024. Tanaka said that is likely about one-fifth of actual cases.

“Almost no progress has been made on gambling addiction countermeasures in Japan,” she told UCA News in September.

Illegal online gambling can lead to other crimes

The government’s gambling prevention strategy was first approved in March. In June, it updated the 2018 Basic Act on Measures to Counter Gambling Addiction. The measures prohibited new online casinos and related advertising and called for greater public awareness.

One case of illegal iGaming sparked headlines across Japan: a 15-year-old boy who said he started gambling in sixth grade, then resorted to crime to support his habit. The boy allegedly conducted online romance scams, posing as a female college student to defraud dozens of men.

Emerging prediction markets like PredictIt and Kalshi have also created new opportunities to place wagers online.

The e-games sector rose 17%, generating PHP41.95 billion versus PHP35.71 billion in the third quarter of 2024. However, that growth was mostly attributable to volume in July, prior to the mandatory delinking of e-wallets from licensed iGaming platforms.

Revenue from land-based casinos in the Philippines dropped 10.2% to PHP45.56 billion. Pagcor-branded casinos saw an 11.6% decline to PHP3.22 billion. Bingo revenue was down 16.2% to PHP3.79 billion.

In total, the take from licensed casinos accounted for 48.2% of revenue. E-games, consisting of e-bingo, e-casino, sports betting and online poker, contributed 44.4%.

First-half surge sparked addiction concerns

In the first half of 2025, the Philippine Amusement and Gaming Corp (Pagcor) posted GGR of PHP214.75 billion, up 26% over last year. Although land-based casinos were down almost 6% from 2024, e-games rose 82.67% year-on-year.

That surge sparked concerns among anti-gaming activists including the clergy and some Philippine legislators. They criticised the industry for stoking addictive behaviour, especially among the young and the poor. Senator Juan Miguel Zubiri introduced Senate Bill 142, the Anti-Online Gambling Act, which would shut down all online gambling websites and apps and bar e-wallets and payment service providers from processing e-games transactions.

“The taxes earned are not worth the social cost,” Zubiri said.

Erwin Tulfo of the Senate Committee on Games and Amusement agreed, saying, “As long as online gambling exists, we are breeding the next generation of addicts, debtors and broken families. No amount of tax revenue can justify this human cost.”

Pagcor chief Alejandro Tengco called for stricter regulation, rather than a total ban. “As the country’s gaming regulator, our foremost responsibility is to ensure that growth comes with accountability,” he said. “We are committed to always strike a balance between enabling industry expansion and ensuring it aligns with responsible gaming standards.”

E-wallets blocked for gambling

In August, the Philippines Central Bank ordered e-wallets like GCash and Maya to immediately remove in-app links that direct users to gambling sites. That order suppressed electronic games’ performance through September.

“The delinking … resulted in a short-term decline in activity toward the latter part of the quarter,” Tengco acknowledged. “However, these measures are vital to protect players and ensure secure, transparent transactions. The figures reflect an industry that is adjusting to necessary safeguards.”

Tulfo applauded e-wallet firms for complying with the new restriction. “This is a sign that the business sector is willing to work with the government in addressing the problem of online gambling addiction.” But he warned that some online gambling operators would shift to other mobile apps like Viber, Telegram and Lazada.

Tengco advised Filipinos to avoid unauthorised platforms. “They do not follow responsible gaming standards, do not pay taxes and put players at risk of data theft and fraud,” he said.

The report, published on 6 November, was based on internal Meta documents viewed by Reuters. It says the company exposed billions of Facebook, Instagram and WhatsApp users to bogus investment schemes, illegal online casinos and purveyors of outlawed medical products. It estimates that revenue from scam promotions could total from $7 billion to $16 billion.

The Malaysian Communications and Multimedia Commission (MCMC), which previously criticised Meta for failing to remove illegal gambling ads, called the report “very worrying”. Commissioner Derek Fernandez said the matter is “disturbing” and of “grave concern”.

In a statement, Meta spokesman Andy Stone said Reuters took “a selective view that distorts Meta’s approach to fraud and scams”.

Malaysia: Meta failing in cybercrime fight

Starting in January, Malaysia required all social media and messenging services with at least eight million registered users to have a licence to operate in the country. Penalties for non-compliance include fines of $118,500 and up to five years in jail.

But Meta insists it polices its own platforms, “regardless of the licensing regime”. In comments reported by the South China Morning Post, Meta Director of Public Policy Rafael Frankel said, “We don’t need any licence to continue that work.”

Meanwhile, the MCMC claims Malaysians lost almost $60 million from 2023 through August 2025 to e-commerce scams promoted on Meta platforms, primarily Facebook. To date this year, the government has sent more than 168,000 requests to remove illegal Facebook content, particularly online gaming ads and gambling-related posts.

“These figures show Meta has not fully cooperated in combatting cybercrime, leaving room for offences to continue,” said Malaysian Communications Minister Datuk Fahmi Fadzil.

According to the Reuters investigation, Meta does not act to ban advertisers until it is at least 95% certain they are pushing illicit products or services. If it suspects the advertiser is a scammer, it simply charges more for the ads.

At the same time, Meta analyses consumer data to deliver ads based on user preferences. In other words, viewers who click on scam ads are likely to get more of the same.

Fernandez has proposed a “public safety and online-harm rating system” for digital platforms that will grade them for transparency and effectiveness.

Is more regulation in order?

The world’s most popular social network has consistently failed to block the use of credit cards used to pay for illegal ads, Fahmi added. “If a gambling ad is paid for using a credit card and Facebook knows this content is illegal in Malaysia, they should block the account. But Facebook has refused to do so.”

Fraud consultant Sandeep Abraham, a former Meta safety investigator, agrees. “If regulators wouldn’t tolerate banks profiting from fraud, they shouldn’t tolerate it in tech,” he told Reuters.

The planned gaming platform “may potentially be offered to other third-party operators, including the group’s own proposed Vietnam operation”, according to the filing.

The group, incorporated in Bermuda, has declared its intention to “[transition] from mobile game solutions to a broader online gaming platform business”. Century said it is “positioned for high-end leisure [and] entertainment consumption”. It is also “proactively identifying other business opportunities that would further diversify business risk and bring new revenue streams”.

Loss-maker looks for a turnaround

Formerly Amax International Holdings Ltd, the group once operated VIP rooms in Sihanoukville and Dara Sakor, Cambodia. It posted a net loss of HK$45.7 million (US$5.9 million) for the fiscal year that ended 31 March – almost double the previous year’s loss of HK$24.2 million.

In June, Century formed a joint venture with Philippines-based World Platinum Technologies Inc, a gaming systems and content provider licensed by the Philippine Amusement and Gaming Corp. With the deal, the partners will “market and distribute gaming system platforms and related content across the Asia Pacific region”.

To date, the joint venture has generated revenue of HK$800,000 in July, HK$1 million in August and HK$3.268 million in September.

The group says the Vietnam incursion and its online gaming platform will create “mutual operational and marketing synergies”. It is also setting up a new business line to source and distribute premium camellia oil “to capitalise on this high-growth market”.

Trading suspended since June

In June, Century suspended trading following a disclaimer of opinion on its financial statements. In September, it engaged a new auditor, Crowe (HK) CPA Ltd, following the resignation of Fan, Chan & Co Ltd. It also appointed Zeng Qin as an independent non-executive director. According to TipRanks, the appointment will “enhance the company’s governance structure by strengthening its audit, nomination and remuneration committees”.

Trading in Century shares remains suspended until further notice.

The $5.1 billion Wynn Al Marjan Island, a joint venture with RAK Holdings, is on track to open in 2027.

“We were factoring in two incremental competitors and a market that is $3 billion to $5 billion of GGR,” Billings said. “With no announced competition that we’re aware of in the market thus far, there probably is some conservatism in those estimates.”

Billings acknowledged that the market is “very small geographically”, but he said it offers many advantages. Those include “a tremendous amount of airlift, a very robust locals market [and] a very, very high GDP per capita”. Wynn’s planned IR is less than an hour from Dubai International Airport. Last year, DXB handled more than 92 million travellers, up from 83.9 million in 2023.

The IR will offer 1,530 rooms and suites, 22 restaurants, an events centre, an upscale retail corridor and a 99-slip marina. Its 18,500-square-metre casino will be among the largest in the world.

Wynn is also building a companion property, Janu Al Marjan Island, slated to debut in 2028. Wynn will invest up to $50 million in Janu, with a wellness centre, additional F&B outlets and a private beach. Marjan CEO Abdulla Al Abdouli said the resort’s “soulful luxury” will enhance Al Marjan’s profile as a destination for discerning travellers.

Wynn is first to market in UAE

Crews are now pouring concrete for the upper levels of the Wynn IR’s 70-story tower. Billings called the UAE “the most compelling development opportunity in the industry”. The US company is already “actively marketing to the folks that we will want in the building on a one-to-one basis”, he added. “You should expect to see a lot more on the mass marketing side as 2026 progresses.”

The UAE’s General Commercial Gaming Regulatory Authority is helmed by US gaming industry veteran Jim Murren, who is the former CEO of MGM Resorts. He became the UAE regulator’s interim CEO last week after Kevin Mullally stepped down. Mullally was previously chief legal officer for Gaming Laboratories International.

Wynn Resorts won the UAE’s first gaming licence in October 2024, with a term of 15 years. It controls 40% of the joint venture, with a total investment to date of $835 million.

MGM Resorts International has also applied for a gaming licence in Abu Dhabi. MGM CEO Bill Hornbuckle made the announcement at a Skift Global Forum in New York in September 2024. “We’ve applied for something there and hopefully will win something there” he said of the seven-emirate UAE. “Each ruler has their say. It’s like a state, where each state says yes or no.”

Murren has said he expects up to four integrated resorts in the UAE in a mature market.

“Yolo is entering the UAE market with a complete eco system offering, live studio experiences, slots and aggregation services,” Falcon tells iGB. “Thus, providing a fully connected entertainment platform that can provide quality, safety and innovation to players.

“This all-in approach builds credibility and trust, which effectively gives us a lot of opportunities as well as a head start when compared to our competitors.”

First-mover advantage for Yolo in the UAE

Yolo is aiming to “press the start button” in the UAE as early as this month, with its live studio in Abu Dhabi very close to completion, according to Falzon. “As soon as they’re ready, we’re ready to go,” Falzon declares.

Falzon believes Yolo’s first-mover advantage in the UAE is imperative to success, especially in a market that could prove to be hugely lucrative.

“Speed to market is key,” Falzon adds. “It provides the opportunity to have a local footprint and thus raising barriers to entry for competitors. This could be quite rewarding both in terms of revenue but also valuation.”

In early October, Yolo Group announced it had secured two gaming-related vendor licences in the UAE for its Hub88 Holdings and Live Online Gaming Services subsidiaries.

The licences enable Yolo to supply iGaming content to the UAE’s regulated market. As per the the UAE’s gambling regulations, one online licence will awarded per emirate.

The news of the approved licences followed Yolo’s announcement that it had decided to pivot to fully regulated markets, leaving its grey past behind.

Yolo CEO Tim Heath described the move into the UAE as a “statement of intent” and Falzon, who was appointed CEO of Yolo’s B2B brands in July, says the company’s mentality should prove a successful strategy in the market.

UAE a key market for Yolo’s future

During Falzon’s time at the company she says securing the UAE licences has been one of her proudest achievements so far.

“Beyond the commercial opportunity it represents, it fundamentally changes Yolo’s positioning in the market,” Falzon says. “The licence has elevated our credibility and opened new conversations that weren’t possible before. It’s a strong foundation for the next phase of our growth.”

It’s a big opportunity for Yolo and its B2B segment, especially considering some other more mature regulated markets are already dominated by monopolies or big operators.

The UAE, meanwhile, is described by Falzon as a “forward-thinking, well-regulated market”, which aligns with Yolo’s company values. “Yolo Group believes it has the opportunity to innovate responsibility in a high growth region,” Falzon explains.

“In the UAE, there are a lot of untapped opportunities which makes it very exciting as we don’t know where this will take us, both in terms of product offering but also from a strategical point of view.”

Falzon believes Yolo’s ability to differentiate itself in the UAE market will hinge on two strategic levers – product and technology.

“One of our core initiatives is to treat the UAE as a live lab trying to test & identify what players value most,” Falzon says. “As a content aggregator our key focus is to understand the market & identify different product offerings that appeal to the players in this region.

“The other lever is technology. Yolo can differentiate through a best-in-class tech stack which is trusted by its suppliers and customers. The technology allows for rapid iteration and deployments. Moreover, it provides other tools such as analytics, automated promotional setups as well AI-driven personalisation.”

Localisation as a safety net

One interesting finding so far has been the UAE’s affinity for camel racing. Falzon jokes: “I need to find a studio that offers camel racing first!” But while she feels localisation is important, it goes beyond simply making Yolo “fit in”.

“It acts as a safety net, reducing cultural, regulatory and engagement risk,” she says. “However, I still believe that long term success depends on how quickly Yolo ‘integrates’ into the market.

“An additional factor which is very important in the UAE is the religious and social alignment that is unique when compared to other markets.”

A transparent licensing process in the UAE

The licensing process in the UAE as tough but collaborative, she says.

“Overall, the process has been thorough, transparent and internationally benchmarked, but it’s still evolving. We had several briefing sessions, guidance calls and documents reviews whereby GCGRA offered a level of engagement that was more of a collaboration or ‘partnering’ rather than punitive,” she concludes.

“What is unique is that the UAE’s approach is to encourage innovation and co-operation while still asserting control.”

Bai Suocheng was the godfather-like head of one of Myanmar’s notorious “Four Families”. Starting in the early 2000s, the gangs turned the sleepy border town of Laukkaing into a hub of criminal activity with unregulated gaming halls and houses of prostitution. According to CNN, the illicit operations turned an impoverished community over time into “a glittering casino city”.

The group kept pace with the times, eventually adding online casinos and scams to the land-based operations. Before their arrests, the Bais ran 41 scam factories in Laukkaing on China’s northeastern border. There they conducted “pig-butchering scams”, building seemingly trusting romantic or financial relationships with online victims, then stealing their money, often via cryptocurrency transactions.

Often the scammers are themselves victims, working under threat of abuse or torture. The United States Institute of Peace said the workers are often “duped by fraudulent ads for lucrative high-tech jobs and trafficked illegally into scam compounds. … (I)n prisonlike conditions, they must run online romance and investment scams.”

According to a documentary about the Bai family, one worker said his bosses beat him, pulled out his fingernails with pliers and severed two of his fingers.

China to predators: ‘You will pay the price’

For years, the Bais operated with impunity, reaping an estimated 29 billion Chinese yuan (US$4.1 billion) in ill-gotten revenue. Bai Yingcang acknowledged that his family was “absolutely number one” among Laukkaing mafia gangs, enjoying protection from the local militia. “Our Bai family was the most powerful in both the political and military circles,” he said.

That started to change in 2023, when China pressured the Myanmar junta to arrest scammers who preyed on Chinese citizens. In September, a Chinese court sentenced 11 members of the Ming family to death on similar charges.

“Why is China making so much effort to go after the Four Families?” asked an investigator in the documentary. “It’s to warn other people, no matter who you are, where you are, as long as you commit such heinous crimes against the Chinese people, you will pay the price.”

Cost of criminal gangs in Southeast Asia

The online gambling boom has helped turned Myanmar, Cambodia and Laos into virtual scam centres. The US-based Center for Strategic and International Studies blames “the transnational nature of online gambling, lax governance … and ASEAN’s fractured regulatory environment”.

In Monday’s ruling, 16 other associates of the Bai family were given prison terms of between three years and life. In a separate case, the court sentenced Bai Yingcang for conspiring to manufacture and distribute 11 tonnes of methamphetamine.

GCGRA Chairman Jim Murren, who succeeds him as CEO on an interim basis, said Mullally played a significant role in establishing the regulator’s core governance and regulatory structures. 

“We thank him for his contribution and wish him continued success in his future endeavours,” Murren said. “The GCGRA remains focused on the next stage of its growth, ensuring regulatory excellence, responsible gaming, and continued confidence in the UAE’s approach.”

Mullally ‘profoundly grateful’ to exceptional GCGRA team

Writing on Linkedin, Mullally described serving as CEO of the GCGRA as “one of the greatest professional honours of [his] career”. 

“I am profoundly grateful for the exceptional team with whom I have had the privilege to work. Their dedication, expertise, and commitment to public service have been essential to everything we have achieved,” he said.

With that team he created “an efficient, modern regulatory framework” and an “agile, predictable and forward-looking regulatory environment”. But he now had to “prioritise family over [his] profession”, he added. 

“I look forward to returning to Kansas City with my incredible wife and best friend, Jerri, to be with our five children, their spouses, and our eight grandchildren. While this decision has not been easy, it is the right one for us and our family.”

GCGRA up and running, but gaming operations remain limited

When the the General Commercial Gaming Regulatory Authority was established, the UAE’s largest gaming development, Wynn Al-Marjan Island in Ras Al-Khaimah, was already under construction. 

That property is due to open in March 2027, with Wynn Resorts predicting the UAE gambling market will be worth up to $5 billion at maturity. 

It was under the regulations developed by Mullally that Wynn Al-Marjan secured the UAE’s first commercial gaming licence. Under the regulatory framework, each emirate can put forward one casino development for a licence. After Ras Al-Khaimah, the main prizes for operators would be resorts in Abu Dhabi and Dubai. 

Industry speculation has linked multiple integrated resort operators with an Abu Dhabi facility, though there have been no public announcements on a project to date. MGM Resorts, which has a non-gaming development in Dubai, has been the most vocal about its ambitions for the market. 

CEO Bill Hornbuckle told delegates at a Skift conference in September last year that MGM Resorts had put forward an application for a casino licence, suggesting it had eyes on Abu Dhabi. 

However, that appears to have shifted back to Dubai, with the company saying little on the licence process since. 

What is Kevin Mullally’s legacy as the UAE gambling regulator?

Alongside setting up its regulatory framework, the launch of the UAE Lottery was the other major milestone of Mullally’s tenure.

The company behind the lottery, Momentum LLC, was a surprise victor in the tender for the lottery licence. Two companies, Mahzooz and Emirates Draw, were already running lotteries in the Emirates. Both paused operations as they pursued the national lottery certification. 

Mahzooz parent Ewings said it was planning a pivot after the “disappointing” decision, while Emirates Draw said it would shift focus to other legal gaming verticals. The UAE Lottery, meanwhile, announced the first winner of its Dh100 million jackpot in October this year.

But what about online? 

While the lottery is live, there are not yet any other licensed online operators. The UAE gambling regulations allow for one licensee per emirate, suggesting up to seven operators could ultimately be able to enter the market. 

However, as with the land-based properties, only expatriates – which make up around 88% of the UAE population – are allowed to gamble. 

Both online casino and sports betting licences are available. Despite much industry speculation of progress this year, no operator licensees have been announced. 

A number of suppliers for sports betting and iGaming have secured vendor certification. These include Sportradar, geolocation provider Xpoint and crypto specialist Yolo Group’s Hub88 and Live88 following that company’s regulated market pivot.

Will Jim Murren oversee the UAE’s online gaming launch?

This means interim CEO Jim Murren, who also holds the same role at Ritz Carlton Yachts and chairs Resorts World Las Vegas, could be overseeing the launch of online gaming in the UAE. 

Murren joined alongside Mullally to chair the regulator’s board of directors and has stepped in as CEO with immediate effect. The GCGRA said its operations, licensing programmes and stakeholder engagement will continue without interruption under the guidance of its new leadership team. 

In parting, Mullally added: “I am confident in the strength of the GCGRA, grateful for the dedication of its people, and proud of what we have accomplished together.”

“Online gambling is a very serious issue,” Prabowo said, addressing world leaders including Chinese President Xi Jinping and South Korean President Lee Jae Myung. “We calculate that we lose around $8 billion (IDR133 trillion) every year solely due to outflows from online gambling.”

Prabowo urged member states to join forces against illegal online gambling and work together to fight transnational crimes, “from illegal smuggling and corruption to narcotics”.

This year’s APEC in Gyeongju, South Korea drew leaders from 21 countries, including the United States. The theme: “Building a Sustainable Tomorrow”.

Online gambling more than a financial risk

According to the Jakarta Globe, Prabowo said online gambling poses more than a financial threat and can also undermine social stability. He called for “global solidarity” to boost digital security and prevent cybercrime and data theft.

“That is why we want to participate in advancing APEC’s capabilities in technology,” he said. “We also aim to strengthen SMEs and improve healthcare systems to anticipate our demographic bonus.”

Indonesia has stepped up efforts to curb online gambling, which is illegal in the country. In August, the Financial Services Authority (OJK) ordered banks to block almost 26,000 accounts linked to the activity. The OJK also ordered banks to conduct more due diligence to check potential bad actors against Indonesia’s national ID database.

In remarks Tuesday, Indonesia Minister for Legal, Human Rights, Immigration and Corrections Affairs Yusril Ihza Mahendra said “the prevention and eradication of online gambling is still not optimal”. He made the comments at a Jakarta event, “Strengthening the Anti-Money Laundering Committee in Preventing and Combatting Money Laundering Related to Online Gambling”.

Yusril urged lawmakers to tackle the problem where it originates: not in users and platforms but in financial institutions. “Through this approach, the government can track, freeze and seize the proceeds of crime used to finance and expand online gambling operations,” the minister said.

As reported by Antara News, he also urged clergy to play a part in educating the public. “For the last five years, I have never heard any sermon about online gambling. The preachers always speak about hell but forget to speak about real issues faced by our people,” he said.

Lancet: 72M global punters experience harm

According to a study by the Lancet Public Health Commission on Gambling, digital platforms “offer unparalleled capacities for gambling”.

“We’re not talking about people playing a game with cards around the table anymore,” Louisa Degenhardt, a professor at the University of New South Wales, told CNBC. “Many people might be really experiencing harms from gambling – we think that it’s probably around 72 million people globally.

“That number is likely to increase, as we are seeing the increase in commercial organisations targeting people to gamble more.”

A 2024 UN report called Southeast Asia a hotbed of cybercrime, illegal online gambling and “scam farms”.

“The sheer scale of proceeds” from the illicit economy reflects the growing “professionalisation and innovation” of the illicit enterprises, the report stated. “Transnational criminal groups in Southeast Asia have emerged as global market leaders.”

In a social media post, the contestant held an iPhone while cradling a pillow with the PlayTime logo.

An accompanying message said “I’m checking if you’re already following me on PlayTime.” It also offered credits of PHP300K “as long as you follow”.

Online gambling is illegal in Thailand

PlayTime is licensed in the Philippines and promotes itself as the country’s No 1 legitimate gaming site. In a Facebook post, it also touted its role as “an official journey partner” of the Miss Universe pageant.

In that capacity, it promised to “bring the magic of PlayTime to the global stage” with “exclusive content, behind-the-scenes access and surprises that will make this journey truly universal”.

But the operator shouldn’t have been surprised to know that online gambling is strictly prohibited in Thailand, where this year’s pageant winner is to be crowned in Nonthaburi on 21 November. The nation also bans most other forms of gambling except state-run lotteries and horse race betting.

Just last week, in a meeting with Chinese President Xi Jinping, Thailand Prime Minister Anutin Charnvirukal agreed with Xi’s anti-gaming stance. Anutin pledged not to pursue casino legislation while he is in office.

Witnesses call police, ‘chaos’ ensues

The promotional shoot involving the contestant took place Sunday at a Bangkok hotel, reportedly under the direction of Mexican businessman Raúl Rocha Cantú, a shareholder in the Miss Universe Organization (MUO).

According to The Thaiger, the incident “prompted complaints from witnesses and hotel staff” who summoned police. On arrival, officers seized the branded pillow and video equipment. They then escorted members of the MUO team to the Wat Phraya Krai Police Station for questioning.

Nawat Itsaragrisil, vice president of Miss Universe Thailand, said he was unaware of the promotion. He said it “was carried out solely by the Miss Universe Organisation”, without the knowledge or consent of Thai organisers.

Adding to the tension, Mexican contestant Fatima Bosch later refused Nawat’s request to participate in activities with the Thai public relations team. Accusing him of disrespectful behaviour, she stormed out, followed by Miss Universe 2024 winner Victoria Kjær Theilvig of Denmark.

When other contestants attempted to join them, Nawat reportedly told security guards to block the doors. Cuban vlogger Luis Portelles described the incident as “chaotic”.

Theilvig later posted a photo of herself with other contestants on Instagram, writing, “This is women empowerment. This is sisterhood. Forever and always.”

Speaking at Wing 6 in Bangkok following his return Saturday, Anutin said Xi was “satisfied with the confirmation”.

“The talks went well and were full of mutual understanding,” he continued. “President Xi appeared more at ease when he learned that the current Thai government has no policy to legalise casinos. This means the Chinese government will support its citizens in visiting Thailand with confidence.”

The leaders met at the Asia-Pacific Economic Cooperation meetings held Friday-Saturday in South Korea. This year’s APEC theme: “Building a Sustainable Tomorrow”.

Anutin declared anti-casino position following election

Anutin was elected on 5 September, shortly after former Thailand prime minister Paetongtarn Shinawatra was impeached on ethics violations. From the start, the Bhumjaithai Party leader said Thailand would have to “wait for another prime minister” to get legal casinos.

Paetongtarn supported the Entertainment Complex Bill, passed by the cabinet in early 2025. The Ministry of Finance maintained that the industry would:
– Attract 5% to 10% more tourists arrive annually, spending from US$1,296 to $1,945 per person
– Double tourism revenue from $3.5 billion to $7 billion
– Create up to 15,300 new jobs
– Bring in more than $2.9 billion in new investment
– Earn from $354 million to $1.1 billion in government revenue annually

But the plan sparked Xi’s displeasure. In February, when Paetongtarn visited Beijing, he urged her to reconsider the bill, warning that casinos increase the risk of crime.

According to Anutin, the recommendation included an implicit warning: that Xi would “implement measures to significantly reduce Chinese travel, trade and investment with Thailand” if the bill passed.

Chinese visitation to Thailand down 34% in H1

According to Nation Thailand, Chinese arrivals dropped 34% in the first half of 2025. Factors included economic uncertainties as well as safety concerns following a 28 March earthquake in Myanmar, which caused significant tremors in parts of Thailand. As a result, the Tourism Authority of Thailand cut its yearly forecast for foreign arrivals from 37 million to 33 million, well below the peak of 40 million who visited in 2019.

Thanapol Cheewarattanaporn, president of the Association of Thai Travel Agents, said China remains an essential market for the Thailand tourism economy. “Reducing our reliance completely is difficult,” he said In July. “Our priority now is to maintain travel flows given the sheer size of the Chinese market base.”

Xi has indicated he will support China-Thailand cooperation across multiple sectors, including trade, investment and cultural exchange as well as tourism.

During a third-quarter earnings call marked by similarly soft Las Vegas results seen by other operators , Hornbuckle cited MGM’s decision this month to withdraw from New York’s casino bidding war as one indicative of the strategy.  A presumed frontrunner for a hotly contested downstate New York casino licence, MGM pulled out in a move unforeseen by many industry insiders. With New York in the rear view mirror, MGM is squarely focused on its new integrated resorts abroad, namely in Japan.

Hornbuckle made the comments on Wednesday evening in a call with Wall Street analysts. The CEO of MGM Resorts tried to remain optimistic after MGM shares fell sharply in the after-hours session amid continued struggles in Las Vegas. Hornbuckle pointed to several factors for the slowdown, including a dip in international visitation, Spirit Airlines’ bankruptcy and customer frustration over traffic from Southern California.

“While we don’t expect the dynamic to be changed overnight, we are proactively working to create initiatives and draw incremental visitation,” Hornbuckle told analysts.

Softness in Vegas drags MGM earnings

The sub-par Nevada figures did not surprise analysts, given similar trends on the Las Vegas Strip over the previous quarter. Las Vegas has seen declines in tourism for the majority of 2025, as macroeconomic uncertainty has led to a tightness in discretionary spending among customers.

In September, Strip visitation declined 8.8% year-over-year to approximately 3.1 million, the Las Vegas Convention and Visitors Authority said on Wednesday. It marked the ninth consecutive month that volume on the boulevard declined.

Earlier this week, Caesars expressed concerns on occupancy, which fell about 5% on the quarter to 92%. Caesars CEO Tom Reeg attributed the decline primarily to weakness in city-wide visitation. At the same time, Reeg cited the company’s poor table handle across the Strip for the depressed results. Hold percentage at Caesars’ Vegas properties sank to its lowest in more than three years, he said.

MGM experienced similar challenges throughout The Strip.

MGM Q3 by the numbers

• Across the Strip, MGM generated revenue of $2 billion, down from $2.1 billion in the year-ago quarter. MGM attributed the decline mostly to a room remodelling programme at the MGM Grand that concluded this month. MGM cited the renovations in July as a factor for reduced EBITDA in Las Vegas.
• MGM also attributed the lower third-quarter figures to a decline in food and beverage revenues, lower table hold and lower revenue per available room (RevPAR), a key industry metric. MGM’s table win percentage on The Strip fell from to 22.6%, down from 23.7% in the third quarter of 2024.
• As a result, the segment’s adjusted EBITDAR fell to $601 million, compared with $731 million in the same quarter in 2024.
• MGM also referenced a decrease in business interruption proceeds that amounted to $14 million, along with an an increase in general liability and workers’ compensation insurance expense of $13 million.

A New York state of mind no more

Predictably, analysts opened the question-and-answer portion of Wednesday’s call on MGM’s decision to exit the New York bidding process. Hornbuckle noted that MGM Empire City reached a tentative agreement with the City of Yonkers that would have resulted in a minimum tax contribution of at least $400 million. While MGM did not disclose its proposed tax rates, applicants were required to set a minimum rate of 25% for slot machines and 10% for table games.

Fellow bidder Resorts World NYC established floors of 56% for slots and 30% for table gambling. Hornbuckle indicated that newly issued state guidance on the duration of the licence prompted MGM to reconsider its bid. Based on the proposed tax rate submitted per applicant, the policy gave the New York Gaming Facility Location Board the latitude to award a bidder with a 15-year licence rather than the 30-year version that MGM originally expected.

“While we initially liked the return, it got tighter and tighter so much so that given overall market conditions, we think it’s capital best spent in some other location and some other opportunity.” – MGM Resorts CEO Bill Hornbuckle

The decision to withdraw its New York contributed to a non-cash goodwill impairment charge of $256 million, MGM said. The withdrawal also led to an expense of approximately $93 million in non-cash write-offs related to MGM Empire City, according to the company.

Company moves on to Japan project

MGM is turning to other endeavours, specifically its MGM Osaka resort, projected to open in 2030. The $8.9 billion project served as a hot topic at Expo 2025, a renowned conference that just concluded on the prefecture.

MGM noted that it has entered into a US$300 million denominated credit facility to support its funding of the resort. The facility, which has an interest rate of 2.5%, can be upsized to $450 million, said chief financial officer Jonathan Halkyard. MGM has already received incremental interest, he added.

MGM stock moves after earnings report

For the three-month period ended 30 September, MGM generated net revenue of $4.3 billion, slightly topping forecasts of $4.2 billion. MGM has eclipsed revenue estimates in each of its last four quarters. However, MGM reported earnings per share of $0.24, down considerably from $0.54 in the year-ago quarter. MGM fell short of per-share targets from Zack’s Consensus Estimate of $0.37.

In Wednesday’s after-hours session, MGM fell sharply by 8% to $28.70 per share. MGM pared some of the losses on Thursday, trading near $31 a share. However, MGM is down more than 10% year-to-date.

A popular subject on the call centred on a potential buying opportunity for investors since several MGM executives view its stock as undervalued. Hornbuckle pointed to BetMGM as a lever to unlock value, while Halkyard alluded to conditions in Las Vegas.

“We have a better cost structure than we’ve ever had in Las Vegas,” Hornbuckle said. “With the dynamism in this market, I think that that’s an unlock for the stock.”

Barry Jonas, an analyst with Truist Securities, lowered his price target on MGM slightly to $47 per share. Despite the hit from Las Vegas, MGM’s diversification from its digital, regional and China segments offer “support” to the stock, according to Jonas, who sees room for “material upside” should the Vegas segment inflect.

Macquarie analyst Chad Beynon reiterated an “outperform” rating on MGM in part because of its balance-sheet strength. Beynon also lowered his MGM price target on revised estimates, cutting to $45 a share.

Hailing from a legal background, Carleton has more than 30 years of experience in gaming law, regulation and compliance. During her career, she has worked with a range of public and private land-based gaming facilities and entertainment companies.

Most recently, Carleton was chief legal officer at industry payments solutions Sightline Payments, working in the role for more than four years. She also served on the company’s board for the past two years.

Prior to this, Carleton was a partner at US law firms Howard and Howard and Brownstein Hyatt Farber Schreck. She spent over a decade as senior staff attorney for the Oneida Tribe of Indians of Wisconsin.

“Jennifer will play a key role in advancing our mission to regulate with integrity, transparency and global best practice,” the GCGRA said on LinkedIn.

“Her extensive background has fostered strong relationships with global regulators and licensing professionals, reinforcing her reputation as a trusted leader in gaming compliance and governance.”

Carleton added: “I’m honoured to return to the UAE after all these years; it’s been a few years since I lived in Abu Dhabi. I’m excited to be a part of this incredible team.”

Evolving face of GCGRA

The GCGRA came into being in September 2023, with the primary task of creating a regulatory framework for national lottery and commercial gaming in the UAE.

Kevin Mullally has been at the helm as CEO since the organisation’s inception. He previously served as Missouri Gaming Commission executive director and spent 17 years at Gaming Laboratories International (GLI).

Jim Murren also continues to chair the organisation’s board of directors. Murren led MGM Resorts as chairman and CEO from 2008 to 2020.

However, there have been several changes to the management team at the GCGRA. These include Ahmed Barakat, who took on the position of chief operating officer but has since departed. The organisation is yet to bring in a replacement.

Meanwhile, Manuela Croci has seen her initial role of chief of supervision, investigations, FCP change, with the investigations part of the position removed. Carleton will oversee this as part of her new role with the regulator.

Other key staff members remain the same, including Leina El Barasi as chief financial officer and Carlos Gutierrez as chief information officer. Dina Helal (chief human resources officer) and Ourouba El Arab (general counsel and board secretary) also remain in place.

As for the board, this remains unchanged from its initial setup. Members include Chris O’Donnell, John Kelly, Giovanni Lega, Mark Lipparelli, William Grounds and Nick Casiello.

According to the Singapore Personal Data Protection Commission (PDPC), MBS made a single employee responsible for the transfer. That person manually compiled the list of API configurations, minus second-layer checks. Such carelessness allowed “unknown threat actor(s)” to illegally access and exfiltrate the data on 19-20 October of that year.

In handing down the penalty, PDPC officials said MBS ignored “clear risks” to complete the massive migration exercise. The leaked information was later offered for sale on the dark web. There, “it can be exploited in phishing scams or identity theft”, the PDPC said.

Marina Bay Sands data breach included names, emails, phone numbers

The info was poached from MBS’ LifeStyle rewards programme. It included names, email addresses, phone numbers, country of residence and membership number and tier. The property’s casino rewards programme was not accessed.

“As a large enterprise with significant turnover in Singapore, MBS had the required resources to protect their patrons,” the watchdog scolded. “MBS’ failure to put in place proper processes for something as critical as security policy was a negligent contravention of the Protection Obligation.”

In 2022, Singapore raised the maximum financial penalty for organisations with S$10 million-plus in annual turnover to 10% of that turnover, reports Channel News Asia. Last year, MBS posted net revenue of S$5.43 billion.

Mea culpa

Following the data breach, MBS assured customers it had “quickly launched an investigation” and engaged a leading external cybersecurity firm. The Las Vegas Sands organisation pledged to “further strengthen our systems and protect data”.

Chief Operating Officer Paul Town advised patrons to “monitor your account for suspicious activity, change your log-in pin regularly and be extra vigilant against phishing attempts”.

In a Monday filing to the Philippine Stock Exchange, Bloomberry revealed that its indirect South Korean subsidiary, Golden & Luxury Co Ltd, signed a share purchase agreement with Gangwon Blue Mountain Co Ltd. Under the deal, Golden & Luxury “will spin-off its casino business to a separate new company, then sell said new company”.

The buyer has made a KRW500 million (US$350,000) down payment. But the sale will not close until certain conditions are met, including the completion of the demerger and regulatory approvals.

Jeju Sun a longtime underachiever

After Bloomberry acquired Jeju Sun (then THE Hotel Vegas) in 2015, it almost immediately looked for an opportunity to sell. In 2016, Iao Kun Group Holding Company announced that it would buy Jeju Sun for KRW117.5 billion in cash. But the deal fell through when the VIP junket promoter could not lock down sufficient financing.

In 2020, Bloomberry Chairman and CEO Enrique Razon Jr acknowleged that the purchase was ill-advised because of South Korea’s hardline stance on locals gaming. Only one casino in the country, Kangwon Land in remote Gangwon Province, is open to South Koreans.

“If locals cannot play, then you can never make a real property, a real resort,” said Razon, one of the Philippines’ richest people. “It will always be small, sort of like a niche player. And you’ll probably have difficulty growing from there.”

That restriction also factored into Mohegan Gaming’s loss of its first Asian venture, Inspire South Korea in Incheon. In February, principal lender Bain Capital seized control of Inspire when the US tribal operator failed to make good on $275 million in loans.

For the second quarter, Jeju Sun GGR dropped a staggering 93% to PHP2.5 million, down from PHP35.7 million in 2024. That loss was a drag on Bloomberry, which posted a PHP1.4 billion net loss for the same period.

Renewed focus on Philippines for Bloomberry Resorts

China Bank Capital Corp Managing Director Juan Paolo E Colet said the sale is a positive for Bloomberry, which will “be shedding a losing business”. In a Viber message cited by Philippines Business World, Colet added, “The divestment is intended to cut losses and rechannel corporate resources to the Philippine operations.”

Those operations include Solaire Resort & Casino in Manila’s Entertainment City, and Solaire North in Quezon City, which opened in May 2024. The company also launched Solaire Online, its iGaming platform, earlier this year.

Takaichi is a devotee of late prime minister Shinzo Abe, who advanced IRs to grow tourism and foreign investment. She reportedly gave Kaneko the all-clear to “promote … IRs and realise attractive stay-type tourism” in Japan.

According to the Japan Times, Takaichi also used an expression associated with her mentor, Abe, vowing to restore Japan “to its rightful place at the heart of the world”.

How IR development phase began, then stalled

With the 2018 passage of IR enabling legislation, the National Diet launched a plan to develop three IRs around the country, which set off a gold rush. Las Vegas Sands, Wynn Resorts, Melco Resorts & Entertainment and other global operators prepared to place licence bids.

But the global pandemic brought momentum to a crawl, and most major operators withdrew. In 2023, lawmakers approved just one IR bid, from MGM Resorts International and Orix Corporation. In April, they broke ground on MGM Osaka, an $8.9 billion development on Yumeshima Island in Osaka Bay. The IR is on track to open in 2030. Once established, MGM estimates it will draw some 20 million visitors per year.

To fully exploit the opportunity, Osaka is redeveloping the former World Expo site, adding commercial and leisure attractions around the IR.

Second round of Japan IR applications in the works

In her first policy speech on Friday, Takaichi promised to create a “create a strong and prosperous Japanese archipelago”. She proposed the appointment of a “growth strategy council” to further economic development.

Meanwhile, the Japan Casino Regulatory Commission is expected to launch a second round of IR licence bidding in 2026.

In May, the Hokkaido Shimbun reported that “several prefectures, including Hokkaido … are ‘interested’”. In the past, Hard Rock International expressed interest in Hokkaido, the second-largest island in Japan.

“We’re still extremely active and interested,” Asia CEO Ed Tracy recently told iGaming Business, adding that Hard Rock Cafes have been in Japan for 40-plus years. “We really believe in that market, that it will be one of the top two or three [gaming] markets in the world.

“And if it takes patience and time to become an active partner in Japan, then we’ve demonstrated we’re willing to do that. A lot of the publicly traded companies decided to fold their tent and leave.”

Speaking to analysts during the group’s Q3 earnings call on Thursday, Evolution CEO Martin Carlesund hinted at the December deadline, although he said the Gambling Commission had not specified a timeline for the review.  

Evolution Gambling Commission review stems from supplier crackdown

The GC commenced its review in December, after discovering the supplier’s games were being provided to unlicensed operators in the country. The case indicated a wider crackdown on supplier compliance in the UK, as the commission stepped up enforcement against the growing black market.  

Gambling Commission CEO Andrew Rhodes had previously warned operators to step up their monitoring of business relationships, to ensure partners were not facilitating illegal gambling. 

“When it comes to the UK Gambling Commission timeline, unfortunately I don’t have any other information. It’s in the hands of the regulator and our estimation is that it will be by the end of this year,” Carlesund told analysts.  

Q3 revenue dips on troubles in Asia  

In what has been a pivotal week for the group, as it unveiled that Playtech had commissioned a secret investigation against it, Evolution reported its net revenue for Q3 had decreased by 2.4% to €507.1 million. 

Carlesund blamed Asia for its continued impact on the group’s earnings, as it continued to fight targeted cyber-attacks during the period.  

He also looked to the Philippines iGaming market, noting it had been “very volatile” during its early stages.  

“Other markets such as India, which in our view show signs of moving towards regulation, create a higher level of uncertainty than before,” he said in a statement.  

However, the group reported quarter-on-quarter growth in Europe after a couple of challenging quarters during which the market had been impacted by ring-fencing actions to prevent Evolution’s games from being used in grey markets.  

Europe revenue hit €182.2 million in Q3, up from €180.2 million in Q2. But in a year-on-year comparison, Europe was down 6.5%. The ring-fencing exercise commenced after the commission’s review was launched. The supplier initiated the project to ensure it was meeting compliance requirements across Europe and not contributing to the growing back market.  

EBITDA for the period was down 18.9% to €337 million, while EBITDA margin hit 66.4%, down from 71.7% last year. Profit landed at €252.3 million, down 23.2%.  

On Tuesday, the leader of the Liberal Democratic Party (LDP) became the 104th Japanese prime minister and the first woman to hold the post. Her victory followed a last-minute coalition between the LDP and the pro-IR Japan Innovation Party, or Ishin.

Takaichi has not taken an official position on IRs, Singapore-style resort complexes anchored by casinos. But the new LDP-Ishin alliance – and Takaichi’s long association with former prime minister Shinzo Abe – suggests she will support their development.

An Abe protégé who twice served as his communications minister, Takaichi backed the former prime minister’s policy of endorsing IRs as a way to boost foreign investment and tourism. Abe saw tourism as “a multiplying catalyst for vitalising local economies”.

In 2016, with the introduction of the Integrated Resort Promotion Law, he pledged to “promote resorts offering leisure and recreation services all in one place, which will attract visitors from all over the world”.

Slow track to fast track?

In 2018, Japan’s Diet approved the development of three IRs around the country, with the potential for more after seven years. Interest at first was sky-high, as analysts projected stratospheric revenues as high as $40 billion. But Covid-19 quenched investors’ ardor and shut down the bidding process.

Since then, only one IR has been approved, MGM Osaka, a joint venture of MGM Resorts International and Orix Corp. The $8.9 billion complex is now under construction on Yumeshima Island on Osaka Bay. Osaka Governor Hirofumi Yoshimura, incidentally a key proponent of IRs, was installed as head of Ishin in 2022.

Last December, when Japan lawmakers approved the appointment of new gaming commissioners, hopes for a fresh bidding process revived. The support of Takaichi and the new ruling coalition could be the fuel to restart a long-stalled industry.

The Korea Times Global Business Club and the Tourism Sciences Society of Korea hosted the event. The topic: “Strategies for securing sustainable competitive advantage in Korea’s Integrated Resort (IR) industry.”

Professor Kang Sung-sook of Tezukayama University said Japan’s IR model aligns government, investors and local communities to support sustained performance. The strategy is embodied by MGM Osaka, Japan’s first IR, now in development on Yumeshima Island in Osaka Bay. According to MGM, the IR’s world-class gaming, non-gaming amenities and cultural experiences will propel “Osaka’s evolution as a world-class destination”.

The $8.2 billion project is slated to open in 2030. It is expected to draw 20 million visitors annually, generate $3.4 billion in gaming revenue and create 20,000 jobs. By welcoming foreign workers, it could help offset the effects of Japan’s population decline, a trend former prime minister Shigeru Ishiba called a “quiet emergency”.

According to the American Chamber of Commerce in Japan, MGM Osaka will be “a catalyst for international hires” to grow the domestic workforce.

South Korea IRs: Room for improvement

Dong-eui University Professor Yoon Tae-hwan said Korea “adopted the IR concept at the legislative level”. But unlike Japan, it “failed to synchronise government ministries, local governments and private sector interests around a unified vision”.

He contrasted South Korea’s scattershot licensing, insufficient VIP marketing and lack of innovation with Japan’s “deliberate, well-coordinated approach”.

Yoon also complained about regulatory overlap. Currently, the Ministry of Culture, Sports and Tourism, the National Gambling Control Commission and other agencies jointly handle oversight. “The lack of specialised supervisory personnel has weakened on-site enforcement,” Yoon said. According to the Asia Review, he proposed an independent “control tower” with “clear, predictable standards to [draw] global investors and strengthen [Korea’s] international credibility”.

In keeping with the IR archetype of Macau and Singapore, MGM Osaka will include hotels, retail, restaurants, entertainment venues and MICE facilities. Yoon cited statistics showing that Korea IRs don’t presently offer such diversity.

“Japan’s IR operators invested in comprehensive destination management, not just gambling,” Yoon said. “But Korea often overlooked tourism integration” at the same level.

Will South Korea punters patronise Japan IRs?

MGM Osaka and subsequent IRs in Japan will provide formidable competition for markets like South Korea. Because South Koreans may only gamble at one domestic casino resort, Kangwon Land in a remote former mining village, they may choose to patronise the Japan IR. Osaka is only 90 minutes by air from Seoul.

Research cited by the Korea Travel Post suggests that once MGM Osaka opens, up to 7.6 million South Korean tourists may visit Japan annually, spending about $1.9 billion. But where some see threat, Kang sees an opportunity for cross-national cooperation.

“Many Japanese have never experienced casino gaming before,” she said at the Seoul conference. “Some of these new customers may be inclined to visit casinos abroad – particularly in Korea.” That could “turn competition into mutual benefit”.

With the ambiguity around how many prefectures will actually apply – especially considering the twists seen in Yokohama – other prefectures may make a late bid to snap up a licence. Or only two of three could be awarded.

Toru Mihara, chair of the National Council on Gaming Legislation, Ayako Nakayama, director at the Japan IR Association and Brendan Bussmann, discuss the remaining challenges for the development of the IR industry and make predictions on what the market will look like once the process is complete.

In comments to The Morning, de Silva said the framework will specify licensing procedures, conditions of operation and penalties for non-compliance. “We need to safeguard the government’s tax revenue while also protecting consumers from the risks of unregulated gambling.”

Law firm Tiruchelvam Associates called the GRA “a one-stop shop” that will govern all gambling, excluding lotteries and social games. The government will seek “international expertise” on gaming regulations, de Silva noted, and look to Singapore as a model.

Online gambling a ‘major grey area’

Online gambling is illegal in Sri Lanka but currently gets most of the action. According to Lanka News, from 60% to 70% of local punters patronise unregulated offshore betting platforms.

“Online gambling has become a major grey area,” de Silva said. “We have been discussing the need to regulate this sector for years, but there has been little progress. This legal vacuum poses both financial and social risks.” 

He said the global Financial Action Task Force will review Sri Lanka’s anti-money laundering and counter-terrorism financing safeguards when they are in place.

Currently, seven land-based casinos are licensed to operate in Sri Lanka: six smaller gaming halls and one integrated resort (IR). The latter, City of Dreams Sri Lanka, opened Phase 1 last October in Colombo Port City. Phase 2, including the casino, opened in August.

New era of tourism in Sri Lanka

City of Dreams is a joint venture of John Keells Holdings and Melco Resorts & Entertainment. It offers two hotels, a 16,700-square-metre gaming floor, meeting and convention facilities and other non-gaming attractions. The $1.2 billion complex represents the largest private investment in Sri Lankan history.

The IR is expected to draw patrons from India, China, Southeast Asia and the Middle East, all within four hours’ travel by air.

“This is not just a property, it is a symbol of possibility and a celebration of Sri Lanka’s potential as a world-class destination,” said Melco Chairman and CEO Lawrence Ho at the casino ribbon-cutting. “Sri Lanka can be to India what Macau is to China,” Ho added. “Colombo is the closest destination to India, and an integrated resort like this gives the city a lot of potential.”

Higher gaming tax, locals levy

In September, Sri Lanka voted to increase its gaming tax from 15% to 18% and double the entry fee for locals from $50 to $100.

According to the Sri Lanka Financial Times, the new levies will help fill government coffers drained during the 2022 economic collapse. That year, the government declared bankruptcy and defaulted on its debt for the first time. Shortages of essentials like fuel and food caused mass protests and forced the resignation of former president Gotabaya Rajapaksa.

In a 7 October analysis, the World Bank reported that the nation’s ongoing recovery remains “uneven and incomplete”.

“To build a stronger, fairer economy that benefits all households, Sri Lanka needs the private sector to invest and create jobs and ensure that every rupee of public money is well-spent,” said David Sislen, World Bank division director for Sri Lanka.

The bank estimates that growth will slow to 4.6% in 2025 and 3.5% in 2026, down from 5% in 2024.

In a report released on Tuesday, the CICC and global TrustTech company Gogolook announced a “dramatic” 93.6% decrease in detected illegal iGaming URLs. The drop-off marks “significant progress in the country’s fight against digital illegal gambling operations”, the report stated.

The CICC is an agency of the Philippines Department of Information and Communications Technology. Taiwan-based Gogolook introduced its Whoscall digital anti-scam app to the Philippines in 2023. In January, the government renewed its partnership with the fraud-prevention company, which also invites Filipino “netizens” to report illegal online activities.

According to the Whoscall Scam Report, the number of gambling URLs plummeted from more than 4,300 in the second quarter to 275 in the third quarter. The CICC attributed the results to the government’s “intensified monitoring and takedown efforts”. It also credited public awareness campaigns that warn of the risks of patronising illegal gambling platforms.

‘Combined efforts are working’

The third-quarter decline “shows that our combined efforts with partners like Gogolook are working”, the CICC stated. “Illegal online gambling is not only a moral and social issue – it fuels financial crimes, data theft and money laundering. Every site taken down helps protect Filipino families from exploitation. The downward trend underscores the growing vigilance among Filipinos and the effectiveness of sustained information campaigns.”

In September, Gogolook founder and CEO Jeff Kuo told the Manila Standard that the Philippines – the “social media capital of the world” – is among Whoscall’s fastest-growing markets. He pledged to keep the “freemium” Whoscall plan available to Filipinos.

“All the basic functions will be free for a long time,” Kuo said. “We believe anti-scam is a human right. Once we have the knowledge about scammers, we must share the basic protections for free – especially in the Philippines.” Kuo said the prevention of illegal online activity requires consumers and government to work proactively in a “shared responsibility framework”.

In August, a coalition of 19 Pagcor-licensed iGaming operators formed the PlaySafe Alliance. Its goals include working to combat illegal gaming operators and educating the public about the difference between licensed and unregulated operations.

A sprawling integrated resort, MGM Osaka, will anchor the destination. The US$3.92 billion (JPY28 billion) IR, a joint venture of MGM Resorts International and Japanese developer Orix Corporation, is expected to open in 2030.

World Expo set the stage for MGM Osaka

Yumeshima just finished hosting the 2025 World Expo, with the theme “Designing Future Society for Our Lives”.

The run-up to the six-month event was marked by cost overruns, construction delays and tepid public interest. But to the surprise of many, the expo was a resounding success. More than 25 million attendees interacted with exhibitors from 158 nations. Pavilions showcased next-generation innovations in tech, health care and sustainable energy. Guests marvelled at futuristic products like flying cars, an artificial heart grown from stem cells and an AI-driven robot that guides the visually impaired.

According to the Japan Times, the expo, which ended at 10pm Monday, could yield $3.92 billion in profits. And the former event grounds will serve as the building blocks for a forthcoming tech hub and entertainment destination. According to the plan, a cluster of commercial and leisure amenities will flank the massive IR. Together, they will contribute significantly to the local economy.

On its own, MGM Osaka is expected to draw 20 million people a year. Along with Japan’s first casino, it will include MICE facilities, hotels, restaurants, retail stores and entertainment venues. Orix Kansai region representative Toyonori Takahashi has said the resort will rival proven IRs in Asia, “particularly in Macau and Singapore”.

Public still divided on Japan casinos

Hideyuki Araki of Resona Research Institute believes new development on Yumeshima will support all stakeholders. “The expo site is vast, and synergy with the IR is expected,” he told the Japan News. “It is important not to simply end the project with a large-scale development, but to adopt strategies with a medium- to long-term economic outlook.”

So far, investors have floated proposals for the island like a Formula 1 racetrack, more luxury hotels and a water park.

But the IR itself remains “controversial”, according to the Times. A November 2024 survey reported that almost one-third of Japanese continue to oppose the IR due to concerns about gambling addiction. The survey said 30.6% support the idea and 36.7% said they are neutral.

Kobe University sociology Professor Hiroki Ogasawara speaks for the opposition. He said casinos are built on “greed, desire [and the] pursuit of economic wealth for only a handful of people”.

Osaka Governor Hirofumi Yoshimura takes the opposite view. At the April groundbreaking of MGM Osaka, he said the IR “will create an overwhelmingly extraordinary space, generating new demand in tourism and business and serving as a catalyst for Osaka’s economic growth”.

The PHP73 billion (US$1.25 billion) project began in 2019 with a projected opening in 2022. It met with several “global disruptions”, including the Covid-19 pandemic, acknowledged global design consultancy Arcadis. Most recently, the IR was scheduled to debut before the end of 2025.

In a statement on Wednesday, Arcadis said the project is now 75% complete. Project Director Joseph Atabug said the “landmark development” is on “the brink of completion, overcoming unprecedented challenges along the way”. Westside City will deliver “results beyond expectations”, he said.

Partnership of Suntrust, Travellers

Westside City spans 31 hectares (310,00 square metres) in Manila’s Entertainment City casino zone. The district is already home to three IRs: Solaire, Okada Manila and City of Dreams. All are in Parañaque City, about a 10-minute drive from Ninoy Aquino Airport.

The new complex will include three hotel towers with more than 2,500 rooms, a spa and wellness centre, a 3,000-seat performance hall and meeting and convention space. The casino will offer more than 2,000 slot machines and gaming tables serving both mass and VIP players.

The complex is a joint venture of Suntrust and Travellers International Hotel Group, developer and operator of Newport World Resorts in Metro Manila. According to the Manila Standard, in September Travellers took over development of Westside City, heralded as the “Broadway of Asia”.

“Westside City is more than a destination – it’s a commitment to Filipino talent and world-class entertainment,” said Travellers Chairman Kevin Tan. “Our vision is to create a global stage that celebrates local excellence.”

Turbulent markets, growing competition

In past statements, Suntrust has acknowledged that the casino “may face significant competition in the Philippines”. Its performance is also subject to “economic downturn, economic uncertainty and other factors affecting discretionary consumer spending”.

“The company expects competition in the Philippines to be intense as multiple integrated resort-casino projects have been approved and/or currently operating,” Suntrust stated. “Entertainment City is continuously being developed into a casino hub. Competitive pressures in the Philippine gaming industry could affect the main hotel casino’s business, financial condition and results of operations. Any reduction in consumer demand for the gaming-related services could affect … business.”

Suntrust also noted the proliferation of casino complexes “elsewhere in Asia”. Integrated resorts with gaming are to open in the United Arab Emirates in 2027 and Japan in 2030.

Last year, the Philippine Amusement and Gaming Corp added PHP12.7 billion (US$219 billion) to government coffers. That made Pagcor the third largest contributor to the national budget after the Landbank of the Philippines (PHP33.5 billion) and the Philippines Central Bank (PHP18.9 billion).

On 16 September, the DOF honoured government-controlled or government-operated corporations with certificates of recognition. At a ceremony at Malacañang Palace, Finance Secretary Ralph Recto thanked the regulator for helping to “improve public services without asking ordinary Filipinos to carry the burden of new taxes. When we set a higher bar for dividend remittances, you not only responded, but exceeded expectations.”

Last year, Pagcor posted a record PHP112 billion in gaming revenue, spurred by the growth of online gambling.

Pagcor Chairman and CEO Alejandro Tengco called the award “a meaningful affirmation of Pagcor’s steadfast commitment to nation-building and fiscal responsibility. Each peso we remit to the national treasury reflects the dedication of our workforce and the trust placed in us by the Filipino people.”

He called Pagcor “a reliable partner … in strengthening our country’s fiscal position”.

Funding the fight against illegal iGaming

Pagcor has already earmarked millions of pesos to the war on illegal gaming.

On 29 September, Tengco presented a PHP25 million promissory check to the National Bureau of Investigation, which leads the fight against black-market providers including Philippine Offshore Gaming Operations. In July 2024, President Ferdinand Marcos Jr banned POGOs for fronting online scams. POGOs were also implicated in money laundering and human trafficking.

The Philippine SunStar called Tengco’s “mock check” the first tranche of an annual PHP50 million commitment to the National Bureau of Investigation. It “underscores the shared responsibility of Pagcor and the NBI in promoting lawful, fair and responsible gaming in the Philippines”, said Tengco. “Illegal gambling operators undermine our laws, exploit our people and put our communities at risk. Working hand in hand with the NBI, we are sending a strong message. We will not allow unlawful gaming practises to persist.”

NBI Director Jaime Santiago said the funds “will defray the cost of food and expenses for POGO detainees”, foreign workers still awaiting deportation. The allocation will also “support the bureau’s legitimate operations against illegal gaming activities”.

Of Pagcor’s total dividends, PHP8.45 billion represents the required 50% government share of the body’s net income. The remaining PHP4.22 billion represents a 25% advance that may be applied to future obligations. The DOF has also asked government-operated corporations to increase their dividends by 25% to increase non-tax revenues.

Drafted in March, the legislation could become law by the end of 2025.

In addition to creating a regulator for online games, the act would ensure that features like lucky draws and points-based rewards don’t rise to the level of online gambling. The act would also empower law enforcement to block unregistered games and monitor others for compliance and safety. And, of course, it would establish a formal tax structure for the industry.

“The law is not a barrier, but rather a mechanism to regulate the gaming market to ensure fairness and facilitate free and responsible market competition,” said Nuttapon Nimmanphatcharin, head of Thailand’s Digital Economy Promotion Agency. DEPA developed the legislation in collaboration with the Digital Economy and Society Ministry and the Ministry of Culture.

According to the Bangkok Post, Nuttapon says the measure will make the Thailand gaming sector, which includes esports, more competitive globally.

Games industry valued at up to 40 billion baht

Thailand’s gaming sector is currently estimated to be worth up to 40 billion baht (US$1.23 billion). It could reach 100 billion baht within the next 10 years, Nuttapon told the Post in an April interview.

“This industry has a lot of opportunities,” he said. “Games are interconnected with many sectors, from education to entertainment and sports. In addition, games are a cultural activity in a region that has many similar elements.”

But social gaming revenue pales in comparison to that generated by a land-based casino industry. According to analysts, integrated casino resorts would make Thailand a major player in the global gaming industry, with estimated gross gaming revenue of up to 308 trillion baht per year. At that level, Thailand would be the world’s third-largest gaming market after Macau and Las Vegas.

But Thailand recently shelved a controversial measure that would have legalised casinos, following a political scandal involving former prime minister Paetongtarn Shinawatra.

Will Thailand reintroduce casino legislation?

In January, the Thai cabinet approved a draft of the Entertainment Complex Bill, which would have permitted five IRs with gaming in locations around the country. Proponents of the measure included Paetongtarn and her father, Thaksin, a former prime minister, who also supported a legal iGaming industry.

Despite pronounced public opposition, the bill seemed on its way to passage. But in July, lawmakers shelved it after Paetongtarn’s mishandling of a border conflict with Cambodia. In August, after a Thai court found her guilty of ethical misconduct, she was impeached. Her successor, Anutin Charnvirakul, has said casino legislation will not return while he holds office.

Meanwhile, passage of the Game Industry Act would make Thailand the first ASEAN nation with dedicated game legislation and the fourth in Asia, after China, Japan and South Korea.

In related news, a major games industry convention is coming to Bangkok for the first time. Gamescom Asia 2025 bills itself as “the biggest B2B2C platform for the games industry in Southeast Asia and one of the biggest in the world”. For the past decade, the convention has been held in Singapore.

The licences permit Yolo to supply iGaming content to the regulated market in the UAE. Both permits were issued by the General Commercial Gaming Regulatory Authority, an independent entity of the UAE government.

In securing the licences, Live88 will become the first online live casino studio to be approved in the region. Yolo said product development and testing will remain in Estonia before it scales across the Gulf Cooperation Council (GCC) countries.

The UAE is the first jurisdiction in the GCC region to regulate gambling.

“Obtaining these licences in the UAE is more than a regulatory achievement,” Yolo founder Tim Heath said. “It is a statement of intent. Yolo Group is committed to building the future of gaming on trust, transparency and world-class innovation.

“The UAE is setting the stage for what modern, regulated gaming should look like and we are proud to be part of that journey.”

Regulated market focus for Yolo Group

The new UAE licences form part of Yolo’s pivot towards regulated markets. Previously, the company was heavily focused on unregulated crypto casino but recently changed tack.

This came with confirmation it will incorporate its Sportsbet and Bitcasino brands into the single Yolo.com brand. Yolo said the primary aim is to bring Yolo.com to Tier-1 regulated markets. This followed a three-year process of research and preparations for the shift.

“The direction is clear: the regulated landscape is the future of gaming and we’re ready to lead with the same fearless innovation that got us here,” the company said at the time of the announcement.

However, Juan Ignacio Ibañez, general secretary of the MiCA Crypto Alliance, raised certain questions over the switch. Speaking to iGB, he said entering regulated markets is not just a case of paying a licence fee.

“You might think getting a licence is just a fact of spending an amount of money on the law firm and telling them to go get it,” Ibañez said. “But it turns out that you need to actually adapt your processes a lot, right?

“In order to be able to report a lot of the items that you need to report in the process of getting a licence, you need to change your own internal processes, or set up processes that you didn’t have before. So organisationally, it is quite transformative to get ready to operate in a regulated market. It really changes how you function and your team.”

In a letter to affected employees, Sands President and CEO Patrick Dumont said: “Investments in SDS were made with the understanding there would be multiple points in the process where we would assess the most pragmatic path forward.

“Ultimately,” he continued, “it was clear … that further pursuit of this business was no longer aligned with the company’s core long-term objectives.”

Sands flip-flopped on iGaming

Sheldon Adelson, founder of the US-based casino giant, was well-known for his opposition to online gambling. As MGM Resorts International and Caesars Entertainment embraced the innovation, Adelson pledged to “spend whatever it takes” to prevent this “danger to society”.

In 2014, he launched the Coalition to Stop Internet Gambling. The organisation sought to reverse the US Department of Justice’s 2011 reinterpretation of the 1961 federal Wire Act, a legal action that opened the door for individual states to launch legal iGaming.

Some saw Adelson’s stance as less about protecting gamblers and more about protecting his investment in brick-and-mortar casinos. In a 2001 interview about internet gambling, he told the Las Vegas Sun: “Our hat will be in that ring. If this is going to happen, we want people who know what they’re doing controlling it.”

Adelson died in January 2021 at age 87. In 2022, the company he founded invested in Curaçao-based iGaming provider Qbet. It then launched SDS, with plans to offer a live-dealer streaming platform to licensed jurisdictions. That short-lived experiment is now over.

Sands to concentrate on Macau, Singapore

In 2021, Las Vegas Sands sold its US gaming operations, including the Venetian and Palazzo on the Las Vegas Strip, to concentrate on its Asia assets. That strategy continues, Dumont noted in his 2 October letter.

“Overall, we remain very fortunate to operate in the two best markets in our industry,” Macau and Singapore, he said. “Over the past two decades, we have set the standard for the investments we have made in our land-based portfolio of properties. We continually meet and exceed the commitments we have made to our host markets.

“Our dedication to our business partners and local communities remains an important part of our identity,” he wrote. So does Sands’ “commitment to being the most shareholder-friendly company in the gaming and hospitality industry. As a company, we have much to look forward to in the years to come.”

Online gambling is illegal in Macau, where the Sands Corp operates five integrated casino resorts. In Singapore, home of Marina Bay Sands, iGaming is limited to Singapore Pools, which offers lottery, horse racing and sports wagers. All other remote gambling, from inside or outside the republic, is prohibited by the Gaming Regulatory Authority.

Sands previously abandoned plans to bid for a New York casino licence this year, citing concerns that any potential revenue of land-based operations could be harmed by future iGaming legalisation. The company had initially proposed a US$4 billion resort at the Nassau Veterans Memorial Coliseum on Long Island.

The decision followed an August raid in the special administrative region of Oecusse-Ambeno. The police action uncovered telltale signs of scam operations, including SIM cards and Starlink satellite devices. On 11 September, the United Nations Office on Drugs and Crime (UNDOC) followed with an Organised Crime Threat Alert, warning of transnational crime gangs at work in the region.

As a digital free-trade zone, Oecusse-Ambeno was a natural target for syndicates, UNDOC stated. “Convicted cybercriminals, offshore gambling operators and triad-linked networks” target special economic zones. Chased from major markets like the Philippines, they are “strategically shifting their focus to jurisdictions less prepared to counter such challenges.

“This trend underscores the resilience and adaptability of the scam centre industry” and the threat posed for emerging economies, according to the report.

In search of an economic lifeline

Timor-Leste is a young nation and one of the world’s poorest. Seeking more industry and foreign investment, its government rejected land-based casinos but approved online gaming.

“I don’t want some poor Timorese to lose everything in gambling with all the human, sometimes tragic consequences.” said President José Ramos-Horta in 2024. “But if foreigners want to gamble online and Timor offers an online gambling possibility, fine.”

The Virtual Gaming Association of Timor-Leste pledged to uphold “best practices in online gambling regulation and licencing”. VGA Chairman Richard Leather extended an invitation to “responsible operators and suppliers looking for a serious, safe and secure jurisdiction”.

Regulation was to be modelled on frameworks established in Malta and the Isle of Man.

Philippines warned of POGO-like scams

But the Philippines cautioned against the move. In a state visit last October, Justice Secretary Jesus Crispin Remulla warned that crime-ridden Philippine Offshore Gaming Operations could relocate to Timor-Leste, at the southernmost tip of the Malay Archipelago.

Remulla advised officials of “the potential socioeconomic and security challenges” associated with such providers. In July 2024, Philippine President Ferdinand Marcos Jr expelled POGO operations, many of which had served as fronts for online and crypto scams, money laundering and human trafficking.

But Timor-Leste pressed forward and, in April, it awarded its first licence to Golden River Universe. At the time, Flexi News called the development “a pivotal step in the country’s ongoing efforts to diversify its economy and strengthen its footprint in the digital innovation space”.

“This project is particularly important for Timor-Leste, a country in need of more job opportunities for young people, and where around 70% of the total population is under 30 years old,” agreed Antonio Sampaio, of Capital Ventures Timor-Leste. “It showcases the importance of private-sector initiatives.”

Pending ASEAN membership may help

In 2011, in hopes of stoking economic development, Timor-Leste applied for membership in the Association of Southeast Asian Nations (ASEAN). This month, it will finally join the influential body, which strives to integrate regional markets and “leave no one behind”.

That makes the iGaming ban well-timed, according to UNDOC. “As Timor-Leste prepares to join ASEAN, safeguarding its economic and digital systems against infiltration by organised crime will be critical to protect the security and prosperity of it citizens and people across the ASEAN region.”

The pending resolution revokes existing licences and closes the door on future online gambling ventures.  

To kick things off, Ed Birkin and Robin Harrison have a frank exchange of views on Yolo Group’s regulated market pivot. This hinges on whether the move gives the crytpo giant an unfair advantage thanks to its scale and revenue, or simply follows an ongoing industry cycle.  

Yolo Group, Singapore integrated resorts and Golden Matrix discussed on Apple Podcasts

Singapore integrated resorts: Sands on the rise, Genting struggles 

As promised, focus then turns to Singapore integrated resorts where business is booming for Las Vegas Sands’ Marina Bay Sands.  

Genting’s Resorts World Sentosa, on the other hand, is struggling. Will a host of non-gaming amenities, including a Minions theme park, help turn things around? And does Robin look like a Minion as Ed claims? 

There’s also still time to tackle Golden Matrix’s B2C pivot through the acqusition of Meridianbet and the usual chatter about how Ed’s various sports teams continue to underperform.  

“Circumstances are changing,” Suzuki said at a press briefing last month. “We view IR as a potential project that could contribute to Hokkaido’s development by attracting private investment and boosting tourism-related spending.”

Three licences, only one Japan IR approved

In 2018, the Diet passed legislation that would permit up to three IRs across Japan. The late prime minister, Shinzo Abe, promoted the developments as a way to increase foreign investment and international tourism.

Hokkaido was initially eager to join the bidding, with Tomakomai a leading candidate, and Hard Rock International the proposed operator. The site of choice: Uenae, near Chitose International Airport.　

But the city’s hopes were dashed when rare and endangered bird habitats were identified in the surrounding forests. According to the Japan Times, with little time to assess the environmental impact, Suzuki declined to pursue a bid.

Impact of Covid-19

At the same time, interest in Japan – once called “the next holy grail” of global gaming – took a gut punch during Covid-19. Global operators slashed their capital budgets. One by one, big players (Wynn, Las Vegas Sands, Caesars, Genting, Galaxy, Melco) bowed out.

In April 2022, only two contenders, Osaka and Nagasaki, officially applied to host IRs. Of those, only one was approved. MGM Osaka, an $8.9 billion joint venture of the US gaming giant and local partner Orix Corp, is on track to open in 2030.

Hopes for a fresh bidding process revived last December, when the Diet approved the appointment of new gaming commissioners.

Former prosecutor Takafumi Sato, who helped develop the regulatory framework for Japan IRs, was tapped as chairman. Junichi Kakimizu, a former head of the National Tax College, also came on board. Psychiatrist Michiko Watari was reappointed as commissioner. They joined sitting members Hirofumi Kitamura, a former law enforcement official, and economics professor Keiko Ishikawa.

Interest still high in Hokkaido

Last month, the Hokkaido government surveyed local municipalities to assess their interest in developing an IR. Under new pro-IR mayor Suguru Kanazawa, elected in December, Tomakomai again raised its hand.

Kushiro Mayor Hidenori Tsuruma also is interested in the plan, which could establish Lake Akan as a tourist destination. However, Kushiro could also face pushback from environmentalists because of its natural splendours, including hot springs and indigenous Ainu village.

Hakodate Mayor Jun Oizumi, too, has expressed interest, and said the city is in the information-gathering stage. In an October 2024 post, analyst Daniel Cheng wrote that Hakodate, in Oshima Subprefecture near Hokkaido, “would likely attract significant interest from international operators if the political climate favours the tendering of the remaining two casino licences”.

Residents of each proposed site also must get behind any plans. Hard Rock’s proposal, if revived, would transform the Tomakomai landscape with a guitar-shaped hotel, a Four Seasons Resort, a Hard Rock Live venue and retail and dining facilities as well as a casino.

In a nod to local culture, the Hard Rock design also features “an authentic Ainu village experience, designed to help raise awareness for the local indigenous Ainu people”.

According to the Bangkok Post, a Senate committee formally rejected the bill due to concerns about social impacts, burdensome infrastructure costs and national security.

The bill was introduced during the administration of former prime minister Srettha Thavisin and championed by his successor, Paetongtarn Shinawatra. It was suspended following her ouster. Paetongtarn, the daughter of former prime minister Thaksin Shinawatra, was impeached in July for her mishandling of a border conflict with Cambodia.

Critics slam rush to legalise casinos

In the rush to legalise casinos despite multiple public protests, the government declined to hold a nationwide referendum on the matter. Several public surveys came to completely different conclusions.

A January poll from the National Institute of Development Administration reported that many Thai residents feared casinos would lead to gambling addiction and increased crime. Almost a third worried national security would be compromised. And more than 30% doubted that they would truly lift the country’s economy. About 17% were concerned the industry would enrich politicians and investors over people.

But in March, during a public comment period, the Thailand Fiscal Policy Office reported that 80% of respondents approved of the legislation. The numbers were so definitive, former election commissioner Somchai Srisutthiyakorn suggested the outcome may have been rigged.

On Tuesday, Senator Chinachot Saengsang said bill supporters misled the public, suggesting casinos were a small part of larger entertainment venues. “The casino is not a side feature – it’s the core of the proposal,” he said. “If the new government includes casino legalisation in its policy platform, it risks undermining public confidence and long-term governance.”

Entertainment resorts without casinos?

One media report called the legislation “dead in the water”, but the senate committee agreed the proposal could be revived under certain conditions.

Vice Chair Sornchat Vichaya Suwannaprom proposed changes including removing the gaming component from entertainment complexes. Other possibilities: casinos with strict controls to limit access by Thai natives, and stringently regulated iGaming.

At one point, to ease concerns about gambling addiction, lawmakers proposed a so-called “millionaire clause”. It would have required residents to demonstrate at least 50 million baht ($1.5 million) in savings before gambling. The average yearly income in Thailand is a fraction of that – about 348,000 baht in 2023.

One thing seems sure: the legislation is in limbo at least until the new year. Acting Prime Minister Anutin Charnvirakul of the minority Bhumjaithai Party has declared no casino bill will advance on his watch. And that tenure may be short-lived. Anutin assumed power with the provision that he would form a new government within four months.

Is a reset in the offing?

Can a fresh start draw major investors back to the table? MGM Resorts CEO Bill Hornbuckle has called Thailand “an amazing marketplace” and “a meaningful market”. Galaxy Entertainment Group and Melco Resorts & Entertainmant had already opened offices in Bangkok when the legislation was suspended. Hard Rock had considered options in Thailand including a convention-based IR in Phuket.

But Hard Rock International Chairman James Allen recently told iGB his company has “zero interest” in a Thailand IR at this point due to “instability”. 

News outlet The Thaiger is betting that this “stuck-in-a-rut” bill will be back in 2026, but only if the ruling Pheu Thai Party ends political instability and builds a stable coalition government. Only then, according to the report, can Thailand realise the initial goals of the plan: to attract foreign dollars, restore tourism, boost local economies and create jobs.

For 30 hours starting at 5pm Tuesday, the “super-typhoon” battered the Philippines, Taiwan and parts of Southern China. At the height of the storm, Macau raised a Typhoon Signal No 8. By 11pm Wednesday, the alert had been lowered to a Signal No 3.

According to the Macau Daily Times, Ragasa caused “more disruption than damage”. Even so, it caused an almost total shutdown of the special administrative region. Residents fled their homes for emergency shelter and schools, bridges and other businesses closed, as did Macau International Airport.

During the worst of the storm, wind speeds climbed to almost 200 km per hour. But flooding was not as grave as officials predicted, topping out at 1.5 metres above street level in some sections. The storm caused no fatalities or serious injuries in the Chinese SAR, but it killed at least 17 people in Taiwan, reported CNN.

Emergency operations praised

The Macau Civil Protection Operation Centre won high marks for its performance during the crisis, the Times reported. It was the first major test of the CPOC, established in 2024 to enhance civil protections in the event of emergency.

Initial reports warned that Ragasa could equal typhoons Hato and Mangkhut for intensity and destruction. Hato, which made landfall in August 2017, took 10 lives and left more than 240 people injured. Mangkhut hit in September 2018 at a speed of 185 kilometres per hour, causing widespread flooding and property damage.

As life gets back to normal, the Macau government advised residents and visitors to be alert for unstable weather through Thursday. Frequent heavy showers and thunderstorms could be accompanied by winds “intermittently reaching Force 7 to 8” with gusts of up to 110 kph.

Local media outlet Laodong.vn cited a draft resolution from the Vietnam Ministry of Finance. It states that citizens who meet unspecified financial requirements can “play in casinos in Van Don and Ho Tram on a pilot basis for a period of five years from the date of operation”. The ministry did not confirm a timetable for implementation.

Vietnam now has nine casinos, all open only to foreigners. Grand Ho Tram, near Ho Chi Minh City, opened in 2013.

Van Don, a project of the Sun Group, is under development in Quang Ninh Province. Phase 1 of the VND51.6 billion (US$2 billion) resort is to open in 2027, with completion expected in mid-2032. XeToday reports that the casino will include 214 casino tables and 2,140 slot machines.

Second time around for locals gaming

In 2016, the Politburo approved a three-year pilot allowing locals to gamble at two casinos: the Corona in Kien Giang Province, and Van Don, which was still in the planning stages.

To enter, locals had to show proof of monthly income exceeding VND10 million. They also had to pay a VND1 million entry fee to enter over a 24-hour period. The programme was soon derailed by the Covid-19 pandemic. And although the government later extended the trial through 2024, it produced lacklustre results and was suspended in January.

Tim Nguyen, director of Fortuna Investments, told SCCG Management, “The reactivation of the Van Don project [and the] extension of the locals entry pilot signal a strong move toward a more commercially viable gaming sector.”

Reports suggest Vietnam may remove proof-of-income requirements and increase casino entry fees to VND2.5 million per day or VND50 million per month.

Santana visited party headquarters on Monday, carrying 50 pages of documents he said would substantiate his claims. He did not identify the lawmakers in question, but said two who held ministerial roles were close to casino kingpins known as Tue and Maem.

Santana told the media that he also invested in casinos, but that he opposed politicians who did the same. In addition, he said he requested to meet with Prime Minister Anutin Charnvirakul, to no avail.

“He doesn’t want to speak with me,” Santana said of Anutin, who took office on 5 September. “I don’t want to say he avoided me. We have met before. We’re not strangers. We have dined together and greeted one another. But now he is the prime minister, so sometimes he has to forget people.”

Elected after ex-PM Paetongtarn Shinawatra was impeached on ethics charges, Anutin reportedly claimed he does not know the officer.

Tensions build between Thailand and Cambodia

During her brief tenure – she held office for only a year – Paetongtarn championed legal casinos in Thailand as a way to build tourism and attract foreign investment. As leader of the ruling Pheu Thai Party, she backed the controversial Entertainment Complex Bill. It attracted would-be investors like Galaxy Entertainment Group, MGM Resorts International and Melco Resorts & Entertainment. They planned to invest billions to bring up to five integrated resorts with gaming to the kingdom.

But opposition to the proposal was widespread and vociferous. Anutin opposed the bill, which was tabled following Paetongtarn’s ouster and could now be dropped altogether, according to the Bangkok Post. For legal gambling at present, many Thai residents cross the border to Cambodia, which hosts 150 gaming halls, many clustered in border cities like Poipet.  

In related news, the head of the Royal Thai Navy says one Cambodian-operated casino is actually located on Thai land and not in an “area of claim”.

According to The Nation, Admiral Jirapol Wongwit challenged Cambodian officials on Tuesday to pull down the new casino, located in disputed territory in Trat Province, or risk its seizure by Thai authorities.

“You will either demolish it yourself or allow us to demolish it for you,” Jirapol stated.

Rear Admiral Parach Rattanachiayaphan added that if Cambodia fails to cooperate, Thailand may “escalate” its response.

“We are committed to delivering the resort by [March] 2027, and it is on plan,” Abdouli told the Khaleej Times. “It is one of the biggest projects in the UAE and one of the most anticipated in the region.”

As of August, the $5.1 billion, 70-storey IR had reached the 61st floor. At completion, it will include a hotel tower with 1,500-plus rooms; the ultra-exclusive all-suite Enclave; a 7,500-square-metre event centre; a five-star spa; 20-plus restaurants; and “a glamorous shopping parterre”. The 20,900-square-metre casino will feature a “sky gaming” area on the 22nd floor.

The Persian Gulf complex will offer multiple pools with private bungalows and cabanas, a marina and 420 metres of private beach. Per the website, Al Marjan was “conceptualised as the centrepiece of an upscale destination offering the finest in hospitality and entertainment”.

It is located less than an hour from Dubai International Airport and just 15 minutes from Ras Al Khaimah International Airport.

UAE gaming a hedge against regional competition

Last October, Wynn Resorts won the UAE’s first gaming licence with a term of 15 years. At the same time, the country established its General Commercial Gaming Regulatory Authority, helmed by US gaming industry veterans. Jim Murren, former MGM Resorts CEO, is chairman. Kevin Mullally, one-time chief legal officer for Gaming Laboratories International, serves as chief executive.

The legalisation of gaming in the UAE is a part of a strategy to fend off competition from other Gulf destinations, especially Saudi Arabia. The latter welcomed a record 30 million international visitors in 2024. It is courting more with simplified visas and a less restrictive social environment. The UAE, meanwhile, is defending its standing as the region’s trade, tourism and financial centre.

The IR will be augmented by RAKS Central, a 3.1 million-square-metre “mixed-use residential community” also set to debut in 2027.

“The Ras Al Khaimah Tourism Development Authority aims to attract more than 3.5 million visitors by 2030,” Abdouli told the Times. “To achieve this, we need more hospitality keys and active investor participation in real estate, including hotels and apartments.”

Gaming revenue could outpace the Strip

In a March interview with CNBC host Jim Cramer, Wynn Resorts CEO Craig Billings called Al Marjan “the best development project in the industry”.

In terms of gaming revenue, “analysts have put it in the $5 billion to $8 billion range”, he said. “To put that in perspective, the Las Vegas Strip is a little more than $6 billion. So that’s a substantial market opportunity.”

Wynn’s 2025 acquisition of Crown London, an exclusive casino in the tony Mayfair district, is expected to be “a conduit” for UK-based clients. “London was a small acquisition in dollar terms, but a big acquisition in strategic terms,” giving Wynn a database of affluent gamblers who may want to visit the UAE, Billings noted.

According to the Arabian Post, Wynn has already reserved land for a potential second IR in Ras Al Khaimah. The move signals “long-term ambitions for expanding its gambling and hospitality footprint in the UAE”.

Other operators are also looking at the emerging jurisdiction. Last fall, MGM Resorts CEO Bill Hornbuckle said the company is planning a resort in Abu Dhabi. Its licence application is pending.

IG Group to acquire Independent Reserve

IG Group has struck an agreement to acquire Australia-based cryptocurrency exchange Independent Reserve.

The deal, billed as a bolt-on transaction, has an initial enterprise value of AU$178 million (US$117.3 million). IG Group said it will accelerate its entry into cryptocurrency markets in the Asia Pacific region.

The transaction is subject to regulatory approvals from authorities in Singapore and Australia, with completion expected in early 2026.

“This acquisition marks an important step in our crypto strategy in a key region,” said Matt Macklin, managing director Asia Pacific and Middle East at IG Group. “Independent Reserve is one of Australia’s largest and fastest-growing digital asset exchanges. I am delighted that the Independent Reserve team will join IG as they embark on their next phase of growth.”

Genius Sports snaps up Sports Innovation Lab

Also making an acquisition is Genius Sports, which has purchased sports fan data specialist Sports Innovation Lab.

Financial details of the agreement were not disclosed. However, Genius said it fast-tracks the expansion of its media business, combining official game data with deep fan intelligence.

Genius also said the combination will create the most comprehensive fan database in sports and entertainment. This, Genius added, will track billions of annual transactions, including purchases, attendance and viewership.

“By integrating the most comprehensive official sports data with unmatched fan intelligence, we are strengthening our foundation and providing partners with a powerful new way to understand and engage fans at scale,” Genius CEO Mark Locke said.

Police rescue men kidnapped over casino debt in Vietnam

Police in Vietnam have rescued two Chinese men who were kidnapped after accumulating debts at a luxury casino.

According to VN Express International, the men borrowed hundreds of thousands of yuan to gamble at Hoiana Casino. Wang Xiaoci and Li Yao Zong were named as the two men that gambled at the venue in Quang Nam Province.

After being unable to repay the money, it is alleged a group of men forced them to sign debt papers. They were also said to have been assaulted and given death threats if they did not pay the money back.

Police were alerted to Wang being forced into a car outside the casino. Shortly after, police tracked the car to a nearby apartment complex and carried out a raid. As well as locating both men, police made five arrests at the same location.

FDNY uncovers illegal gambling den in New York

The Fire Department of the City of New York reported it has uncovered an illegal gambling den in Manhattan.

Officers from the FDNY Bureau of Fire Prevention found a gambling parlour with slot machines. Lithium-ion batteries were found charging throughout the illegally converted cellar, which also had storage space filled with counterfeit designer bags and accessories.

“Dangerous and unlawful conditions” were also noted at the location. These included cellar hallways converted into single room occupancies, crowded with mattresses, hot plates and space heaters.

“Illegal living conditions and unsafe battery charging can create deadly conditions for residents and for firefighters responding to emergencies,” FDNY Commissioner Robert Tucker said.

FanDuel secures online market access in West Virginia

Flutter Entertainment-owned FanDuel has secured online market access in West Virginia with Delaware North.

FanDuel will deliver online sports betting and iGaming in the state through Delaware North’s Mardi Gras Casino & Resort.

The operator will also continue to run the sportsbook at the Greenbrier Resort in White Sulphur Springs, West Virginia.

“Delaware North’s been a respected name in gaming and hospitality for decades,” FanDuel Business Development Senior Vice President Jonathan Edson said. “They are an ideal partner as we continue to operate in West Virginia.”

The 2025 Promotion and Regulation of Online Gaming Bill criminalises online play for money and the promotion and advertising of the same. It bars banks and payment providers from processing transactions for cash games. Penalties include fines and up to five years in jail.

Proponents of the ban cited the risks associated with gambling, including financial losses. India Technology Minister Ashwini Vaishnaw said iGaming providers “exploit users with false promises of profit”. The bill protects the public “and avoids a big evil that is creeping into society”, he said.

Critics counter that the law will simply send punters to unregulated offshore sites, a view echoed by those players interviewed by Agence France Presse (AFP). “We have done this before and will do it again,” said one player, speaking on condition of anonymity. “We will go back to our old ways of making money.”

Fantasy sports fan Adarsh Sharma predicted offshore will “see a sudden boom” as Indian bettors migrate to illegal sites, using virtual private networks and proxy credit cards to make transactions.

“A habit once formed cannot be broken easily,” Sharma told AFP. “It is an addiction, and people will find ways to gamble.”

Constitutional challenges ahead

The addictive quality of real-money games is just what concerns Vaishnaw.

“The middle class loses all their earnings,” he said in a 21 August interview with ABP News. “One after another, incidents are coming up where a family member ends life by suicide.”

Vaishnaw pointed out that the law also calls for the promotion and development of non-gambling games, including esports and online social games.

Meanwhile, Indian gaming company A23 has challenged the law, slamming it as state-run paternalism. More litigation could follow, said Meghna Bal, director of New Delhi think tank Esya Centre. Article 19(1)(g) of the Indian constitution guarantees the right “to practise any profession or carry on any occupation, trade or business”.

The law “fails the test of proportionality”, Bal told TechCrunch. “Instead of safeguarding consumers, it dismantles compliant onshore companies while opening the door wider for illegal offshore betting platforms that are the real source of financial harm.”

Rohit Kumar, founding partner of public policy firm Quantum Hub, objected that the bill was pushed through virtually without debate. “Regulation is necessary, but abrupt moves like this undermine India’s reputation as a stable, predictable investment destination,” he said. “If concerns existed, the government should have signalled them clearly from the outset.”

Derailing a multibillion-dollar industry

Meanwhile, the economic consequences of the ban on fantasy sports are undeniable. Dream11, India’s leading fantasy sports platform with 260 million users, has pulled out of a $43 million sponsorship deal with the Board of Control for Cricket in India. And while no layoffs are in the works, CEO Harsh Jain said the firm is bracing for a 95% drop in revenue.

“The entire industry was caught off guard,” Jain said of the sudden legislation. “We first heard about the bill in the news on a Tuesday. By Wednesday, it was tabled in Lok Sabha, Thursday in Rajya Sabha, and by Friday the president had signed it into law. It was a complete shock.”

He added that the firm does not plan to mount a legal challenge to the new law but lamented that, in hindsight, the industry failed to strongly self-regulate.

“Multiple self-regulatory bodies were proposed, but we never united under one,” Jain told Storyboard18. “A few of us signed a code of ethics six months ago. But we should have done much more earlier to protect consumers and keep bad operators out.”

He agreed that the ban is likely to increase patronage of illegal sites. “Whenever something is banned, the black market usually grows. We’re already seeing offshore betting firms offering aggressive discounts to Indian users. The government has said they’ll crack down on such operators, and I hope they succeed. But on the internet, it’s much harder to control.”

Dynasty leader Thaksin Shinawatra, jailed for twelve months on 9 September, tried to introduce casinos during his 2001-2006 tenure as prime minister. That tenure ended with a military coup. In August 2023, after his return from 15 years of self-imposed exile, Thaksin became a principal cheerleader for the IR drive under the new prime minister – his daughter Paetongtarn Shinawatra. 

Paetongtarn was suspended as prime minister in July and removed by the Constitutional Court in late August over a fawning phone call with former Cambodian leader Hun Sen amid military conflict between the two nations. Meanwhile, Thaksin’s sister Yingluck Shinawatra, prime minister from 2011-2014, remains in exile. 

Fresh beginning … in a coma 

“This is a fresh beginning for Thailand,” Bangkok-based hospitality advisor James Kaplan says. “It will be looking at integrated resorts with a fresh perspective, hopefully a balanced and more constructive perspective.” 

New Prime Minister Anutin Charnvirakul has declared his opposition to casinos. The leader of the Bhumjaithai Party, Anutin promises parliamentary elections by early next year, although they are not legally required until June 2027. 

“Gaming legislation is not dead, but it’s in a coma. It could reawaken after the election,” says Kaplan, a board advisor to Bangkok Land, which owns Impact Convention and Exhibition Center, a potential IR site. 

“Some observers suggest the [casino legalisation] agenda might reemerge under revised regulations to protect existing arrangements or create new bargaining space, although it is equally possible that shifting political priorities will push it aside,” Maverick Consulting Group partner Ben Kiatkwankul says. “Either way, the debate around [integrated resorts] is likely to remain a tool of political and economic manoeuvring in the months ahead.” 

Too hard to rock 

The political maelstrom has cost Thailand at least one top tier global casino operator. In an exclusive interview, Hard Rock International Chairman James Allen told iGB his company has “zero interest” in a Thailand IR at this point due to “instability”. (More from that interview will be provided in upcoming coverage.) Hard Rock had considered options in Thailand including a convention-based IR in Phuket. 

With falling tourism numbers, a rising currency and mounting debt, the case for entertainment complexes – Thailand’s chosen term for integrated resorts – has never been more compelling. The challenge amid political polarisation and distrust is to rebuild the consensus that produced near unanimous parliamentary support for casino legalisation in March last year. 

In some ways, that proposal became victim of its own success. Citing the Thai proverb “ten fires don’t compare to the harm of a single act of gambling”, Kiatkwankul says, “The near unanimous parliamentary approval in March – we saw some of conservative parties raising hands for the bill – only fuelled speculation about behind the scenes political manoeuvring.” 

Family affair 

When Paetongtarn Shinawatra replaced Srettha Thavisin as prime minister in August last year, she elevated IRs to a cornerstone policy of her Pheu Thai Party government, even though it had not featured prominently in its election platform. IRs came to be viewed as a Shinawatra family initiative. 

“I have found that no matter how the media spun it, 50% of the politicians and 50% of the populace supported the Shinawatras. It’s a shame because this means that the remaining 50% did not,” Checkmate Mitigation senior advisor David Leppo says. “How can there be any political congruency with a landscape like that?” 

Public distrust deepened with Paetongtarn’s political troubles and Bhumjaithai’s subsequent withdrawal from the ruling coalition. “Their immediate distancing from the bill only reinforced perceptions of political instability and potential hidden agendas,” Kiatkwankul says. 

The new government without Shinawatras up front resets the IR issue. “Thaksin is fatally damaged as is his party, and he was the main [IR] promoter,” longtime Bangkok corporate communications consultant Julian Spindler says. “There’s little the foreign players can do to change this political situation, but they should use this downtime to educate the Thai public as to the required regulatory environment à la Singapore.” 

Pokies in every pot 

“They’re hearing this idea that Thailand is going to have a pokie machine in every lavatory and every 7-11, à la some other countries – my own Australia being an example,” Silq Law founding partner Paul Crosio says. 

Leppo, a longtime sports book operator in North America and Asia, sampled public attitudes at anti-casino demonstrations in Bangkok. “About 70%-75% of the people I spoke to felt that the industry would attract an undesirable demographic, laying the foundation for organised crime to thrive, when in fact, in jurisdictions like Singapore, casinos have had the exact opposite effect. 

“These same people also had the misguided opinion that casinos would lead to problem gambling, when in fact, just like Singapore has proven and delivered, programmes like Gamblers Anonymous are funded by Singapore’s casinos, which could be mirrored here in Thailand.” 

Striking a balance 

“Problem gaming is not a solely Thai phenomenon,” Kaplan says. “Governments such as Singapore recognise the need to strike a balance between tourism relevance, job creation and tax revenue while mitigating the challenge of problem gaming. Just because Thailand delays implementation of the gaming bill doesn’t mean people won’t gamble. They still will, and they’re taking the money outside country.” 

A recent study estimates Thailand’s underground gaming economy at more than US$30 billion annually, including domestic underground casinos, border casinos in Cambodia, Laos and Myanmar plus online gambling. 

How much of that money legalised Thai gaming would capture depends on the regulatory scheme. Under the Pheu Thai government, cabinet ministers proposed an entry requirement for Thai nationals of 50 million Thai baht (US$1.6 million) in bank deposits alongside a THB5,000 entry tax. The mooted THB50 million entry requirement highlights conflicts in Thailand’s casino legalisation objectives and an under-informed approach to gaming regulation.   

Only a handful of Thailand’s 70 million citizens would qualify for casino entry under the THB50 million rule. That scenario would satisfy underground gaming interests currently catering to Thai gamblers, while placating groups that don’t want more Thais (openly) gambling. However, making Thailand a virtual foreigner-only casino market would limit international operator interest and IR investment, paradoxically making any IRs less tempting for tourists, decreasing potential tax revenue and employment. 

Regulatory irregularity 

The draft regulatory scheme placing the prime minister and cabinet members at top of the pyramid ignores international best practices and lacks social safeguards. Thai officials reportedly did not consult with other jurisdictions or international experts when drafting gaming regulations. 

“The regulations need to be sound and transparent. They need controlled and trusted supervision of a gaming board,” Global Chain Ltd managing partner Harmen Brenninkmeijer says. “There are enough examples around the world of what makes IRs work. Investors know the potential, but the regulatory and judicial climate need to support their investments, and they need to feel protected. If not via the judiciary, the gaming board can take that role solely.” 

“They need to establish a regulatory committee of gaming professionals and gaming legal scholars to outline and deliver a legal mantra that will ensure groups like Sands, Wynn, Genting, MGM, Galaxy, et al feel comfortable investing here in Thailand,” Leppo says. 

Simultaneously, Thailand needs to placate current stakeholders in its underground and cross-border gaming sector, as well as ease public concerns over problem gambling and other social impacts. 

Lonely in the middle 

This challenging agenda amid political turmoil has convinced many that Thailand will abandon casino legalisation. However, the conditions that led the kingdom to consider and, at least briefly, embrace IRs have become more acute. 

On the tourism front, Thailand now sees itself occupying uncomfortable middle ground between cheaper alternatives such as Cambodia and Indonesia – particularly as the baht rises to post-Covid highs – and upmarket destinations like Singapore, South Korea and Japan. 

As of 7 September, foreign visitor arrivals had fallen 7.1% from a year earlier to 22.3 million, 25% below 2019 figures. Visitor expenditure has fallen more sharply with the drop in high-spending Chinese tourists; Chinese arrivals this year are nearly 1.5 million below last year’s level. 

Thai tourism ‘sliding downhill’ 

“The Thai tourism industry is going in reverse, sliding downhill with increasing speed, which should worry policymakers, especially as this industry makes up roughly 18% of direct GDP,” Kaplan says. “The knock-on effect to the broader already weak economy is a serious concern. The situation is expected to become worse during the high season due to the irrationally strong baht, regional instability with Thailand’s neighbours and call centre scams putting people off visiting the country.” 

Thailand’s economy is projected to grow 2% this year. That is half the rate of fellow ASEAN members Philippines and Indonesia. Ahead of Anutin forming his government, Thailand’s main stock market index was Asia’s worst performer this year, down 10% versus a 17% rise in the regional benchmark. 

Gaming taxes would provide the Thai treasury with much-needed revenue amid ambitious economic stimulus plans following Covid relief spending. Thailand’s tax revenue is estimated at 15% of GDP, three percentage points below the ASEAN average. 

Human face of debt 

Thailand’s public debt, 67.9% of GDP, has drawn a warning from the International Monetary Fund.  The spending plan approved by parliament early this month projects a THB860 billion budget deficit, 4.3% of GDP. 

“Integrated resorts are part of a broader solution needed to stimulate the Thai economy with significant direct foreign investment, employment and tax revenue,” Kaplan says. “If you look at the big picture, household debt and public debt are totally out of control. Car loan defaults are at new records, shops are vacant and businesses are closing down at increasing levels. It’s bad. You can see it on people’s faces. 

“I am not saying legalised and regulated gaming is the solution to this economic malaise, but instead IRs should be viewed as part of the solution in the context of rejuvenating, stimulating and, most importantly, sustaining the critical tourism industry in a competitive world.” 

Polishing the gem 

An IR “is something that Phuket needs to stay the gem in the crown of Thai tourism,” says Crosio, who splits time between Bangkok and Phuket. “The client base in Phuket is much more upscale than it would be in other locations. So it’s ideal here.” 

Crucially, leading Thai business groups remain enthusiastic about investing in IRs. “I firmly believe that Thailand can be compared with Mexico and what I believe will be eventually Brazil: the casinos and ownership – surely the majority – is to be in the hands of locals to keep the money within the country,” says Brenninkmeijer, a senior advisor on SkyH’s IR proposal near Bangkok’s gateway Suvarnabhumi Airport. 

He describes SkyH as “an entertainment complex designed to attract local investment, with every aspect of its design and planning tailored to meet Thai expectations. The complex will feature a central, unified theme that blends luxury with a wide array of entertainment options. It is poised to become a major attraction for tourists, driving increased visitor numbers.” 

Electoral elephant 

Whether IRs get beyond the drawing board soon awaits the outcome of the next election. Casino legalisation will likely be the elephant in the ballot box, with no party making IRs a major plank in its platform. 

In 2023 lower house elections, the progressive Move Forward Party won the most seats but was thwarted by conservative forces in its attempt to form a government. Move Forward was subsequently ordered to disband and its leader barred from politics, leading to public outcry and reduced faith in the political process. The upcoming election, with Move Forward reconstituted as the People’s Party, could yield similar results with comparable controversy. 

It’s worth noting that despite the discord surrounding the 2023 vote, lawmakers across party lines did join hands to embrace IRs, at least momentarily. The same thing could happen again. After all, every major Thai political party was for integrated resorts before it was against them. 

Full disclosure: Author Muhammad Cohen has signed client referral agreements with Maverick Consulting Group and Checkmate Mitigation.

Muhammad Cohen is a former US diplomat and current iGB Asia editor at large. He has covered the casino business in Asia since 2006, most recently for Forbes, and wrote Hong Kong On Air, a novel set during the 1997 handover about TV news, love, betrayal, high finance and cheap lingerie.

The bill would tax gross gaming revenue at 18%, up from the current rate of 15%. It would also raise the casino entry fee for Sri Lankans from $50 to $100.

The island nation is home to a dozen smaller-scale gaming halls. In August, the casino at its first integrated resort, City of Dreams Sri Lanka, opened in the capital of Colombo. The $1.2 billion complex is a joint project of Melco Resorts & Entertainment and John Keells Holdings. Lawmakers are currently formulating the country’s inaugural Gaming & Regulatory Authority.

Casinos as part of economic recovery

According to the Sri Lanka Financial Times, the new levies will help top off government coffers drained during the 2022 economic collapse.

That year, the rate of inflation reached 50%, and Sri Lanka sought a $600 million bailout from the World Bank. In 2023, the International Monetary Fund stepped in with an additional loan of $3 billion. The subsequent austerity campaign led to “one of the largest fiscal adjustments in its history — equal to nearly 8% of GDP over three years,” reported the World Bank’s Public Finance Review.

“Sri Lanka has largely stabilised its economy,” observed World Bank Division Director David Sislen. “The challenge now is to get better results from every rupee collected and spent. This means modernising tax administration, focusing on direct taxes and making sure public spending is both efficient and fair.”

Looking for Singapore-style tourism boost

Casinos are part of Sri Lanka’s broader strategy to restore international tourism and invite more foreign investment. In new interviews with Sri Lanka Business Today, John Keells CEO and Chairman Krishan Balendra and Melco CEO and Chairman Lawrence Ho said City of Dreams could transform the Sri Lanka tourism sector.

“The big opportunity for Sri Lanka is really outbound tourism from India,” said Balendra. “It’s the biggest market into Sri Lanka right now, about 20% of all arrivals.” He also expects the property to draw patrons from across South Asia, Southeast Asia and the Middle East. “A project like this will really help drive that tourism growth.”

City of Dreams “is the first and only integrated resort in South Asia”, added Ho. “Singapore has Marina Bay Sands. Macau has a lot of integrated resorts. But within this region, being as close to India and [its] 1.4 billion people, it just simply doesn’t exist.”

In the past, Balendra has said City of Dreams could have the same positive impact on Colombo as Marina Bay Sands and Resorts World Sentosa had in Singapore. The 2010 openings of those IRs “resulted in an immediate surge in tourist arrivals”, he noted.

Ho has projected that City of Dreams will generate GGR of $250 million per year at maturity. “We expect to make a significant and positive impact on the local community and economy,” he said.

Sri Lanka President Anura Kumara Dissanayake has set a goal of increasing global tourism by 50%, in part by luring Indian and Chinese high rollers. With tourism representing 4% of GDP, according to Yahoo Finance, “a surge in visits from gamblers could be just the token”.

Philippines hospitality giant Travellers, a subsidiary of Alliance Global Group Inc (AGI), will invest PHP39.7 billion (US$700 million) in the developments.

“These will not be massive integrated resorts” like Newport World or Westside City in Manila, said Travellers President and CEO Nilo Thaddeus Rodriguez. “We are right-sizing the market by building boutique gaming centres that cater to the tourism estates we already operate.”

Tan’s Megaworld Corporation is known for “live-work-play” master-planned communities across the Philippines. Thirty-plus so-called townships include Mactan Newtown and Boracay Newcoast. They include hotel and office towers, condos, restaurants and retail sites plus convention halls, schools and other amenities like museums and golf courses.

The rise and fall of Philippines tourism

Boracay World Resorts will include a smaller-scale casino to fit the 10.3-square-kilometre holiday island. “We don’t want a big structure,” AGI President and CEO Kevin Tan said earlier this year. “We want it to be just right.”

Travellers’ boutique approach is appropriate given a recent drop in tourism to the Philippines.

In January, Department of Tourism Secretary Christina Garcia Frasco reported record-breaking revenue in the sector for 2024: about PHP760 billion. “With these figures,” she said then, “it’s clear that the Philippine tourism industry is not only bouncing back but also evolving and expanding.”

But those numbers have taken a tumble in 2025. According to Esquire Philippines, Korean arrivals dropped 18% from January through April, a loss attributed to increasing crime against Koreans. Arrivals from Mainland China dropped 34.4% for the same period. The likely causes included a decrease in discretionary income among the Chinese and the Philippines’ suspension of e-visas for visitors from China. Likewise, in a 1 September advisory, the Chinese Embassy in Manila warned of “increasing crimes targeting Chinese nationals”.

Travellers moves beyond Manila

Business outlet Context Philippines called Travellers’ plan “a strategic expansion of its casino and tourism footprint outside Metro Manila”, home of the Entertainment City casino zone.

The opposite side of the boutique coin is the sprawling Westside City integrated resort, now nearing completion in Parañaque. The PHP71 billion IR is “full speed ahead, with an opening targeted for the third quarter of 2026”, Rodriguez said.

With three hotels, a casino with 2,000-plus gaming machines and tables, a grand opera house and other amenities, “Westside City will be more than a destination,” Rodriguez told the Philippine Star. “It will get you closer to what you see in Marina Bay Sands or Macau.”

As iGaming overtakes land-based revenue in the Philippines, he added, retail casinos have an evolving and critical role to play. “Our role is not diminished but redefined – to anchor tourism, to deliver culture and entertainment and to provide the human connection and experiences that online play can never replicate.

“The focus now is completing Westside and operating it as soon as we can.”

Matt Holt, a veteran gambling industry insider, has joined Gaming Compliance International as its new chief executive officer. Holt previously served as CEO of IC360 (formerly known as US Integrity), a prominent sports betting integrity monitoring firm that he founded. At US Integrity, Holt was credited across the industry for work alerting leagues, operators and regulators about suspicious betting activity. He was also formerly chief operating officer of Cantor Gaming.

“Joining GCI was an easy decision,” Holt said in a press release. “GCI’s advanced technology is complemented by an operational and tech team with decades of industry expertise which has the firm well positioned to be the leader in regulated gaming compliance both today and decades into the future.”

Holt encouraged by AI capabilities at GCI

A primary factor in Holt’s decision to join GCI stems from the company’s cutting-edge platforms that could aptly be described as market-grade technology.

Holt believes the technology provides regulators with AI-powered data analysis to deliver advanced market intelligence to a litany of stakeholders, spanning beyond the US to some of the world’s emerging markets. On a daily basis, the AI technology can monitor more than two billion transactions in certain jurisdictions, he said.

“The AI-powered platform was what really sold me on GCI and the need for the platform in modern regulated markets,” Holt told iGB.

Holt points to the work of MegaXcess, GCI’s parent company, as an illustration of how the technology is valuable. MegaXcess contracts with the Philippines government, which is in the middle of a massive crackdown on its illegal online gambling market.

Local regulations in the Southeast Asian nation permit only Philippine companies to contract with the government. A case study from MegaXcess spotted an 84% decline in black market online gross gaming revenue over the first quarter of 2025 in comparison with the same period two years earlier, according to GCI.

Outside the Philippines, GCI uses the same software and shared resources for staffing and support as MegaXacess, Holt explained. Advertising, marketing and media are the cornerstones of player acquisition for cross-border illicit sites, he notes.

If you can disrupt those efforts, then player acquisition and profitability for the illicit sites drop dramatically, he added. As a result, players are more likely to be funnelled into the regulated ecosystem.

Illegal market mitigation services

Holt believes a strength of GCI’s platform is software that helps mitigate risks associated with the black market.

For instance, spotting the identity of bettors on an illegal custom site can be challenging, as the ringleaders of major syndicates often use beards to camouflage their action.

When those beards bring their action back onto the regulated market, the potential for a spike in integrity concerns intensifies. By receiving intel from an integrity monitor such as GCI, regulators can mitigate the risks of nefarious activity.

“The grey and black market mitigation services are state-of-the-art and transformative. The platform finally gives regulators the information they need to effectively disrupt the black market,” said Holt. “When you combine a platform this robust with a committed regulator and strong policy, positive transformation is not only possible but proven to happen.”

Dismantling illegal platforms

In outlining the mitigation process, Holt indicated that the first step is identifying the instances of cross-border illicit activity. GCI helps by identifying the black-market sites’ marketing and media.

From there, GCI can identify other factors associated with the sites, including: payment processing, data, game providers, odds and other real-time sports information, Holt indicated.

By equipping regulators with pertinent information about these illicit sites, they can find more ways to disrupt and potentially discontinue operations in the jurisdictions involved, he added. Alternatively, regulators can begin the process of working with the sites on potential licensing.

Holt is also impressed with GCI’s automated auditing capabilities. The ability to identify and collect accurate tax in a real-time environment allows regulators to build out accurate budgets, forecast resource needs and have more transparency on activity inside a jurisdiction’s online gaming ecosystem, he said.

A decided advantage

Last week, the NCAA announced the permanent ban of three former Fresno State and San Jose State basketball players for wagering involving their own games. A day later, the association issued a press release noting that it is pursuing potential violations against 13 players at six other schools: Eastern Michigan, Temple, Arizona State, New Orleans, North Carolina A&T and Mississippi Valley State. In March 2024, Holt was instrumental in spotting unusual betting patterns involving a series of Temple games.

As an executive at Cantor Gaming, Holt launched the first mobile sports betting app in Nevada and the first continuous markets live in-play offering. Holt also served on the Fantasy Sports & Gaming Association board of directors for six years and as its vice chairman for four years.

“We are excited to have Matt join us to lead our global growth efforts. Matt’s deep understanding of regulated gaming compliance and policy make him the ideal leader for GCI,” said Ross Anderson, GCI’s chief operating officer. “His proven track record in sports betting integrity technology and regulated gaming provides a decided advantage as the company expands with a tech forward approach.”

Speaking to reporters on Sunday, Fahmi said “the majority of content taken down on Facebook consists of online gambling ads and gambling-related posts”. But Facebook has consistently failed to block the use of credit cards used to pay for such ads, he added.

“If a gambling ad is paid for using a credit card and Facebook knows this content is illegal in Malaysia, they should block the account,” Fahmi said. “But Facebook has refused to do so.”

Fahmi suggested the meeting will be of a “constructive” nature. “We are opting for dialogue rather than punitive measures. We do not intend to ban or shut down Facebook. Many people benefit from these platforms socially and economically. But we cannot allow criminals to misuse them for profit or to commit online crimes.”

Easy access, digital natives drive iGaming

About 65% of Malaysians are Muslim, belonging to a religion that prohibits gambling. According to the US-based National Institute for Biotechnology Information, Malaysians of Chinese and Indian descent are more likely to gamble and spend more on gambling.

Legal options include lotteries, bets on horse racing and betting at the country’s sole licensed casino, Resorts World Genting in Kuala Lumpur. Even so, there seems to be a preference for illegal gaming, which operates without government regulation or oversight. For instance, in 2018 illegal lotteries generated about 60% more revenue than the six legal operators combined, NIBI reports.

And so it goes with iGaming. Online gambling, while illegal, is highly accessible, and offshore providers are happy to process transactions in ringgits, the Malaysian currency. According to Complete Sports, Malaysian iGaming is surging “at an unprecedented rate” thanks to “smartphone penetration, fast internet and a young population of sports enthusiasts”. Malaysians are avid sports fans and love betting on badminton as well as the English Premier League.

Meta not responsible for compliance

In July, Meta proclaimed it would tighten its rules around online gambling ads on Facebook and Instagram. Its online gambling policy says advertisers “authorised for a single jurisdiction and gambling type” may target “any jurisdiction where they are licensed or lawfully permitted, with the exception of unsupported markets” including Malaysia.

However, Meta adds that it “is not responsible for how authorised ad accounts comply with local gambling laws and regulations”. Meanwhile, Malaysia’s Commercial Gambling Management Commission is working independently to crack down on online gambling ads and promotions.

According to the Malay Mail, the fight to curb illegal iGaming is part of a larger government effort to promote online safety. “We have the ability to make the internet safer, especially for children and families,” Fahmi said.

Malaysia’s Safe Internet Campaign, established in January, has visited more than 2,600 schools nationwide so far this year. It has set a target of reaching 10,000 schools by 2026.

Anutin Charnvirakul, leader of the Bhumjaithai Party, said on Wednesday that Thailand would have to “wait for another prime minister” if casinos are to be legalised.

PM: Tourism-focused bill hindered tourism

Anutin is a longstanding critic of the Entertainment Complex Bill advanced by his predecessors, Srettha Thavisin and Paetongtarn Shinawatra. Both Srettha and Paetongtarn were members of the Pheu Thai Party. Both served about a year before being ousted on ethics violations. On 8 July, a week after the Constitutional Court suspended Paetongtarn, lawmakers pulled her pet bill from the parliamentary agenda.

Supporters of the casino legislation promoted it as a way to boost post-Covid tourism and draw international investment. Anutin claims it actually caused a decline in tourism from Thailand’s chief source market: China.

In February, when Paetongtarn visited Beijing, Chinese President Xi Jinping urged her to reconsider the bill, warning that casinos increase the risk of crime. Anutin claimed Xi would “implement measures to significantly reduce Chinese travel, trade and investment with Thailand” if the bill proceeded.

But the Thai government “failed to value the opinion of the Chinese leader” and rushed the bill through the House and on to parliament. “The severe consequence is the absence of about 90% of Chinese visitors, which has caused great damage to tourism-related operators.”

Nation Thailand contends Chinese arrivals dropped 34% in the first half of 2025, and they are down 7% overall so far this year. But Natthriya Thaweevong of the Tourism Authority of Thailand cited other reasons for the drop, including the deadly earthquake that struck Myanmar and Thailand in April, as well as global economic challenges. In any case, TAT cut its yearly forecast for foreign arrivals from 37 million to 33 million, well below the peak of 40 million who visited in 2019.

Instability in government affects all quarters

The instability at the top of Thailand’s government is causing ripples of anxiety among investors and the public at large, said Dhanakorn Kasetrsuwan, chairman of the Thai National Shippers’ Council.

“Uncertainties during a political vacuum create a wait-and-see climate for both investment and consumption,” Dhanakorn told the Bangkok Post. “If this situation persists, the economy may slow further and the country could lose the chance to attract new investments.”

Bill Barnett, managing director of Phuket-based consultancy C9Hotelworks, is troubled by the impact of the turbulence on the hospitality sector. “Three or four months ago, we were optimistic about the end of the year, but now we are not,” he told the Post. “We are losing momentum. It’s worrisome.”

And the end is not yet in sight. Within four months, Anutin must call a general election to select a new government. A survey from the National Institute of Development Administration released on Sunday showed that 59.24% of voters want parliament dissolved “as soon as possible”.

Anne Ling and Jingjue Pei report that Macau GGR for 1-7 September was up 10% year on year – a trend they expect to continue. They credited “rich entertainment events, new properties, more incentives to players and appreciating asset values” as boosters. They also attributed the uptick to a “new wealth” segment: consumers with more discretionary income and the willingness to spend it.  

“We expect these drivers to continue to fuel GGR growth for the rest of the year,” wrote Ling and Pei. They project growth of 13.8% for the third quarter, 15.3% for the fourth quarter and 9.5% for 2025.

Jefferies has revised its full-year forecast from MOP237 billion to MOP248 billion, versus the conservative government estimate of MOP228 billion. Longer term, the bank foresees growth of 3.5% in 2026 and 3.4% in 2027.

Superstars, side bets propel Macau GGR

Citigroup analysts agree that big-name entertainers like Jacky Cheung and Eason Chan “appeal to bigger players and boost GGR”.

“This is why casino operators are strategically organising some heavyweight events after Golden Week,” wrote George Choi and Timothy Chau. That includes the NBA China Games, to be held 10-12 October at the Venetian Arena, and Jackson Wang concerts on 11-12 October at the Galaxy Arena.

“If these events are successful in boosting gaming volumes post-Golden Week, our October GGR forecast of MOP$23 billion (US$2.86 billion) could prove conservative,” the Citigroup analysts said.

In addition, the “increasing popularity” of baccarat side bets “are enhancing casino hold rates” for Macau operators. “Our [premium-mass] table survey has been telling us since April that gaming demand – especially premium mass – remains robust,” the analysts wrote.

Citigroup has raised its 2025 GGR forecast “from +7% to +10%” to MOP248.6 billion. That suggests “a +14% year-on-year growth for the rest of the year”. It has also raised its 2026 GGR forecast “from +5% [year on year] to +7%”, to MOP265.5 billion.

In 2017, MGM’s hospitality unit joined with Wasl to begin planning a 10.5-hectare multi-use beachfront complex. In a press release, MGM described it as a “a luxurious sanctuary on magnificent Jumeirah Beach … an entertainment destination of the future, featuring a wide spectrum of activities for all ages.” Like casino gaming – maybe.

Known as the Island, the “Vegas-inspired” integrated resort will mark MGM’s Middle East debut and bring three iconic hotel brands to the UAE: Bellagio, MGM and Aria.

A budding multibillion-dollar market

As recently as February 2024, MGM said the IR would not include a casino. But driven by estimates of a $5 billion to $8 billion market, the US-based operator changed its tune. According to Morgan Stanley, the UAE could rival or surpass Singapore as a global gaming destination. But to date, only Wynn Resorts has been granted a gaming licence for its $5.1 billion Wynn Al Marjan in Ras Al Khaimah.

Both operators are going after the same customer base. Although casinos will be off-limits for Emiratis, between 80% to 90% of the UAE’s population is made up of expats – especially wealthy expats. According to Yahoo Finance, foreign billionaires and millionaires flock to the region for its relaxed residency options, business-friendly environment, luxurious surroundings and low crime rate. Another plus: expats don’t have to pay a personal income tax, capital gains tax or inheritance tax.

The Emirates draw significant visitation from India and China as well as other Middle Eastern countries. “It’s a huge travel market,” MGM CEO Bill Hornbuckle said last year. “Dubai airport is one of the largest airports and I think it will be the biggest in the world. We’re excited by what [the market] presents.”

Wynn should expect competition in the market

Wynn Al Marjan, set to open in early 2027, has an exclusive, renewable 15-year casino licence for Ras Al Khaimah and will enjoy an early monopoly in UAE gaming. But sources told Arabian Gulf Business Insight it’s “unlikely” that Wynn will be the sole operator.

At G2E 2023, Hornbuckle said MGM expects “three or four [casinos] in the Emirates”. With or without a casino, its Island IR is on track to open in the second half of 2028.

It may help MGM’s chances that the board of the UAE’s General Commercial Gaming Regulatory Authority includes MGM alums. Board Chairman Jim Murren is the former chairman and CEO of MGM, and board member William Grounds is an eight-year veteran of the MGM board.

At a recent gaming conference reported by AGBI, Hornbuckle said he expected a decision on the casino licence by now. “We’re waiting for [Sheikh Mohammed] to say, ‘Go ahead’. … I don’t know when we’ll hear, but I do believe this: If [the Island] gets a casino, and I believe it will over time, it’s a massive opportunity.”

The legislation bars banks and payment providers from processing transactions linked to cash games. Offenders face fines of up to Rs21 crore (US$113,000) and/or up to three years in jail. Celebrities and influencers who back real-money games would also face criminal charges. 

Proponents of the ban cited the risk of gambling addiction and financial losses. India Federal IT Minister Ashwini Vaishnaw said iGaming has robbed 450 million Indians of more than Rs20,000 crore, leading to “depression and suicides” in some cases. He did not offer data to support his claims.

Meanwhile, critics of the bill insist that banning legal real-money games will drive gamblers to illegal, unlicensed operators who pay no taxes, observe no regulations and offer no player protections.

Mumbai-based gaming lawyer Jay Sayta complained to the BBC that the ban was pushed through virtually without debate. Smrita Singh Chandra, former communications officer for iGaming provider Dream11, agrees. In a LinkedIn post, she slammed the “overnight ban”, which was introduced “without transition, nuance, or consideration of economic realities”.

“Declaring a platform illegal after years of validation, taxation and judicial recognition isn’t just wrong,” she wrote. “It is deeply unethical.”

Loss of jobs, industry, tax revenue

The shutdown of gambling apps has caused upheaval in the sports world.

Forced to pull the plug on its fantasy betting platform and bracing for a 95% drop in revenue, Dream11 has terminated a longstanding sponsorship deal with the Board of Control for Cricket in India. My11Circle, partner of the Indian Premier League, has also shut down real-money gaming operations, as has Flutter. Mobile Premier League said it may need to cut about 60% of its domestic workforce.

Per industry estimates, the real-money sector in India supports some 200,000 local jobs and contributes Rs1.764 crore in yearly taxes.

Jaya Chahar, founder and CEO of JCDC Sports, told ABC Asia the ban “pushes fan engagement away from regulated Indian platforms into unregulated offshore spaces, which defeats the very intent of consumer protection”.

Attorney Nandan Kamath, founder of the GoSports Foundation, said that while the law is well-intentioned, over time it may create more problems than it solves. “The law immediately shuts down an avenue of deep digital engagement that could allay certain personal and social harms from activities that nurture addictive behaviours,” he said. “But effective enforcement against offshore and illegal operators will be key – and that’s an area where we have had limited success.” 

He foresees a possible court overturn of the ban. “Rarely have absolute restraints such as bans been upheld,” he said. “The government may argue public health, social order and even national security. But courts will closely assess whether there are less restrictive alternatives.”

Meanwhile, the Supreme Court of India will hear all challenges to the ban. According to Reuters, Indian gaming company A23 was the first to throw down the gauntlet, calling the law a “product of state paternalism”. A23 says the law is unconstitutional when applied to skill games.

Tengo spoke on Monday at the Light & Wonder iGaming Symposium at Newport World Resorts in Pasay City. Light & Wonder, the Philippines’ first licensed iGaming content supplier, is preparing to launch 50 online game titles in the market.

Philippines’ iGaming gold rush

Last year, Philippines iGaming generated PHP154.51 billion (US$2.725 billion) in gross gaming revenue, up 165% year-on-year. In the first half of 2025, iGaming contributed PHP114.83 billion in GGR, outstripping land-based revenue and boosting Pagcor’s total revenues to PHP59 billion.

According to a 2025 Statista report, Filipino players “have shown a strong preference for online gambling due to its convenience and accessibility. Players can participate in various games and place bets from the comfort of their own homes, eliminating the need to travel to physical casinos.”

And for some, therein lies the problem: easy access that can open the door to underage participation. In July, Senator Juan Miguel Zubiri introduced a bill that would ban all digital gambling platforms. “Let’s not kid ourselves,” Zubiri said at the time. “[Online gambling] now looks like a kid with a phone under the covers at 2am, losing the family’s grocery money on an online casino site.”

A second bill in the House calls for stronger monitoring and oversight. The legislation, supported by Rep Chel Diokno, would impose a 10% tax on iGaming revenue and use the proceeds to fund problem gambling resources. It would bar most iGaming ads, ban the use of e-wallets and place restrictions on credit card deposits. The House bill would also beef up know-your-customer protocols and require iGaming operators to make sure games are not played by those under 21.

Safe, sustainable development

Tengco has consistently defended the online industry, which could reach PHP99 billion in revenue by 2027.

“The iGaming story in the Philippines is no longer just about growth,” he said at the Light & Wonder conference. “It’s about how we grow – safely, fairly and sustainably. We support stricter regulations to protect our people. But we are against a total ban which will only drive players to illegal operators and result in loss of revenues and jobs.”

According to the Philippines Daily Tribune, Tengco pointed to Pagcor’s slate of ongoing reforms. They include the agency’s plan to divest of its owned-and-operated casino assets to become a pure regulator. Also in the works: digital tools like the Pagcor Guarantee portal and AI-driven tools to enhance player monitoring. The regulator will soon introduce a 24/7 problem gambling helpline. Tengco enlisted operators to join Pagcor’s “compliance by design” approach to stem underage and problem gambling, curb money laundering and thwart grey-market providers.

“With responsible growth, compliance, and transparency, the Philippines can develop a safer, stronger and globally competitive iGaming industry,” he said.

According to the Times of India, Delta Corp has envisioned an “integrated resort-cum-casino township” on 36 hectares (90 acres) in Dhargal, near Manohar International Airport. It planned to invest up to 2,500 crore rupees (US$285 million) to develop the complex. It paused the project on news that the government may impose a 40% goods-and-services tax on casinos, up from the current 28%.

“The 40% GST contemplated will make the entire sector unviable,” Delta Corp Chairman Jaydev Mody told the Times. “It will affect thousands of jobs, hurt visitation to the state, reduce revenue collections and make redundant all the capex incurred by the industry.”

Delta has touted the development as the first integrated resort in India. The blueprint includes hotels, meetings-and-convention facilities, a shopping mall and a theme park, among other attractions. The resort, which was scheduled to open in 2027, could have created 10,000 new jobs, Mody said.

Stocks fall, rise on gaming developments

The Goa project has faced other obstacles, including public-interest litigation challenging the use of agricultural land for a casino complex. That case is pending before the Bombay High Court.

In a statement on its website, Delta Corp looked to a positive resolution of that issue. “The anticipated land policy of the Goa government is still on the anvil. Once this materialises, it will lead to the creation of gaming zones and formalise the industry. As a leader in this segment in the Goa market, we are well-positioned to benefit from this significant change.”

Meanwhile, while work on the development is suspended, Delta Corp says the IR remains part of its long-term growth strategy. The company may move forward when “there is clarity on all the GST issues”, said Mody.

In related news, Delta shares dipped last week after Indian lawmakers abruptly voted to ban real-money iGaming. Shares rose 15% on news of the Goa suspension, reports India Business Today.

Since its introduction last year, the country’s Entertainment Complex Bill has faced widespread opposition, including multiple demonstrations outside Government House in Bangkok. Critics like Peoples Party MP Parit Wacharasindhu accused the ruling coalition of pushing the bill with little public input and insufficient attention to regulations.

Competing polls led to contradictory results. A January poll reported that many Thai residents opposed legal casinos, fearing they would cause gambling addiction and crime. A subsequent survey by the Thailand Fiscal Policy Office countered that 80% of respondents were enthusiastic about the plan, designed to boost tourism and foreign investment.

The interest was certainly there. Galaxy Entertainment, MGM Resorts International, the Las Vegas Sands Corporation, Wynn Resorts and Melco Resorts & Entertainment were potential suitors, drawn by the prospect of up to THB291 billion (US$9 billion) in annual gross gaming revenue.

The bill passed in the cabinet in March and headed to parliament for review, with expectations that the bidding would begin in 2026. Then Prime Minister Paetongtarn Shinawatra, head of the Pheu Thai Party and chief supporter of the bill, made a fateful phone call.

‘Grave damage’ to the public trust

The young prime minister, who took office in August 2024, was seen by some as the puppet of her father, billionaire and former prime minister Thaksin Shinawatra, also a supporter of the casino bill.

Although Paetongtarn withstood a no-confidence vote in March, she could not survive the political scandal that followed. In May, the Thai army faced off with Cambodian forces along disputed territory at the border. Gunfire erupted, causing the death of a Cambodian sergeant. In the aftermath, both sides took retaliatory action, suspending trade and limiting cross-border travel.

In June, Paetongtarn phoned ex-Cambodian prime minister Hun Sen. In a recording released to the public by Hun Sen himself, she addressed the strongman as “uncle” and seemed to take his side over one of her own military commanders.

The outcry was immediate and decisive. The prime minister was suspended and the casino legislation she supported was pulled from the parliamentary agenda. In a 6-3 vote on Friday, the Thailand Constitutional Court removed Paetongtarn from office. It ruled that her actions caused “grave damage” to the office of the premier and deepened public distrust of their leaders.

Now what?

MGM boss Bill Hornbuckle has called Thailand “an amazing marketplace” that would be “cheap to build – 35 cents to 40 cents on the dollar – and even cheaper to operate. … I think the margin in that business would be pretty extensive.”

Likewise, Melco Resorts & Entertainment chief Lawrence Ho has described the market as “a generational opportunity”.

That may not matter now, given the history of political turmoil in Thailand, says Brendan Bussmann, head of gaming consultancy B Global. In his view, resurrection of the casino bill “seems dim” at this point.

“There have been three prime ministers [in Thailand] in the course of 18 months,” says Bussmann. (Paetongtarn’s predecessor, Srettha Thavisin, also served a single year, and also was removed for ethics violations.)

Such rapid turnover “doesn’t show stability, a hallmark of any strongly regulated gaming market, especially one that commands the level of investment that would boost tourism”, Bussmann adds. According to the bill, each would-be operator would have to demonstrate registered capital of THB10 billion and make a minimum investment of THB100 billion.

Some critics have griped that a strict gaming regulatory framework seemed less important to Thai lawmakers than speed to market. Advocates hoped Thailand’s first casino resorts would open in 2029, a year before MGM opens the first integrated resort in Japan. That scenario is unlikely now.

“That regulatory piece was always the most fundamental component to getting this to work in Thailand,” Bussmann says. “If you can still figure that out and get consensus among the various parties, you might still get there.

“Never say never,” he adds. “But that’s a very tall order.”

The government introduced a bill in August to shut down the country’s multibillion-dollar online gambling industry. This was then passed by the upper house of the Indian Parliament and received presidential assent on 22 August.

The ban covers games “played by a user paying fees, depositing money or other stakes” for monetary gain.

There has already been an impact on the market as Flutter closed its Junglee real-money gaming operations in India on 25 August.

MPL has also taken a hit – its MPL.live site has ceased operations and now displays a banner that reads: “Deposits are no longer available on the MPL app. In compliance with law, no cash games are available on MPL.”

As a result internal staff last week received an email detailing plans to reduce staff headcount.

In the email, obtained by Reuters, MPL CEO Sai Srinivas said the operator would be “downsizing its India team significantly”.

Srinivas did not say specifically how many jobs or positions would be cut. However, Reuters quoted a source at MPL that said 300 of its 500-strong team in India could go. The same source added that staff working across marketing, finance, operations, engineering and legal could also be impacted.

“It is with a heavy heart we have decided we will be downsizing our India team significantly,” Srinivas said. “We are committed to providing those impacted with every possible support during this transition period.

“India accounted for 50% of M-League revenues. This change would mean that we would no longer be making any revenue from India in the near future.”

MPL does, however, have interests outside India. It has recently been seeking to grow its presence within the US market.

Concerns over India iGaming ban

Other operators have attempted to fight back against the sudden ban. Just days after the bill was introduced, India gaming company A23 launched a legal challenge over the plans.

In a court filing at the High Court of Karnataka in southwestern India, A23 said that the ban “criminalises the legitimate business of playing online games of skill, which would result in the closure of various gaming companies overnight”.

The new law is a “product of state paternalism”, A23 added in its filing. It also asked for it to be declared unconstitutional when applied to games of skill such as rummy and poker. A23 describes itself as an online gaming platform with over 70 million players.

Operators are not the only parties to have raised concerns over the sudden ban. Other critics say the ban is counterproductive and will grow the illegal underground market in India.

Gaming law firm Segev LLC wrote that the law, while “framed as a progressive step, in fact moves against the current global tide” of licensure and regulation, a model that includes responsible gaming initiatives and other consumer protections.

Meanwhile, a joint statement from trade bodies the All India Gaming Federation, the eGaming Federation and the Federation of Indian Fantasy Sports called the ban a potential “death knell” for the Indian gaming industry.

Indian President Droupadi Murmu is yet to sign off on the legislation. However, this has been assumed as he has already blessed the proposal.

After Cambodian online gambling was outlawed in 2019, the country’s casino market was the only show in town. But Covid-19 and a crackdown on junkets has effectively left operators struggling to return to pre-pandemic revenue levels. 

Listen to Right the Source on Apple Podcasts

That even affects NagaCorp, Cambodian gaming’s local listed giant with a monopoly on casinos in and within 200km of the country’s capital Phnom Penh. Even with Naga 3, a hotel tower under construction, without VIP play it’s going to find growth difficult. 

We’ve got this, we’ve got Ed ranting about data, and we even find time for some cheap shots at Manchester United.

But that momentum could stall as regional competition grows. When it opens in 2030, MGM Osaka, Japan’s first integrated resort (IR), is expected to draw 20 million visitors a year, including up to 7.6 million Koreans.

At a roundtable hosted by the Korea Times on Monday, leaders in hospitality and tourism discussed the potential impact of Japan on South Korea’s domestic industry. They called for a commitment to the IR model, which includes hotels, restaurants, shopping and entertainment anchored by gaming.

For instance, in addition to a casino, MGM Osaka will feature three hotels with 2,500 rooms; 37,000 square metres of conference and exhibition space; a retail district; a 3,500-seat theatre; and a Japanese cultural museum. MGM President and CEO Bill Hornbuckle has said it will “bring MGM’s ‘wow’ DNA from Las Vegas to Osaka”.

From gambling dens to ‘high-value tourism assets’

At the Seoul roundtable, Lee Min-jae, of the Integrated Resort Tourism Research Centre, said South Korea is already losing out to markets like Macau and the Philippines. That pressure will only heighten with the opening of Japan, just 90 minutes by air from Incheon.

“Our casino industry is still focused narrowly on tax revenue and job creation,” Lee said. “Globally, the trend has shifted toward IRs, which are seen as key drivers of tourism and regional growth. But Korea has fallen behind. We need to catch up quickly.”

“Casinos were once seen as a last-ditch tool for reviving weak local economies,” said Yoon Tae-hwan, professor of hotel and convention management at Dong-eui University. “But they have evolved into high-value tourism assets, shifting from VIP-focused venues to large cultural and entertainment hubs for the general public.”

In recent years, Korea has moved toward the IR model. Paradise City in Incheon opened in 2017 with a hotel, theme park and meeting facilities. Jeju Shinhwa World on Jeju Island followed in 2018 with a hotel, theme park and water park. Inspire Entertainment, which debuted in March 2024, went all out. It offers three hotels, a 15,000-seat arena, a glass-domed water park and a massive outdoor entertainment park.

Kangwon Land, the only casino in South Korea that welcomes locals, is also taking its cue from IRs. Last year, it unveiled a KRW2.5 trillion plan to triple its casino space and add non-gaming amenities. With a bigger performance venue, more shopping and “triple the number of restaurants”, the company hopes to boost non-gaming revenue from 13% to 30% by 2032.

Time to ‘strengthen Korea’s global standing’

In a 2024 Korea Times commentary, Osaka researcher Yang Hyung-eun said South Korea has waited too long to advance its IR industry. “The innovation … begins with a shift to the integrated resort industry policy in terms of future growth,” he wrote. “Now is the time for a future vision and philosophy” for South Korean casinos.

At Monday’s conference, tourism professor Lee Jae-seok of Gangneung-Wonju National University noted that “unlike Japan or Singapore, Korea lacks a centralised [gaming] agency”. Presently, the Ministry of Culture, Sports and Tourism is the licensing body, while the National Gambling Control Commission oversees regulations.

“The National Gambling Control Commission’s role is too limited and dispersed to be effective,” Lee said. “We need a single body that can both regulate and lead.”

Seo Won-seok, dean of the College of Hotel and Tourism Management at Kyung Hee University and the president of the Tourism Sciences Society of Korea, said South Korea must decide if IRs are “a tool to revitalise underdeveloped regions or positioned as core tourism assets. This should be a key topic in upcoming discussions.”

This week, members of the Korea Casino Tourism Association and Korea Tourism Society convened in Osaka to study MGM’s strategy. In attendance was Choi Cheol-gyu, acting CEO of Kangwon Land. He said Korea faces “a pivotal test … to strengthen [its] global standing in integrated resorts”.

On 19 August, lawmakers in the lower house of parliament, or Lok Sabha, introduced the Promotion and Regulation of Online Gaming Bill (2025). Two days later, virtually without consultation, the upper house, or Rajya Sabha, approved the bill. Indian President Droupadi Murmu must also sign the legislation for it to become law, but that step is assumed as he has already blessed the plan.

The bill prohibits gambling websites and apps from offering games “played by a user paying fees or depositing money or other stakes” with the hope of a cash win.

Bill supporters pointed to the risks associated with online gambling, including addiction, mental health issues and debt. They decried the “unchecked expansion” of the industry and expressed concern about “financial fraud, money laundering … and, in some cases, the financing of terrorism”.

“It is the duty of the government and the parliament to take strict action against social evils, which keep erupting time and again,” federal IT Minister Ashwini Vaishnaw told parliament last Thursday.

Ban could fuel illegal iGaming

Critics say the ban will not eliminate the risks, but simply move the industry underground, where gambling is unregulated and fewer player protections exist.

In a 20 August blog post, gaming law firm Segev LLC wrote that the law, while “framed as a progressive step, in fact moves against the current global tide” of licensure and regulation, a model that includes responsible gaming initiatives and other consumer protections.

“A blanket prohibition … sidelines proven regulatory models that channel demand into transparent, well‑supervised markets that protect players and generate tax revenue,” Segev stated. “Instead, it risks driving activity underground, where consumer harm is harder to prevent and oversight is minimal.”

The pending ban has also rocked the international sports world. In the immediate aftermath of its passage, iGaming provider Dream11 yanked its sponsorship of the Board of Control for Cricket in India, which oversees the nation’s most popular sport. As a result, Team India has no sponsor for the Asia Cup, coming 9-28 September to Abu Dhabi. The BCCI is seeking new sponsors.

Global Data Sport also blamed Dream11’s exit for the suspension last week of the European Cricket League.

Ban could mean loss of jobs, investment

A joint statement from the All India Gaming Federation, the eGaming Federation and the Federation of Indian Fantasy Sports called the ban a potential “death knell” for a multibillion-dollar industry.

In a letter cited by India Times Now, the organisations appealed to lawmakers “on behalf of the millions of young entrepreneurs, developers and professionals working in India’s sunrise digital skill gaming sector”. They said the blanket prohibition imperils a “legitimate, job-creating industry and [will] cause serious harm to Indian users and citizens”.

Regulatory news site RegTechTimes also weighed in, saying the ban “creates a new risk. The very problem that the government wanted to stop – money laundering – may actually become worse. Offshore casinos will provide a channel for people to move money in and out of the country illegally. Some of this money could even come from criminal activities. Almost all of it will avoid banking scrutiny, creating a shadow economy that is invisible to regulators.”

The law, which also bans the advertising and promotion of real-money gambling, allows esports and online social games provided they involve no monetary stakes.

In 2019, tourism direct gross value accounted for PHP2.51 trillion (US$44.2 billion) of gross domestic product. More than five years later, “we still hover below that threshold”, research analyst Jemimah Ryla R. Alfonso said in comments to Philippines Business World.

She cited the “continued underperformance of the accommodation services segment”.

Tourism master plan a start, but …

In 2023, the Philippines Department of Tourism (DOT) unveiled a five-year plan to boost visitation and make the country more competitive with other Asian destinations.

But the initiatives “are too underpowered to steer a full recovery”, said Alfonso. “We need to have a sharper brand. We need to have tourist-friendly policies as well as a seamless travel experience.”

About 5.9 million tourists visited the Philippines in 2024, well under the 8.3 million arrivals recorded in 2019 and the official target of 7.7 million. “The slow momentum continues into 2025,” per the Uncapital report, “with data from January to April showing arrivals trailing 27% below pre-Covid levels for the same period.

“In our view, this shortfall reflects more than just a delayed return to travel. International travelers remain hesitant. Infrastructure hasn’t fully caught up yet, making it harder to move people comfortably and confidently,” the report added.

Putting out the welcome mat

South Korea and the US remain the country’s top feeder markets. But arrivals from China, once the Philippines’ second-largest source market, have dropped off significantly since 2023, when the Philippines Department of Foreign Affairs suspended e-visas for Chinese nationals.

To compensate, tourism officials are cultivating new business. In May and June, the DOT introduced visa-free entry for Indian and Taiwanese travelers, respectively. Starting 2 October, Air India will offer direct flights between Delhi and Manila.

In remarks last week, Tourism Secretary Christina Garcia Frasco said the Philippines will become a “tourism powerhouse” under the 2023–2028 master plan.

Frasco pointed to infrastructure initiatives like the construction of more than 700 kilometres of highway and the recent privatization of Bohol-Panglao International Airport. Concurrently, Ninoy Aquino International Airport is underdoing a multibillion-dollar expansion to more than double its capacity. And the new Manila International Airport in Bulacan is expected to break ground in early 2026.

Tourism impact on gaming revenue

Returning travel volumes will have a beneficial effect on gross gaming revenue at land-based casinos, especially the VIP segment, and also lift the hospitality sector in general, the Unicapital outlook noted.

“With investments and support from both the public and private sectors, Philippine tourism holds the potential to regain — and even surpass — its former glory,” according to the report.

The measure’s proponents cited the potential risks associated with online gambling, including addiction, debt and mental health issues, particularly among the young and poor. Lamenting the “unchecked expansion” of the industry, they expressed concern about “financial fraud, money laundering … and, in some cases, the financing of terrorism”.

They also pointed to Article 47 of India’s constitution, which obligates the state “to intervene when a digital ecosystem threatens public health, order and societal well-being”.

Billion-dollar industry on the line

The move could threaten an estimated INR313,365 (US$3.6 billion) industry that includes fantasy cricket apps played by millions in India. They include Dream11, MPL, MyTeam11, Howzat and League11.

According to Reuters, Dream11 users pay as little as INR8 (US$0.10) to create fantasy cricket teams, with a total prize pool of INR1.2 million. The action explodes during the Indian Premier League season from mid-March until the end of May.

For supporters of the ban, it’s not all fun and games. In the language of the bill, online gambling “often uses manipulative design features, addictive algorithms … while promoting compulsive behaviour leading to financial ruin”.

If enacted, the law would bar any person or entity that “shall offer, aid, abet, induce or otherwise indulge or engage in” real-money online gambling. Offenders would be subject to fines or jail terms of up to three years.

Industry trade groups have slammed the bill, saying it could “strike a death knell” for a sector that employs thousands of Indians and has drawn significant foreign investment. In a letter of protest, the All India Gaming Federation and the Federation of Indian Fantasy Sports said banning “responsible” Indian platforms will simply force players underground, to offshore and unregulated providers.

“Instead of protecting people,” they said, “this bill risks exposing them to fraud, exploitation and unsafe practices.”

Bill also promotes India esports

While cracking down on so-called “money games” the bill also recognises esports as a growing part of healthy gaming culture. Esports are defined as “competitive games of skill played in virtual environments with rules and recognition”.

In 2022, the government recognised esports as a multi-sport event under the Youth Affairs and Sports Ministry, distinct from the broader category of gaming. At the same time, it set up and funded the eSports Federation of India. The new bill would also create a National Esports Authority to promote competitive gaming, regulate casual online social games and create rules for fair play, safety and compliance.

Officials contend that government support of esports will attract foreign investment, create jobs and lead to international tournaments hosted in India.

According to the Times of India, the government’s cabinet has passed the Promotion and Regulation of Online Gaming Bill 2025, which now heads to parliament.

ERI operates Resorts World Catskills in Monticello, about 80 miles (129 kilometres) northwest of New York City. In 2019, GENM bought a 49% stake in the perpetual loss-maker. It tried to swing it to profitability, investing US$765.4 million with little return. Last May, it acquired the remaining 51% from Kien Huat Realty, owned by Lim Kok Thay, Genting’s executive chairman.

According to the proposal announced on Friday, ERI will sell two hotels, an 18-hole golf course, the 2,500-seat RWC Epicenter, a spa and multiple restaurants. The prospective buyer is Sullivan County Resort Facilities Local Development Corp, which will pay $525 million for the assets.

In a Monday note, Maybank said it was “positively surprised” at the proposed deal, which could boost GENM’s 2026 earnings by 24%.

ERI will use the proceeds to buy more than 1,300 acres of land from EPR Properties, a US-based REIT. It will also redeem $300 million in 7.75% senior unsecured notes set to come due in November 2026.

Resorts World hotels, golf course, more on the table

Hong Leong Investment Bank also responded positively to the strategy, which would render ERI debt-free.

“It would strengthen Empire Resorts’ asset base and secure long-term control over the 420 acres of land on which Resorts World Catskills’ gaming and non-gaming facilities are situated,” HLIB noted, “as well as… vacant land with development potential.

“The proposals are also anticipated to generate surplus cash of $10 million for general working capital,” HLIB continued. “Overall, we estimate these proposals could lift our FY26 to FY27 profit forecasts by 10% and 8% respectively, assuming the proposals are successfully implemented by end-FY25.”

Genting looks to shore up NY position

In a Monday filing, GENM said the deal will “improve its competitive position within the New York state gaming market and the broader northeastern US region”. The operator of Resorts World New York in Queens is one of eight bidders for three downstate New York casino licences to be awarded by year’s end. If its application is successful, it could transform that VGT parlour into a full-scale casino resort.

According to MarketWatch, the Sullivan County Development Corp hopes winning a New York City licence “would create a significant cross-selling opportunity for the Catskills casino”.

Both Maybank and HLIB maintain a “hold” on GENM shares pending the deal’s close.

The Genting Malaysia portfolio includes Resorts World Genting, Malaysia’s only casino, plus casinos in the UK, Egypt and the Bahamas. ERI also owns Resorts World Hudson Valley in Monticello and the mobile sports betting platform Resorts World Bet.

Van Don Sun Joint Stock Company, a unit of the Sun Group, will develop the resort, with a casino that will be open to domestic and international players. VietNam Net described the 244.45-hectare (2.24 million-square-metre) project as “a self-contained ecosystem”. In addition to luxury hotels, condos and townhouses, it will contain shopping and wellness services, convention and recreation facilities and 24/7 entertainment venues.

The complex, targeted at international punters and middle- and upper-class Vietnamese, aspires to rival the world’s top gaming destinations, including Macau and Las Vegas. According to a 2024 report by Vietnam Briefing, the country’s middle class could double by 2026, comprising 26% percent of the population versus 13% in 2023. That will create “significant opportunities for businesses”.

Not the first casino to welcome Vietnamese

Vietnam has traditionally frowned on gambling, considering it as a capitalist vice that brought corruption and crime. For decades, only state-run lotteries were legal. But as casinos sprang up in nearby Cambodia, the Philippines and Macau, the country began to reconsider its position.

In 2019, it launched a three-year locals-gaming trial in Phu Quoc, an island in the Gulf of Thailand. The pilot programme, extended to 2024 due to the effects of Covid-19, ended last December following poor financial performance by the Corona Resort & Casino. The property reported losses of VND300 billion in the first half of 2024, in part due to a decline in locals patronage.

But as Phu Quoc enjoys a surge in local and international tourism, the government may once again lift those restrictions. In 2024, Travel & Leisure named Phu Quoc the second most beautiful island in the world, after the Maldives. For the first half of this year, Phu Quoc posted a stunning 92.6% increase in year-on-year tourism revenue.

Sun Group a major Quang Ninh developer

Sun Group has developed several landmark projects in Quang Ninh, including Van Don International Airport, Ha Long International Cruise Port and other resorts and entertainment districts.

“We are honoured to have been entrusted with this landmark development,” said Nguyen Quang Huy, chairman of Sun Group’s Northern Region. “Sun Group pledges to mobilise all our resources and apply the highest standards of planning, architecture and operations to deliver an integrated tourism and entertainment complex that fully reflects the historic potential of Van Don and the extraordinary heritage value of Quang Ninh.

“We believe this project will create unprecedented experiences for guests while making a significant contribution to Quang Ninh’s economy and advancing the Van Don Economic Zone to become a new benchmark for tourism and entertainment in Viet Nam.”

Construction of the Van Don complex could take nine years, once the site is approved.

But an economist at think tank Advocata says passing the current legislation “risks a major gamble, increasing both corruption risks and rent-seeking vulnerabilities”.

In a Monday commentary in the Daily Financial Times, research consultant Sudaraka Ariyaratne said the GRA as it stands lacks the autonomy to provide proper oversight.

While the bill is “a welcome move”, he wrote, “its many deficiencies make it unlikely to position Sri Lanka as a competitive regional player. Instead, it risks creating an ineffective regulator, mirroring Cambodia’s struggling, poorly regulated gaming industry”.

For one thing, he observed, the bill “targets mostly casinos, exempting lotteries and largely ignoring the growing [iGaming] betting sector” in a way that seems “intentional”.

He added that the current version grants far too much power to the Ministry of Finance, which can appoint board members and directors general, make regulations, issue binding directives and control funding. The bill “won’t even give a perception of integrity”, warned Ariyaratne, “if the Minister of Finance can basically do whatever he or she wants”.

Melco casino opened 2 August

In February, Sri Lanka cabinet members approved the initial draft bill to establish a regulator in the island nation. The bill then went to Parliament for review.

According to an April post in the Government Gazette, the authority would “function as the sole independent regulator with a broad and overarching scope on operations” in Sri Lanka. That covered online and off‑shore gambling including sports betting, ship-based gambling and land-based operations.

The land-based sector is now limited to a single integrated resort (IR), City of Dreams Sri Lanka in Colombo Port City. In October, Melco Resorts & Entertainment opened Phase 1 of the $1.2 billion (£901 million/€1 billion) IR complex. Phase 2, which includes Sri Lanka’s first casino, opened on 2 August.

Melco, which holds a 20-year gaming licence, is targeting a cross-section of global VIPs from India, China, Southeast Asia and the Middle East.

‘Get it right now’

Ariyaratne argued that the investment of global players like Melco “signals not only industry growth but also that Sri Lanka is business-friendly”.

But in its 2024 annual report, Melco expressed concerns about the regulatory landscape in Sri Lanka. “Although we have obtained the Sri Lanka licence, there is considerable uncertainty about how the legal and regulatory environment may change,” said the report.

“Without clear regulation”, wrote Ariyaratne, “new international investors are unlikely to enter soon.”

He called for a “truly independent, incorruptible regulatory body” that gives the constitutional council a say in board composition, appoints the director general through a competitive process, has “more independent rules-making power” and is funded through licence and regulation fees, not budgetary allocations.

The GRA also must oversee “the many international online betting platforms frequented by local patrons, including online prediction markets for sports and elections”.

“As this is Sri Lanka’s first attempt at gaming regulation,” he wrote, “it is far easier to get it right now than to amend entrenched laws later, when vested interests will have multiplied.”

The bill goes to parliament for a second reading on Tuesday.

The former prime minister and chancellor has thrown his weight behind a proposal to hike gambling duty to 50% of GGR in Great Britain. Only his proposal, and the evidence he puts forward to support it, doesn’t really hold up to scrutiny. 

Right to the Source is debating the GB gambling tax hike on Apple Podcasts

GB gambling tax hike: What do the reformers actually want?

Ultimately, Brown is pitching gambling as a solution to child poverty. Considering gambling is regularly decried as the cause of poverty by the anti-industry lobby, that’s quite the volte-face.

And how can people match up treating gambling as a golden goose with calls for new restrictions designed to reduce gambling revenue in Great Britain?

With Bruford, co-host of The Gambling Files podcast, joining to pick apart Gordon Brown’s claims, it gets interesting. And where else will you hear about launching a competing magazine to Runner’s World as part of the conversation?

As promised in our last episode, Robin and Ed also talk about gambling in South Korea and the scope for Canadian provinces joining Alberta and Ontario in liberalising their lottery monopolies. 

We’ll be taking a break in the coming week, but that leaves you lots of time to listen to this week’s discussion!

According to Chosun Biz, Lee’s resume includes stints at McKinsey & Company, LG Electronics and Serveone. There he “improved growth strategies and internal operational efficiency”.

Lee graduated from Seoul National University with a master’s degree in electrical engineering. He also earned an MBA from Columbia University in the US.

He has worked with 30-plus major corporations on M&A, business strategy and operational systems enhancements. At Inspire South Korea, he is charged with building organisational efficiency and cooperation “to boost competitiveness and drive sustainable growth”.

In search of a turnaround

Inspire opened in February 2024, the first overseas venture by Connecticut-based tribal operator Mohegan Gaming. It offers a foreigners-only casino, 1,275 hotel rooms, a 15,000-seat arena, an indoor water park and meeting facilities. It also boasts an enviable location, on 4.36 million square metres at Incheon International Airport.

The $1.6 billion property was to open in phases through 2046, adding an outdoor entertainment park and other non-gaming attractions. At the grand opening, Inspire President Chen Si said the IR would make Yeongjong Island “a global tourism destination”.

But without a strong base of gamblers, especially Chinese VIPs, Inspire lost KRW156.4 billion ($112 million) in its first year. Mohegan blamed a combination of high opening costs and low table hold. It argued that it had positioned the integrated resort for “long-term success”.

Even so, when the tribal enterprise defaulted on a KRW383 billion loan, lender Bain Capital exercised its right to take over.

Reporting on the debacle in May, the Korea Times recognised the central problem facing South Korea casinos: their reliance on international punters. Koreans nationals are permitted to enter and play at only one casino in the country, Kangwon Land.

Inspire, the Times noted, “was not intended to be merely a foreigner-only casino venue, but part of a national strategy to develop a global tourism hub centred on the K-culture wave”.

Lee to ‘strengthen global competitiveness’

As chief transformation officer, Lee will be in charge of strategic planning, data analysis and IT in a quest to improve visitation to the resort, including the casino. CEO Si said “his exceptional expertise and leadership” will mark “a significant turning point for Inspire’s growth”.

“Moving forward, we will work with this CTO to further strengthen our global competitiveness and continue our growth and innovation,” Si said.

They announced the formation of the PlaySafe Alliance of the Philippines last week. It comes amid clamour by anti-gambling activists and some policymakers to abolish the industry outright.

Critics claim the gaming industry preys on young people, the poor and other vulnerable populations. They say 24/7 access to gambling causes financial hardship and increases the risk of mental health issues and crime.

PlaySafe spokesman Mike Defensor, president of iGaming operator World Platinum Technologies Inc, acknowledged the risks, but said they don’t come from legal, licensed providers.

“The real enemy in the issue of online gambling is the illegal market,” Defensor said. “No licences, no control. Minors can play, no taxes are paid and they don’t follow the rules. Instead of being protected, the public is put at risk.

“Currently, it’s estimated that 70% of the online gambling market is illegal, while only 30% is legal, complies with regulations and pays taxes,” Defensor said. “Therefore, strict regulations and focus on legal operators are crucial to ensure safe, responsible and fair gaming for all.”

Regulation, education, mitigation

According to the Manila Standard, the coalition of 19 Pagcor-licensed operators have agreed to:

● Work with regulators to boost compliance, especially around marketing and advertising practices.

● Strengthen KYC processes including age verification and self-exclusion programmes.

● Create a plan to combat illegal operators.

● Educate the public about the difference between licensed and unregulated operations.

● Invest in iGaming research, education, prevention and treatment programmes, including a 24/7 national helpline.

“This alliance is not about competition – it’s about collaboration,” said Eusebio Tanco, chairman of iGaming operator DigiPlus Interactive. “By working as one, we can ensure that online gambling in the Philippines will be more secure, transparent and beneficial to both players and the nation.”

Total iGaming ban unlikely

Online gaming generated PHP114.83 billion ($2 billion) in the first half of 2025, up 82.7% year-on-year. Given the contribution of iGaming revenue to “nation-building”, the Philippine Amusement and Gaming Corp opposes a wholesale industry ban.

“Pagcor recognises the earning potential of the e-games sector,” said agency Chairman and CEO Alejandro Tengco following the first-half results. “Our foremost responsibility is to ensure that growth comes with accountability.

“We are committed to always strike a balance between enabling industry expansion and ensuring it aligns with responsible gaming standards,” he said.

President Ferdinand Marcos Jr, who last year banned Philippine Offshore Gaming Operations, also supports stricter regulation of iGaming rather than an industry shutdown. “In my opinion, a ban will not take care of the problem,” Marcos told reporters during a recent trip to India. “We have to be a little bit more measured in our response.”

According to the Philippine Inquirer, Marcos will consult with clergy, educators, law enforcement, addiction professionals and parents to develop effective industry guardrails.

Ad ban to take effect this week

In July, Pagcor signed an agreement with the Philippines Ad Standards Council to pre-screen gambling-related advertisements before they go live. Pagcor has also ordered the removal of all gambling ads in public spaces and on prime time television, effective this Friday.

“These efforts are part of our broader mission to ensure that online gambling is not only well-regulated but aligned with public interest,” Tengco said.

In July, the Office of the Ombudsman suspended GSIS President and General Manager Jose Arnulfo “Wick” Veloso and six others for questionable investments. According to the Commission on Audit, the agency has invested PHP2.3 billion in three companies with “no proven track record of profitability over the last three years”. In doing so, it exposed a “significant amount of members’ contributions to high risk”.

GSIS originated in the 1930s as an insurance provider for public employees, including teachers, police officers and government workers. It later added pension, disability and retirement benefits.

Senate leader: ‘Guardrails breached’

On the Senate floor on Tuesday, Senate Deputy Minority Leader Risa Hontiveros sounded incredulous at the DigiPlus investment.

“You heard that right, Mr President and dear colleagues – GSIS invested over PHP1 billion in online gambling. Those shares were bought at a peak of PHP65.30 and have since dropped to PHP13.68.”

DigiPlus, a Philippine Stock Exchange-listed company, ranked No 233 on this year’s Fortune Southeast Asia 500 list. It calls itself a digital entertainment leader, “combining technologies and innovation to multiply the fun and happiness in people’s lives”.

Hontiveros would beg to differ. Along with Senate President Juan Miguel Zubiri and Senator Joel Villanueva, she supports a total ban on online gambling in the Philippines. In the interim, she has filed a bill to ban the use of digital wallets and super-apps for online wagers.

“Countless Filipinos have sunk into overwhelming debt because of e-gambling, which is made even easier by e-wallets,” Hontiveros said. “For some, it cost them their lives, and all it took was a single tap.”  

The senator also complained about GSIS’ 0.82% stake in Del Monte Pacific. The canned-food giant is “teetering under $2.3 billion in debt. This investment has already incurred an estimated paper loss of PHP19.1 million for GSIS, representing a 32.5% decline in its stake,” Hontiveros said. “The guardrails put in place to guide and protect GSIS investments are seemingly being breached.”

GSIS to review investment policies

On Wednesday, GSIS issued a response saying it “fully supports transparency and accountability in all its investment activities”. It pledged to “cooperate with oversight institutions and regulatory bodies in connection with its investment in DigiPlus Interactive Corp”.

“Still, we recognise that public trust must be continuously earned,” the agency continued. “In light of recent developments, GSIS will continue to comprehensively review its charter, investment policies, risk exposure thresholds and sectoral guidelines, particularly those involving sensitive or high-risk industries.”

GSIS has a total of 2.74 million members and pensioners. According to the Philippine News Agency, in June it reported PHP1.88 trillion in assets and PHP76.82 billion in net income, up 31% year-on-year. It has demonstrated a five-year average return on investment of 6.75%.

GSIS says the Philippines Social Insurance Fund is “strong, secure and actuarially sound”.

In a bid to draw more players, last year Kangwon Land won approval to add a second casino. It is also upgrading its existing resort and building a new KRW2.5 trillion (US$1.9 billion) luxury hotel.

Phase 1 of the project, the second gaming floor, was expected to open sometime in 2027. That debut has been delayed to early 2028, the operator has announced. The new casino will offer 50 tables (for 250 across the resort) and 250 gaming machines (a total of 1,610).

Non-gaming attractions include walking trails and a luxury pool. A wellness centre opened in January. Future phases will add a sky bridge that links the casino to the nearby High1 Ski and Golf Resort.

From casino to integrated resort

With the expansion, a source told the Korea Economic Daily: “Kangwon Land hopes to turn from a casino operator into a resort complex operator.” The intent is to compete with rivals like Inspire and Paradise City.

Those properties benefit from their locations on Yeongjong Island, just 33 kilometres from Seoul, and near Incheon International Airport. But both cater to foreigners only. That limitation can quickly become a liability in times of economic or political turbulence.

As gaming analyst Andrew Klebanow observed during the pandemic: “Every country in East Asia that prohibits its citizens from entering casinos will never enjoy the economic impacts that integrated casino resorts can have on a nation.”

Gaming now makes up almost 90% of Kangwon Land’s revenue. With its pivot to an integrated-resort model – emphasising non-gaming as a growth engine – the company hopes to change that ratio to 70% gaming.

But casino still pulls the cart. According to Douglas Research, Kangwon Land will expand its total casino area from 14,512 to 20,260 square metres (up 40%). Betting limits in the foreigners-only zone will also increase significantly from KRW300,000 to KRW300 million won – a 1,000% increase.

Australia-listed Donaco owns two casinos in Southeast Asia: DNA Star Vegas in Cambodia and the Aristo International Hotel in Vietnam. It announced the proposed acquisition on 17 March, when ONR offered AU$0.045 cash per share. At the time, Porntat Amatavivadhana, Donaco’s non-executive chairman, cited “financial headwinds” including “limited profit margins and a lack of substantial investor confidence”. These factors “made fundraising efforts for any form of growth particularly challenging”.

Those challenges heightened with recent tensions between Cambodia and Thailand. The conflict, which closed the borders to most travel, affected business at Star Vegas, which primarily serves Thai patrons. In June, Donaco posted a 62% drop in casino traffic at the Poipet property.

Company-wide, Donaco saw a 57% drop in EBITDA in the second quarter, with Star Vegas revenues dropping to AU$4.31 million. Aristo revenues were up 4.7%, but it was too little to offset the freefall in Cambodia.

Deal a premium for Donaco shareholders

Global law firm Ashurst advised Donaco on the proposed acquisition. It said the offer represents “a significant premium to Donaco’s undisturbed share price” and a chance for shareholders to de-risk their investment. 

“The offer represents a 50% premium for Donaco shareholders based on recent trading prices,” said partner Murray Wheater. “The scheme has been unanimously recommended by the Donaco board.”

In a 1 August filing to the Australian Securities Exchange, Donaco said 98.11% of shareholders also approved of the acquisition. For the deal to be completed, the Supreme Court of New South Wales must sign off on it in a hearing on Thursday. If all conditions are met, trading in Donaco shares would end the next day, and the company would go private by 19 August.

The appointment took effect on Friday. Lee fills the role once held by Tan Hee Teck, who went on to become CEO in May 2022. The position has been vacant for more than three years.

In a filing to the Singapore Exchange, Genting also announced that Ang Suat Ching will succeed Lee as CFO of Genting Singapore while retaining her current role as CFO of Resorts World Sentosa.

Driving much-needed growth

In a May report, DBS Bank suggested that Genting Singapore would look outside the ranks for new leadership. Lee, however, is an insider and a company veteran.

She joined the group in 2010 just as it prepared to launch RWS, one of the city’s two integrated resorts along with Marina Bay Sands. She has since held “various senior leadership positions”, according to a company statement, including president of Resorts World Sentosa from September 2023 and CEO of RWS since June 2025.

“In her new role, she will be responsible for driving execution of strategic initiatives, operational performance and sustainable growth across the group,” the company stated. She will report to Tan Sri Lim Kok Thay, executive chairman and acting CEO of the company.

The dual appointments of Lee and Ang “reflect our commitment to leadership renewal as the group enters its next phase of growth”, said Lim. “Shi Ruh brings a proven track record of sound decision-making, strategic discipline and a clear understanding of the group’s long-term priorities, which will be invaluable in her expanded role” as president and COO.

“We also welcome Suat Ching to the executive team, whose financial expertise will support our long-term value creation.”

Second-half improvement expected

Lee assumes her new roles amid lacklustre performance by Genting Singapore. In the first quarter, it reported adjusted EBITDA of S236 million ($183 million), down 36% year-on-year. DBS attributed the shortfall to “softer-than-expected non-gaming revenue” as well as weaker VIP demand. Hotel occupancy plunged 72% from the previous quarter, due to “weaker tourist arrivals [and] broader macroeconomic softness in the region”.

Last November, the Singapore Gambling Regulatory Authority announced that it would renew RWS’ licence for just two years, instead of the usual three. It based its decision on RWS’ “unsatisfactory” performance from 2021 through 2023, as the market continued to recover from Covid-19.

An ambitious S$6.8 billion expansion project could turn the company’s fortunes around. RWS 2.0 is described as a “waterfront lifestyle complex” with two luxury hotels and a Minion Land theme park at Universal Studios Singapore. Starting in July, a full month of celebratory events kicked off the opening of the new Singapore Oceanarium, an “aquarium-based conservation institution”.

The second half of 2025 will bring Weave, a 20,000 sqm space featuring more than 40 lifestyle and premium brands distributed across three levels. Also in the works: new dining options, an 88-metre light sculpture and a panoramic mountain trail. The massive expansion is expected to be complete in 2030.

Despite the recent challenges, DBS maintains a “buy” on Genting Singapore shares.

“While we anticipate a softer 2Q25 due to higher promotional costs ahead of these launches, we expect EBITDA margins to improve sequentially in 2H25 with increased visitor flow to the new attractions and hotel,” according to the bank.

With two luxury hotels, a 16,700 sqm gaming floor and multiple bars, restaurants, lounges and nightlife spaces, City of Dreams represents the largest private investment in Sri Lankan history. It will capitalise on its location within four hours of India, China, Southeast Asia and the Middle East and draw a cross-section of international patrons, said JKH Chairman Krishan Balendra.

To further boost tourism and recover from the 2022 economic crisis, Sri Lanka plans to extend its free visa policy to 40 more countries, reports the Times of India.

‘Ultra high-end’ appointments are touted

Phase 1 of City of Dreams, including the 687-room Cinnamon Life hotel, opened last October and has already built a steady following. “Bookings as of early August are significantly ahead of last year’s levels,” portending a strong winter season, said Balendra.

Phase 2 added the casino and a 113-key Nüwa hotel to the Cecil Balmond-designed contemporary complex. The IR also offers the largest conference centre in the port city, with a capacity of 5,000.

“Melco’s ultra high-end luxury-standard hotel and casino, together with its global brand and footprint, will strongly complement the MICE, entertainment, shopping, dining and leisure offerings” at City of Dreams, JKH told shareholders in its annual report in May.

“The collaboration with Melco, including access to the technical, marketing, branding and loyalty programmes, expertise and governance structures, will be a boost for not only the integrated resort of the group but a strong show of confidence in the tourism potential of the country.”

Melco also operates IRs in Macau, the Philippines and Cyprus, all under the City of Dreams brand. In March, the Hong Kong-listed operator confirmed it had received a 20-year gaming licence from the Sri Lankan government.

Ho: Development to ‘elevate Sri Lanka’s global profile’

Melco invested approximately $125 million to develop the casino. In comments last fall, Melco Chairman and CEO Lawrence Ho called it a “small wager” with the promise of strong returns: up to $250 million in gross gaming revenue per year.

Speaking to reporters at the grand opening, Ho said Sri Lanka “can be to India what Macau is to China”.

“This project is about more than creating a luxury resort,” said Ho. “It’s about helping to elevate Sri Lanka’s global profile and contributing to its tourism economy.” He called City of Dreams “a symbol of possibility and a celebration of Sri Lanka’s potential as a world-class destination”.

In an investors’ note Friday, CBRE Equity Research analyst John DeCree called the property a “unique asset-light opportunity for Melco that could possibly be replicated in other markets. However, City of Dreams will be a new product for the market and the ramp period will take time.”

Balendra described the strategy as “creating a tourism magnet that draws high-value visitors, boosts the urban economy and elevates Colombo’s international brand”. He expects the new IR to have the same positive impact on Colombo that Marina Bay Sands and Resorts World Sentosa had in Singapore.

Rise and fall of a billion-dollar plan

In March, the cabinet approved a draft of the Entertainment Complex Bill, clearing the path for up to five casino resorts around the country. The proposed industry was supposed to boost tourism, jobs and foreign investment. 

Eager investors – including several of Macau’s Big 6 casino concessionaires – soon lined up, drawn by estimates of $8 billion to $15 billion in annual revenue. At that level, Thailand would replace Singapore as the world’s third-largest gaming jurisdiction, after Macau and Las Vegas.

But the bill never won broad public support. A poll by the National Institute of Development Administration suggested that up to 80% of Thai residents opposed legal casinos, fearing they would lead to gambling addiction and increased crime. Anti-gaming activists, always organised and vocal, staged multiple street demonstrations outside Government House in Bangkok.

The bill hit a hard wall in June, when scandal erupted around Prime Minister Paetongtarn Shinawatra, supporter-in-chief of casino resorts. Paetongtarn’s government fell into disarray after the release of a recorded phone conversation between her and Cambodian strongman Hun Sen.

In the leaked call, placed after a border skirmish between Thai and Cambodian forces, Paetongtarn seemed to kowtow to the Cambodian leader, even taking his side over her own military. On 1 July, a constitutional court suspended her from duty. Her fate remains in question.

Legislation ‘remains viable’

Also up in the air is the ultimate fate of Thailand casino legislation.

Less than a week after the prime minister stepped aside, lawmakers withdrew the casino bill from consideration. “We’re not pulling it out of fear or anything,” government whip Visuth Chainaroon told reporters. “We’d just like to communicate with the people first on the issue and clear any lingering doubts.” 

Attorney Panisa Suwanmatajarn says winning over the public should have been the government’s first order of business.

In a special report published 22 July, Panisa, managing partner at The Legal Co of Bangkok, called the legislation economically sound. However, she wrote, “its social and political foundations proved insufficiently robust to withstand public scrutiny and political volatility”.

While the draft is now on the shelf, Panisa added, “the possibility of reintroduction remains viable once the political situation stabilises and a broader public consensus is achieved”.

Consulting “diverse societal groups … must precede legislative drafting to ensure broad-based support”, she admonished lawmakers. “Prioritise inclusive dialogue, precise legal mechanisms and broad-based stakeholder support to ensure lasting success.”

Land-based casinos contributed PHP93.36 billion, down 5.85% from 2024. But online gambling — e-games in the Philippines — generated PHP114.83 billion, up an astounding 82.67% year-on-year.

Could e-games spike prove critics’ case?

The rising popularity of e-games could actually provide fodder for the gaming sector’s critics. In recent months, activists, clergy and legislators have slammed the industry for allegedly stoking addictive behavior, especially among young people and the poor. They say 24/7 access to gambling can bring financial hardship and the risk of more crime.

Senator Juan Miguel Zubiri introduced a bill this month that would ban all iGaming operations that cater to Filipino users. If enacted, Senate Bill 142 would shut down all online gambling websites and apps — local and offshore — within 72 hours. It would require internet service providers, mobile network operators and digital platforms to block access. It would also bar e-wallets and payment service providers from processing e-games transactions.

Zubiri took aim at celebrities and influencers who promote the games, saying they “make a parody of people losing a lot of money in online gambling. Children are learning to lie, to steal, to cheat just to fund their next bet.”

PAGCOR defends sector as ‘nation builder’

Not surprisingly, PAGCOR emphasised the economic windfall of e-games.

“The strong revenue stream enabled the agency to increase its contributions to nation-building to PHP38.1 billion, up 20% from the PHP31.8 billion” last year, PAGCOR announced Tuesday. As a result, the regulator funnelled PHP25.36 billion to the National Treasury for “priority programs” in infrastructure, health care, education and social services.

“PAGCOR recognizes the earning potential of the e-games sector,” said PAGCOR Chairman and Chief Executive Officer Alejandro Tengco. “But as the country’s gaming regulator, our foremost responsibility is to ensure that growth comes with accountability.

“We are committed to always strike a balance between enabling industry expansion and ensuring it aligns with responsible gaming standards”.

PAGCOR pushes regulation over abolition

Tengco favours stricter regulation of e-games over a total ban.

House Bill 1351, sponsored by Philippines Representatives Chel Diokno, Perci Cendaña, and Dadah Ismula, would impose a 10% tax on e-games and use the proceeds to fund addiction treatment and recovery. It would bar most iGaming ads, ban the use of digital wallets and place restrictions on credit card deposits. The legislation would require iGaming operators to identify and discourage risky gambling behaviour and limit game play by anyone under 21.

“We need a whole-of-government approach if we want to combat the ill effects of online gambling,” said Diokno.

On 16 July, PAGCOR signed an agreement with the Ad Standards Council to pre-screen gambling-related advertisements before they go live. According to the Philippine News Agency, under the plan all branded or corporate gambling advertisements in the Philippines — including television, radio, online and outdoor — must be approved by the ASC to “curb misleading content and protect vulnerable groups from potential harm”.

PAGCOR also has ordered the removal of all gambling ads in public spaces and primetime TV by 15 August.

“These efforts are part of our broader mission to ensure that online gambling is not only well-regulated but also aligned with public interest,” Tengco said.

Last fall, AGI first unveiled its plan for a $300 million casino resort on the island of Boracay. It will include 2,000 hotel rooms, luxury villas, a private beach and an 18-hole golf course. The property is slated to open by the end of 2025 or in early 2026.

One of the Philippines’ top holiday destinations, Boracay has been called a paradise reborn. It once suffered from a tourism glut that led to serious environmental damage – not just overcrowding but massive overbuilding. Mounds of trash accumulated in the streets and on the beaches and illegal sewer lines dumped waste directly into the ocean.

In 2018, then-president Rodrigo Duterte declared Boracay a “cesspool” and shut it down for six months of environmental remediation.

The tough measures worked and the island has regained its natural splendour. AGI President and CEO Kevin Tan apparently wants to keep it that way, going for luxury and exclusivity over scale.

In a 2024 interview, he said Boracay World Resorts “would not be very big. It’s like a boutique style. We want it to be just right for the island, with a more sustainable design.” According to the Manila Standard, AGI plans to use 100% renewable energy through solar panels by 2026. 

AGI pursues ‘long-term growth’ in Philippines

A second boutique resort project in Cebu represents a $400 million investment. Mactan World Resorts, part of a sprawling master-planned development in the province, will feature a hotel, casino and abundant non-gaming amenities. Tan called it a “gaming and leisure hub” that will bring more than 5,000 new jobs to Lapu-Lapu City and nearby cities in Cebu.

Tan says he’s bullish on Mactan Newtown. At the grand opening of two Gordon Ramsay-branded eateries on Saturday, he told the Philippines SunStar: “We believe so much in this province’s potential. It’s very progressive, and the people here are very friendly.”

AGI is building new hotels nearby. The 2,500-seat Mactan Expo Center also will support the IR, which is expected to open by 2026.

In an SEC filing Monday, AGI said its “collective investment in the above-mentioned integrated resort projects could hit $2 billion in view of [the company’s] collective long-term growth plans”.

AGI is now on track to have 10,000 room keys by the end of the year under its Megaworld and Travellers brands. That number could reach 12,000 before 2028.

Opponents of online gambling hoped Marcos would make a similar declaration in this year’s address on Monday. He disappointed them, making no reference to the issue or recent calls to abolish the industry.

On 7 July, lawmakers filed two online gambling bills, one to tighten regulations and another to prohibit iGaming altogether.

House Bill 1351 would impose a 10% tax on iGaming revenue and use the proceeds to fund problem gambling resources. It would bar most iGaming ads, ban the use of e-wallets and place restrictions on credit card deposits. The legislation would require iGaming operators to identify and discourage risky gambling behaviour and limit games to adults under 21.

Senate Bill 142 would go much further, banning all digital gambling platforms. “We already shut the doors on POGOs for the damage they caused,” said Senator Juan Miguel Zubiri, the bill’s sponsor. “But an even more dangerous problem has crept into our homes: online gambling that targets our own people.

“Let’s not kid ourselves. It now looks like a kid with a phone under the covers at 2am, losing the family’s grocery money on an online casino site.”

Online gambling: To be or not to be?

Marcos’ silence on the matter could indicate he doesn’t support an all-out ban of the industry, which generated gross gaming revenue of PHP154.51 billion ($2.7 billion) in 2024, up 165% year-on-year. Even Senator Sherwin Gatchalian, who led the fight to ban POGOs, supports regulation over prohibition.

Online gambling “has caused an increase in mental health problems, financial problems, addictive behavior, vices and crime rates”, Gatchalian said on 1 July.

Neverthless, he backs measures to keep the industry in check, ending gambling sponsorships of public events and campaign donations by online operators. Gatchalian has also called for an investigation of online lending apps that have the potential to plunge online gamblers deeper into debt.

Meanwhile, three Philippines casino operators that offer both land-based and online gambling say they “actively promote responsible gaming through tools such as self-exclusion, deposit limits and account restrictions”.

According to the GMA Network, Solaire, Newport and Okada say they fully comply with existing regulations, from licensing and accreditation to anti-money laundering, along with advertising policies, data privacy and so on. They said they each have allocated 2% of GGR for public development projects.

“Prohibition does not erase online gaming,” they said in a statement. “It only erases the safeguards that protect the Filipino people.”

Marcos sidesteps sensitive issue

Political analyst Froilan Calilung told the Manila Times he hoped Marcos would ban online gambling in his annual address and “put an end to these operations [which are] creating a lot of moral and social problems for our countrymen”.

Senator Raffy Tulfo had also hoped Marcos would declare himself on the issue.

“Something has to be done. I want a total stop – not just regulation,” he told TV News 5. Zubiri, sponsor of Senate Bill 142, also looked for clues to Marcos’ plan in Monday’s address, “similar to how we banned e-sabong, similar how we banned POGOs.”

But Marcos stayed mum and a Philippine gaming attorney said that’s the right posture for now.

Attorney: President’s silence a sign of leadership

In an op-ed post shared on LinkedIn, Marie Antoinette Quiogue of the Romulo law firm said the president “will make headlines not for what he said about online gambling, but for what he didn’t”.

“The president chose not to declare a position” on the proposed ban, she wrote. “And in this case, restraint is leadership. The president’s silence signalled a refusal to be rushed into a decision on a complex issue that demands more data, deeper study and a holistic understanding. This was not a missed opportunity. It was a conscious choice to avoid a knee-jerk policy that could create more problems than it solves.”

She said the online gambling sector should not be confused with POGOs. Those operations served gamblers outside the Philippines. They were banned following reports of widespread corruption, money laundering, human trafficking and torture. “In the case of POGOs, the safety of Filipinos and national security were directly implicated,” said Quiogue. “That is not the case here.

“If a sitting president can suddenly announce that a lawful, revenue-generating industry can simply be banned, the implications on investor confidence, economic stability and the rule of law would be profound.”

The directive came from Nepal’s Department of Money Laundering Investigation.

In February, the Financial Action Task Force added Nepal to its “grey list” of jurisdictions at higher risk of money laundering. FATF cited a “lack of stringent monitoring over financial transactions, especially those linked to illicit money flows, corruption and tax evasion”.

Since then, the country has introduced a number of remedial measures for financial institutions and businesses, including casinos. Fiscal Nepal reports that gaming halls must maintain 24-hour surveillance of all games and retain the footage for six months. Visitor records must be preserved for at least five years. Casinos must also install biometric ID systems at entryways, implement stronger know-your-customer protocols and comply with all anti-money laundering requirements.

In addition, gaming operators must demonstrate minimum paid-up capital of NPR200 million ($1.48 million), up from NPR150 million.

Spurred by the FATF grey list

Nepal first landed on the FATF list in 2008 and was not delisted until 2014. Inclusion on the list can raise concerns about economic integrity and discourage foreign investment. It can damage a nation’s international reputation to be side by side with countries such as Yemen, Syria and Nigeria. (Laos also was added to the list in February, while the Philippines was removed).

The FATF black list is the real black eye. Presently, it consists of just three jurisdictions: North Korea, Iran and Myanmar. In 2023, the Paris-based financial watchdog suspended Russia from consideration, saying its war in Ukraine violated the organisation’s principles.

Nepal, meanwhile, has formulated a seven-point plan to better combat money laundering and terrorist financing. According to the Kathmandu Post, it has agreed to:

1. Improve understanding of money laundering and terrorist financing risks.
2. Increase risk-based supervision of banks, casinos, the real estate sector and other industries.
3. Boost detection of illegal financial activities and increase financial sanctions.
4. Better support agencies involved in money-laundering investigations.
5. Increase prosecution of money-laundering crimes.
6. Confiscate proceeds from financial crimes based on risk profiling.
7. Enhance technical compliance on targeted financial sanctions against those financing terrorism and biological weapons.

The sanction followed a request from the Philippine Cybercrime Investigation and Coordinating Center and Digital Pinoys, a network of “Filipino digital advocates, for the people by the people”.

Digital Pinoys spokesman Ronald Gustilo thanked Meta “for swiftly acting on our joint request… to take down the pages of influencers blatantly promoting illegal online gambling. We hope the remaining pages flagged in our initial report will be removed in the coming days.”

Senator Joel Villanueva hailed the move as “a significant step forward in our campaign to push for a total ban” on iGaming. Villanueva authored Senate Bill No 47, the Anti-Online Gambling Act, which would prohibit all forms of iGaming in the Philippines.

The list of influencers includes Sachzna Laparan, with 9.7 million followers; Boy Tapang, with 5.5 million followers; and actor Mark Anthony Fernandez, with 242,000 followers.

“Some of these influencers thought they were untouchable – that we were bluffing,” said Gustilo. “They gambled with the law and now they’re facing the consequences.”

Philippines clergy calls for iGaming ban

The Catholic Church continues to urge an online gambling ban. The Manila Standard cited a letter from Pablo Virgilio Cardinal David, president of the Catholic Bishops Conference of the Philippines.

“Why do many in the government, the media and business world seem to be silent [about iGaming]?” David asked. “They choose to stay silent because of the considerable profits that this industry generates. What is sad is that in many cases families, communities – as well as the church – remain silent in the lamentation of those seeking help due to their enslavement.”

In 2024, legal iGaming generated gross gaming revenues of PHP154.51 billion ($2.7 billion), up 165% year-on-year. Illegal iGaming also continues to proliferate. Last July, the Philippine Amusement and Gaming Corp reported that it had blocked 5,793 illegal iGaming websites and apps.

That same month, President Ferdinand Marcos Jr banned Philippine Offshore Gaming Operations due to reports of money laundering, human trafficking and other crimes.

Survey: Online gamblers prefer regulations over ban

In related news, a survey of 1,000 online gamblers in the Philippines suggests they prefer stronger industry regulations over a total ban.

According to research firm The Fourth Wall, most of those gamblers describe themselves as “casual, low-stakes and self-regulating”. They see the pastime as “social and recreational” and say safety and legitimacy are top priorities. They oppose an outright ban, which they say could drive players to unregulated gaming sites.

Some 36% of respondents said they are “break-even optimists” who gamble moderately while 85% said they don’t borrow money to support the activity. But 12% admitted to being “risky borrowing high-frequency bettors” who play often and may incur financial trouble.

Collectively, those polled said “curiosity, boredom and peer influence” were the reasons they first tried online gambling.

“Our study reveals greater preference for safer and regulated platforms among Filipino online gambling players,” said John Brylle L Bae, Fourth Wall research director. “There is an understanding among them that an outright ban won’t stop online gambling, but instead push it underground, increasing risks like scams and addiction through unregulated channels. This suggests their call for regulation is rooted in safer options and better consumer protection.” 

For the full report, visit www.fourthwallglobal.com/phonlinegambling.

Saipan is part of the Commonwealth of the Northern Mariana Islands (CNMI), a US territory since the Second World War. In 2016, IPI opened a temporary casino in a Garapan mall. At the same time, it undertook construction of a permanent, multibillion-dollar beachfront resort.

The high-roller casino at Imperial Pacific Palace was once one of the highest-grossing in the world, turning over more per-table bets than the most profitable casinos in Las Vegas and Macau. In 2017, for example, it reported VIP volume of $49.5 billion on an average of 18 tables.

But the sizzle soon fizzled. The beachfront resort was still unfinished in March 2020, when it closed due to the Covid-19 pandemic. Construction ceased in 2021, and IPI defaulted on millions in annual fees.

That same year, the Commonwealth Casino Commission of the Northern Mariana Islands suspended the operator’s gaming licence. And in 2022, the Hong Kong Stock Exchange suspended trading of IPI shares. Since then, according to IPI attorney Chuck Choi, the resort has been “open to the elements, and is currently in poor condition”.

What’s next for Imperial Pacific Palace?

IPI filed for Chapter 11 bankruptcy in April 2024, citing more than $165.8 million in liabilities. In a February auction, Team King Investment (CNMI) LLC was the highest bidder at a court-approved auction. It paid $12.9 million for IPI’s assets, including the deteriorating resort. The bid also includes an option to acquire IPI’s gaming licence.

But the sale can’t close until a dispute is resolved regarding IPI’s ground lease, which spans more than 19,000 square metres. According to Marianas Variety, IPI and Team King have signed the lease agreement and are waiting for the Department of Public Lands to do likewise. Choi added that “as a gesture of good faith”, Team King will pay the $207,000 annual ground rent effective through April 2026.

So what is to become of the once-grand Imperial Pacific Palace? If Team King chooses to complete and reopen the lavish resort, it would need an additional $150 million to finish the job.

The resumption of gaming at the property is another issue. In June, the government of the CNMI abolished the Commonwealth Casino Commission. The CCC, which was to be funded by regulatory fees from IPI, closed its office in 2023, and its commissioners have gone unpaid since 2021.

Before the storm, the Macau Gaming Inspection and Inspection Bureau (DICJ) called for the closure of ports, businesses and bridges. But it ordered city casinos to remain open, to prevent their patrons from venturing into the storm.

“The gaming premises and venues will be maintained in proper condition during the typhoon,” the DICJ said in a statement Sunday. “The casino will make arrangements for the staff and guests to take a rest in the event of a typhoon.”

Macau spared a direct hit

The Macau Post Daily called Wipha “the potentially strongest tropical cyclone to  threaten Macau so far this year”. It represented the earliest time in a calendar year that a No. 10 signal was hoisted since record-keeping began in 1968. 

At the storm’s peak, ground and air transportation and ferry service were suspended or cancelled. Macau International Airport cancelled 140 flights. Wipha sent 139 people to emergency shelters and caused 163 accidents and five injuries.

Fortunately, Wipha (“lightning” in Thai) veered from a direct path toward Macau before reaching it. The storm then moved with gale-force winds toward southern China, where it caused widespread flooding. It is reported to be heading to Vietnam, with landfall expected on Tuesday. Wipha also killed at least five people in the Philippines.

In an update Monday, the Macau Municipal Affairs Bureau stated that more than 90% of open leisure areas in the city and eight public markets were open as usual. The Meteorological and Geophysical Bureau has cancelled all typhoon signals.

Approval came from the General Commercial Gaming Regulatory Authority (GCGRA), the federal entity overseeing commercial gaming activities in the UAE, on 18 July.

The licence covers Light & Wonder for both online and land-based gambling activity in the market. This includes providing land-based electronic gaming machines, table games and utilities, as well as iGaming content to licensed operators.

“Securing a licence from the GCGRA is an important milestone for Light & Wonder as we enter one of the most anticipated new regulated markets in the world,” Light & Wonder President and CEO Matt Wilson said.

“We’re honoured to be among the first approved suppliers and are committed to bringing our trusted, responsible and player-first approach to the UAE.”

Who else has a licence in the UAE?

Light & Wonder is the 13th company to secure a gaming-related vendor licence in the UAE market.

Aristocrat Technologies Europe was the first to be approved, picking up its licence in October 2024. Since then, various other vendors including slot machine manufacturers and payment providers have also gained licences.

Among the other approved companies are Novomatic, IGT Global Services and Scientific Games International. TCS John Huxley, Pollard Banknote and Fennica Gaming also now hold licences.  

Aside from gaming-related vendor licences, GCGRA, which was formed in 2023, has issued two other licences.

In June 2024, the organisation awarded the nation’s only lottery licence to The Game LLC. The new UAE Lottery offers a range of lottery games and other products. Tickets went on sale in November 2024, ahead of its inaugural draw on 14 December.

Although a number of online vendor licences have been approved, there has been no indication as to when iGaming will become available in the market.

Meanwhile, the only land-based gaming facilities licence so far is for Wynn Resorts. This covers Wynn Al Marjan Island Resort, a new multi-purpose project under construction in Ras Al Khaimah.

A joint venture between affiliates of Wynn Resorts, Marjan and RAK Hospitality Holding, the multi-billion-dollar development is set to open in Q1 2027. 

PAGCOR CEO Alejandro Tengco and ASC Chairwoman Golda Roldan signed a memorandum of understanding Wednesday formalising the collaboration.

Philippines gambling ads now on ‘must-screen’ list

The agreement adds gambling commercials to ASC’s “must-screen” classification. The category also includes ads for alcohol, some OTC medications, food supplements and other products.

“Almost a year ago, we began initial talks about this initiative,” said Tengco at a ceremony at PAGCOR headquarters. “Today, we are gathered here to formally sign this agreement so that we can immediately execute everything we committed to in this memorandum of understanding.”

Under the MOU, all branded or corporate gambling ads — for TV, radio, online and outdoor — must be vetted and approved by the ASC before going public. According to the Philippine News Agency, the additional scrutiny will help “curb misleading content and protect vulnerable groups from potential harm”.

“We stand with PAGCOR in our shared goal of protecting the Filipino people,” Roldan said. “Especially in sectors like gambling where communication requires greater sensitivity and care.”

Ads also pulled from public transportation

On 7 July, PAGCOR ordered the removal of all gambling billboards and posters on public transportation including buses, taxis and trains.

“Regulating excessive and pervasive gambling advertisements is a critical step in protecting vulnerable sectors of society, especially youth,” Tengco said. PAGCOR will only approve advertisements or campaigns that promote “institutional or responsible gaming”, he added.

“We have given all our licensees and stakeholders until August 15 to completely remove all gambling-related ads.”

In Q1, the games provider adopted geolocation blocking technology across Europe to ensure its games were provided only in locally licensed markets.  

This followed an investigation launched by British regulator the Gambling Commission in December into Evolution providing to unlicensed operators in the country.  

Evolution unsure of Gambling Commission review timeline

Speaking to analysts during the Thursday call, Carlesund said he could not provide an update on the timeline of the Gambling Commission review.  

“I don’t have visibility of the timeline, it’s up to the regulator,” he said. “We answer them and provide any information [as quickly as possible], but we have no guidance on the timeline.”  

In Q1, Evolution said profitability had taken a hit during the period as a result of it exiting a number of black or grey markets in Europe.  

“On top of what we have already done in the UK to meet regulatory requirements, we have taken proactive and self-initiated actions in February to ring-fence additional regulated markets in Europe,” the CEO said at the time.  

Although he said geo-blocking black markets had continued to hurt earnings in Q2, the impact was less than in Q1 when profit was down 5.4% to €254.7 million ($289.7 million).  

“We don’t guide on [the impact of] each market, but we are working hard to ensure we are in a position proactively in the European market and that is a little bit more expensive than we anticipated,” Carlesund said during the Q2 analyst call.  

“I am not satisfied with the financial development during the first half of 2025, but I am very satisfied with how we are addressing our challenges” he added in the earnings report.

Profit slips 8%, although impact of Europe closures softens 

In terms of profitability during the second quarter, operating profit amounted to €306.4 million, down 1.5% year-on-year. Total net profit for the period was €248.3 million, down 8% from Q2 2024.  

Carlesund said he was “cautiously optimistic” about the company’s Q2 results. He said it was a good improvement on the last quarter and Evolution was “more or less within [its] range” in terms of profitability.  

Despite “external events” impacting Evolution’s Q2, he said the company was “laying the foundation to increase growth going forward”.  

Evolution’s Q2 revenue hit €524 million, up 3% from last year’s €508 million. When split by vertical, live games accounted for 87% of total revenue.  

New Evolution studios launched in Brazil and Asia 

Operating expenses for the period increased 10.4% to €218 million in Q2, which included investment into new games studios launched in Sao Paolo and the Philippines, marking Evolution’s expansion into Brazil and Asia.  

“The new Brazilian studio is a state-of-the-art studio, a bit larger, and is aimed at serving a growing Brazilian market,” Carlesund said in a statement.  

“It is a perfectly timed launch considering Brazil’s transition to regulation earlier this year. These two new studios symbolise our constant strive for growth, and we warmly welcome them into the Evolution studio network.”  

When asked by analysts how much these studios would contribute to earnings, Carlesund said they would contribute as much as any other studio, which is not much (by themselves) in the short term.

Acting against cyber threats

Finally, Carlesund said the company was acting to protect itself from ongoing cyber threats in Asia which threatened the Evolution IP. He said that thanks to these actions, the Asian market had returned to growth in H1.

“We know that we are in the absolute technological forefront in defending our intellectual property and our products. As we have stated before, it will take time, patience and resources, but as we deploy new measures constantly we are starting to reap some benefits,” he said.

In January the company had flagged these ongoing cyber attacks in Asia as a continuing challenge, resulting in flat revenue in the market.

Evolution’s Asia revenue in Q2 grew 4% year-on-year to €209 million.

According to Chosun Business, since January shares of Lotte Tour Development have spiked by more than 50%. During the same period, Paradise and Grand Korea Leisure saw increases of 28% and 7%, respectively.

As of Saturday, Lotte Tour – operator of foreigner-only casinos including Jeju Dream Tower – increased 37.4% over the prior month. Noting the upward trajectory, the National Pension Service increased its equity stake in Lotte Tour from 5.01% to 7.05%.

South Korea casinos rely on foreign play

Of 19 casinos in South Korea, only one – Kangwon Land in Gangwon Province – is open to local players. The rest rely solely on international punters. The casinos stood to take a hit in December, when then-president Yoon Suk Yeol briefly declared martial law.

The decree, revoked after just six hours, still had a dampening effect on tourism. Both Chinese and Japanese tourists “shunned their neighbouring country amid heightened political tensions”, according to the Korea Economic Daily. (Yoon was deposed in April and arrested on 10 July on charges of fomenting a rebellion.)

Tourists are now returning in droves. As of May, more than 7.1 million foreign travellers had visited South Korea this year, the highest volume since early 2020. China was the largest source market, accounting for about 28% of the total.  

“If a nationwide visa-free policy for Chinese tourists is implemented, interest in travelling to Korea is expected to rise,” Kiwoom Securities analyst Lee Nam-su told the Korea Times in April. That means “simultaneous growth in key destinations such as Jeju, Seoul and Busan, where many casinos are located”.

Greater cooperation among Asian nations

China introduced a matching policy last November. Its visa-free plan, in place until 31 December, applies to South Korea nationals as well as travellers from Norway, Finland, Denmark and five other countries. The bilateral programmes are seen as a sign of friendlier relations between the countries.

“Since visa-free entry for Koreans was allowed, there has been a warm breeze between the two countries,” said Kim Hye-young of DAOL Investment & Securities. “If the number of tourists steadily increases, foreign casino operators running integrated resort businesses may benefit” – although Chinese gamblers are forbidden to play outside the motherland, even in jurisdictions where gambling is legal.

Meanwhile, South Korea, China and Japan have agreed to cooperate on economic and trade matters to address “emerging challenges”, according to the Japan Times. The triumvirate has become “more crucial than ever as the US trade war shatters the global order”, the publication reported in May.

The proposed measures follow rising concerns about the social costs of online gambling. According to the Straits Times (headline: “Online gambling boom – and doom”), easy access to iGaming has led many Filipino families to “addiction and financial problems”.

Critics including some lawmakers want to abolish the industry outright. The Philippine Amusement and Gaming Corp opposes a ban, but it supports stricter rules around advertising. President Ferdinand Marcos Jr, who banned offshore gaming operations last July, is considering a sin tax on iGaming.

Establishing ‘standards and expectations’

“End-user” protections sought by the BSP include limiting the use of digital payment platforms for iGaming and capping daily fund transfers by bettors. The proposed new rules also call for stricter due diligence by operators.

To ensure “a safe, efficient and reliable retail payment system… it is imperative to ensure that digital payment services of payment service providers (PSPs) are not misused for activities that are socially harmful and detrimental to financial health”, according to a draft circular released by the BSP monetary board. “These regulations establish standards and expectations for PSPs in the provision of online gambling payment services as well as enhanced know-your-customer (KYC) measures.”

The new rules would require PSPs to secure bank permission to operate. Qualified applicants would have to:

• Demonstrate minimum capitalisation of PHP300 million ($5.29 million).
• Display robust management of anti-money laundering and counter terrorism financing (AML/CTF) risks and fraud prevention.
• Install a board-level committee on AML/CTF compliance.
• Submit reports “on a monthly or on-request basis” detailing total gambling-related transactions and iGaming partners, among other information.
• Limit play to six hours per day and impose a 24-hour cooling period in cases of “heavy usage”.
  

Banning at-risk groups and government personnel

The new rules would forbid PSPs from directing users to online gambling sites and bar certain groups from participating. They include people under 21 and university and college students, plus military and government workers and members of law enforcement. Those receiving welfare payments would also be on the no-play list.

Fintech Alliance Philippines, which counts major players like GCash and Maya among its members, says it will “fully support” the BSP’s efforts to address problem gambling and “the proliferation of illegal gaming sites and platforms”.

“We are united in our commitment to be part of the solution by working closely with regulators, elevating safeguards and protecting the welfare of Filipino consumers,” said founding chair Lito Villanueva in a statement.

Religious leader decries online gambling crisis

According to the Catholic Herald, the church has come out against what it considers an epidemic of online gambling harms, especially among the young and the poor.

Bishop Cardinal Pablo Virgilio David says iGaming has put a casino “in the living room, in the bedroom, in a child’s pocket”. In the post-POGO era, online gambling is “now victimising not foreigners, but our own people”.

“It is more lucrative than traditional casinos, promoted by paid celebrities [and] accessible to Filipinos of all age levels, totally unregulated. It is wrecking the lives of poor people who get addicted to it.”

David blasted Pagcor for its defence of the industry. “Nothing could be more absurd than a government agency wringing its hands over illegal offshore gambling sites when it has already legalised inland online gambling – fully, completely, brazenly.”

The Philippines Central Bank invites stakeholder comment through 25 July.

Two proposals are on the table.

House Bill 1351

House Bill 1351, the Kontra e-Sugal Act of 2025, was introduced on Monday. It would impose a 10% tax on online gaming revenue and use the proceeds to fund problem gambling resources. It would bar most iGaming ads, ban the use of e-wallets for transactions and restrict credit card payments to low-risk players. The legislation would require iGaming operators to identify and discourage risky gambling behaviour and limit games to adults under 21.

“We need a whole-of-government approach if we want to combat the ill effects of online gambling,” said Representative Chel Diokno of the Philippines Akbayan Party, co-sponsor of the bill. “We cannot gamble away our youth’s future. Our children cannot become collateral in the jackpot dreams of gambling tycoons.”

In a press briefing, presidential spokeswoman Claire Castro said Marcos is “listening to the plight” of Filipinos addicted to online gambling and will review the proposal.

“The president is aware of what could happen to those addicted to gambling,” Castro told reporters. “He will not oppose it as long as there is sufficient study regarding the tax.”

Senate Bill 142

Senate Bill 142, the Anti-Online Gambling Act of 2025, also filed on Monday, would ban all digital gambling platforms. Sponsor Senator Juan Miguel Zubiri called gambling addiction a “silent epidemic” that will continue to spread if unchecked.

“The lives of our fellow Filipinos are being ruined,” said Zubiri. “Crime rates are rising. Filipino workers are sinking into massive debt, which is severely affecting their mental health.”

Those negative repercussions far outweigh the financial benefits, he said. The Philippines iGaming sector generated PHP47 billion ($831 million) in revenue for the first quarter of 2025.

In an interview with the Philippine Inquirer, Lanao del Sur Representative Zia Alonto Adiong supported a blanket ban on iGaming. “If you want to take down the evil tree, the bad tree, you don’t just trim the branches, you uproot it,” he said.

Senator JV Ejercito did not call for a ban, but urged immediate and stricter regulation of the sector, saying it poses a greater threat to public welfare than POGOs.

“There’s almost no limitation to access. In just one click, anybody can gamble,” he said in a statement. “In POGOs, usually the victims were foreigners. But in online gambling, our very own fellow Filipinos are hit – workers, parents, even the youth. This is worse because we are the ones gradually deteriorating.”

A fight in the Philippines

Zubiri said he does not expect a swift resolution to the problems associated with iGaming, an industry backed by “very wealthy and powerful” people.

“It’s going to be a tough fight,” he told The Inquirer. “Those lobbying against the ban haven’t started flexing their muscles yet.”

On 1 July, the Thailand Constitutional Court suspended Prime Minister Paetongtarn Shinawatra for alleged ethics violations pending a review that could last for months. The sanction followed a June phone call by Paetongtarn to Cambodian strongman Hun Sen.

In the conversation, the prime minister seemed to side with Cambodia in its border conflict with Thailand. Perhaps worse, she criticised one of her own military commanders.

“That side wants to look cool,” she said. “They will say things that are not beneficial to the nation.” She told the former Cambodian leader if he wants anything, “Just tell me, I’ll take care of it.”

A recording of the call leaked to the public, causing widespread outrage and calls for the premier’s removal. The uproar has jeopardised a cornerstone of her economic development strategy: the controversial Entertainment Complex Bill.

The legislation would introduce five integrated resorts with gaming across the country. Its purpose is to attract foreign investment, increase tourism and create new jobs and industry. But it has been a hard sell from the start, with fears that casinos would also bring new vice, corruption and gambling addiction.

On Monday, lawmakers scrapped the bill from a parliamentary session where it was to have topped the agenda this Thursday.

Ruling party turned lame duck

Government whip Visuth Chainaroon insists that lawmakers did not pull the legislation “out of fear or anything. We’d just like to communicate with the people first on the issue and clear any lingering doubts.”

But Paetongtarn’s Pheu Thai Party is weaker because of the scandal. In protest, the Bhumjaithai Party withdrew from the ruling coalition, demanded that Paetongtarn step down, and vowed to fight the casino bill. With the slim majority that remains, Pheu Thai would be hard-pressed to advance any major legislation, much less a bill that has sparked so much opposition.

Gaming analyst Brendan Bussmann of B2 Global doubts that Paetongtarn will be restored as prime minister. “I don’t think she survives. If she does, she will be damaged at best and have zero effectivity.” Citing Thailand’s recent reversal on legal pot, Bussmann also urged gaming operators to think twice before considering the volatile market.

In 2018, Thailand legalised medical marijuana and, in 2022, it was the first country in Southeast Asia to OK recreational use. But in a head-spinning development, last month the Ministry of Public Health recriminalised recreational cannabis. The about-face put an end to the so-called “green rush” that brought some 18,000 dispensaries to the country.

“Why would you ever go into that market?” asked Bussmann. “You could be a billion dollars into building a building and they just say, ‘Oops, we changed our mind.’

“Gaming is about stability,” he continued. “If you want good, big, beautiful resorts that add billions of dollars to your economy, you have to think of long-term investment. You can’t keep changing the rules.”

The young premier, in power for less than a year, is under fire for seeming to appease Cambodian despot Hun Sen at the expense of her own military.

Starting with a border skirmish

In May, armed forces from both sides clashed along a disputed section of the border at the Emerald Triangle. A Cambodian soldier died in the skirmish.

In the 15 June recorded exchange with Hun Sen, Cambodia’s former prime minister, Paetongtarn criticised the response of a Thai army commander in the incident, saying he “just wants to look cool”.

The officer “will say things that are not beneficial to the nation”, she continued in the leaked 17-minute conversation. “What we want is to have peace just like before any clashes happened at the border.”

Addressing Hun Sen as “uncle”, she added, “If you want anything, just tell me, and I’ll take care of it.”

The call sparked nationwide outrage. Protestors flocked by the thousands to the Government House in Bangkok to demand Paetongtarn’s resignation. According to the Bangkok Post, in a recent poll her approval rating flatlined at a dismal 9.2%.

Paetongtarn apologized for the call but defended it as a “negotiation tactic”. Her approach was “political theatre”, she insisted, “not a statement of allegiance”.

If forced to exit, the 38-year-old would be the fifth premier in 16 years to leave under duress. Paetongtarn’s own father, former prime minister Thaksin Shinawatra, was ousted in a military coup in 2006.

Casino legislation on the back burner

The crisis could derail Thailand’s ambitious Entertainment Complex Bill, of which Paetongtarn is a chief supporter.

The bill would legalise up to five casino resorts in regions like Chiang Mai, Phuket and Chonburi as well as Bangkok. Six global gaming operators are reportedly interested in the new market. They include three of six Macau concessionaires: Galaxy Entertainment Group, Melco Resorts & Entertainment and MGM Resorts International.

But critics fear legal gambling would bring vice and organised crime and increase the risk of gambling addiction. In June, a network of civic groups submitted a petition with almost 54,000 signatures to the Thailand Election Commission, asking for a referendum on the proposal.

With Paetongtarn’s future in question and Thailand still wrestling with the prospect of new US tariffs, the bill could stall indefinitely. A planned July 3 House debate on the measure has already been pushed back by at least one month.

Meanwhile, Hun Sen apparently is not rooting for Paetongtarn’s political survival. According to The Diplomat, in a televised address on 27 June, he said, “I hope there will be a new prime minister in Thailand who will come out and solve issues with neighbouring countries, especially with Cambodia.”

In a statement issued Sunday, the agency called out 11 fraudulent sites that claim to be licenced. They are: efesbetcasino514.com; OG7777.com; Mpo500.com; QQ88.com; mpo2121.com; Lgolive.com; napolibet.com; Kratosbet.com; mpossport.com; efsanebahis434.com and cazeus2.com.

The illegal sites are out to deceive the public, to the point of displaying the PAGCOR logo and fabricated licence certificates.

“These platforms are not authorised to operate under any PAGCOR-issued licence,” said Alejandro Tengco, PAGCOR chairman and CEO. “The use of PAGCOR’s name and logo is a blatant disrespect to the agency and poses a threat to the public.”

Philippines banned offshore gaming in 2024

Last summer, President Ferdinand Marcos Jr banned Philippines Offshore Gaming Operations (POGOs) due to allegations of organised crime.

In his 22 July State of the Nation address, Marcos said POGOs, disguised as legitimate gaming operations, served as fronts for online scams. Moreover, they “ventured into illicit areas furthest from gaming” including “money laundering, prostitution, human trafficking, kidnapping, brutal torture, even murder”.

While the POGO ban was effective immediately, Executive Order 74 gave operators until 31 December to wind down. Six months later, however, former licensees and service providers continue to operate.

“Any entity claiming to operate under a PAGCOR licence for offshore gaming is clearly violating the law,” Tengco said.

Lucky 7 pay-to-play scam

In May, PAGCOR warned about fraudulent gaming certifications linked to Lucky 7 Bingo Corp, a licenced operator of egames venues.

According to PAGCOR, bogus partners of the company ran a pay-to-play scam in which bettors had to deposit PHP3,000 ($53) for a chance to win PHP50,000.

“While Lucky 7 Bingo Corp is a legitimate licensee, it does not hold any valid offshore gaming license,” emphasised Jessa Fernandez, head of PAGCOR’s Offshore Gaming and Licensing Department. “The license presented in said agreements is fake, and any engagement based on it is fraudulent.”

Fernandez urged citizens to “exercise due diligence when engaging with entities that claim to be PAGCOR-related”.

Tengo asked for the public’s cooperation in reporting bogus sites.

Thailand’s Entertainment Complex Act passed the House last January. It was set for a first reading before parliament on 9 July, but that review has been postponed amid the country’s border conflict with Cambodia.

The neighbouring countries are at loggerheads following an armed showdown that killed a Cambodian soldier. The crisis deepened when a call from Paetongtarn to former Cambodian prime minister Hun Sen was leaked to the public. In the audio recording, the Thai leader seemed to kowtow to Hun Sen. Worse, she criticised her own military.

After the call, an outraged Bhumjaithai Party walked away from its alliance with the ruling Pheu Thai Party, weakening an already-tenuous coalition. Bhumjaithai leaders also pledged to oppose the casino legislation, which would introduce up to five integrated resorts around the country.

“Angering the military is never a good idea in Thailand”, which has a history of political coups, observes the Council on Foreign Relations. Now Paetongtarn, who survived a no-confidence vote in March, is back in the crosshairs, with a tenuous hold on power.

PM’s survival tied to Thailand casino bill

The Bangkok Post called the outcome of the casino bill “a litmus test” for the young prime minister, who has held office for less than a year.

Paetongtarn’s own father, former prime minister Thaksin Shinawatra, was ousted in a 2006 coup. He fled the country, remained in exile for more than 15 years, then returned in 2023. Critics complain that Thaksin – a vocal proponent of casino resorts – is Thailand’s de facto leader, not his 38-year-old daughter.

A delay of the casino bill could work to supporters’ advantage. It could give the government time to win over those who fear that gambling could bring vice and organised crime to the Southeast Asian kingdom.

“There is still a lack of public understanding about the purpose of this bill,” said Transport Minister Manaporn Charoensri. “The government needs more time to thoroughly explain its intent to the public before it proceeds to parliament.”

Coalition whip Wisut Chainarun agreed. “We need to start with softer issues first,” he told the Straits Times, “until the political climate becomes more favourable.”

Lawmakers have not disclosed when the bill will go back on the agenda.

“The prefecture will look into whether it should try pursuing an IR again from scratch,” said Izumi Miyazaki, who was elected on 2 June.

“Generally speaking, hosting an IR in the prefecture should bring positive economic benefits. On the other hand, there are concerns… such as the possibility of gambling addiction, traffic congestion and labour shortages in [other] industries.”

The former deputy governor succeeded Shuhei Kishimoto, who died suddenly of septic shock in April. Miyazaki, an independent, scored a decisive 5:1 victory over his opponent, Communist Party candidate Michiko Matsusaka.

According to the Japan Times, the Liberal Democratic Party, the Constitutional Democratic Party, the Democratic Party for the People and Komeito all supported Miyazaki.

Wakayama envisions a casino complex that will “create extended-stay tourism that is internationally competitive and attractive”.

With conference facilities, entertainment and sports arenas, cultural attractions and more, the Japan casino complex would “thereby contribute to the promotion of tourism and the regional economy as well as to the improvement of public finances”.

Two out of three licences still up for grabs

Japan first legalised integrated resorts with gaming in 2018, with a goal by then-prime minister Shinzo Abe to grow international tourism. The central government made three licences available in the first round of development.

Wakayama was first to throw its hat in the ring. In 2021, working with the Toronto-based Clairvest Group, it planned a JPY470 billion ($4.3 billion) 569,000-square-metre “floating city” on Wakanoura Bay. US-based Caesars Entertainment was to run the casino. But in 2022, the prefectural assembly nixed the plan 22-18, citing a lack of clarity about the funding.

Three other cities submitted casino bids in Japan: Yokohama, Nagasaki and Osaka. Yokohama bowed out in 2021, after electing an anti-casino mayor. Nagasaki partnered with Casinos Austria in its bid, which was also rejected due to questions about financing.

In the end, the Japanese Diet licensed just one project. MGM Osaka, a massive JPY1.3 trillion complex, is now under construction on Yumeshima Island in Osaka Bay. The IR, a joint venture of US gaming giant MGM Resorts and Japanese developer Orix Corp, is on track to open in 2030.

A fresh start, sans Covid complications

When Japan first legalised casinos, analysts projected annual revenues of up to JPY5.8 trillion (the estimates were eventually adjusted downward to JPY3.6 trillion). But Covid-19 quenched the gold rush and sent most potential investors into lockdown.

It wasn’t until December that the Japan Casino Regulatory Commission indicated it would reopen the application process. It started by appointing a slate of new gaming commissioners.

Chairman Takafumi Sato is a former prosecutor who helped develop the regulatory framework for Japan casinos. Junichi Kakimizu is a former head of the National Tax College. Psychiatrist Michiko Watari was reappointed as commissioner. They all join sitting members Hirofumi Kitamura, a former law enforcement official, and economics professor Keiko Ishikawa.

Local media report that the application process will begin anew in 2026, with any licences to be granted sometime in 2027.

In May, skirmishes along a disputed section of the border led to gunfire that killed a Cambodian soldier. Since then, both countries have restricted border crossings and suspended trade. The Thailand Royal Army ordered all Thai residents who work at Cambodian casinos to stay home until further notice.

The crisis deepened on 15 June. That was when a call from Paetongtarn to ex-Cambodia PM Hun Sen was leaked to the public. In the recording, Paetongtarn was deferential to the former leader. She addressed him as “uncle” and urged him to disregard “the other side” in Thailand, including a leading Thai border official.

“Right now, that side wants to look cool, they will say things that are not beneficial to the nation,” Paetongtarn said. “But what we want is to have peace just like before any clashes happened at the border.”

She added that if Hun Sen “wants anything, [he] can just tell me and I will take care of it”.

In response, an outraged Bhumjaithai Party withdrew as a coalition partner of the ruling Pheu Thai Party. In a statement, Bhumjaithia demanded that Paetongtarn “show responsibility for making the country lose its integrity [and] honour”.

Is Paetongtarn on the way out?

In March, Paetongtarn survived a no-confidence vote by rivals who said her father, former prime minister Thaksin Shinawatra, is pulling the strings. The new crisis has emboldened her enemies, who see an opportunity to overthrow the leader less than a year since her inauguration.

Her ouster could unravel an ambitious plan to introduce casino resorts in Thailand to boost tourism and foreign investment. Pheu Thai originally tried to fast-track the proposal in hopes of opening the first “entertainment complexes” by 2029. But the plan has met with fierce opposition from anti-gambling activists and some in government, including members of the Bhumjaithai Party.

Last week, a network of civic organisations sent a 53,900-signature petition to Thailand’s Election Commission, calling for a national referendum on casino legislation.

Paetongtarn is doing damage control, but it may not save her, said Thitinan Pongsudhirak, professor of political science at Chulalongkorn University.

“Paetongtarn compromised her position as prime minister and damaged Thai national interest by kowtowing to Hun Sen,” he told CNN. “Her exit is a matter of time and she could be liable for further charges.”

Government ‘fragility’ creates risk for Thai casino project

Tourism leaders have cautioned the government not to press passage of the Thailand casino bill, which could lead to more street protests and discourage travellers.

“Given the government’s fragility, quickly pushing the Entertainment Complex Bill into the next parliamentary session would create more risks for the country,” said Thienprasit Chaiyapatranun, president of the Thai Hotels Association. “This project has consistently drawn a lot of criticism and opposition.”

He agreed with Thanakorn Khomkrit of Thailand’s Stop Gambling Foundation that a referendum would give the government “a clear mandate from the people” on casinos.

“If the government rushes this project, they should let the public voice their opinion via a referendum,” Thienprasit told the Bangkok Post. “The private sector cannot fully support it if we cannot see the final draft.”

Meanwhile, the border conflict is taking a bite out of Cambodian casinos. Gaming halls in border towns like Poipet have seen a 90% drop in gamblers from Thailand. In response, Cambodian casinos are trying to woo back gamblers with discounted room rates and airfares and other promotions.

Since the incident last month, both Cambodia and Thailand have engaged in tit-for-tat measures. Thailand threatened to cut power and internet access to Cambodia, especially to scam centres and illegal casinos. Cambodia banned Thai media and the shipping of fruits and vegetables from Thai purveyors. Starting 8 June, both countries restricted border-crossing hours.

In the latest salvo, effective 8am Tuesday, the Royal Thai Army ordered all Thai nationals who work at Cambodian casinos to stay home until further notice. According to the Bangkok Post, leisure travellers are also barred from crossing into Cambodia, including for “gambling reasons”.

Blow for Cambodia’s foreigner-only casinos

The dispute is taking a bite out of business at foreigner-only casinos in Poipet. The border town known as Cambodia’s Sin City is about three hours from Bangkok and hosts eight casinos. Up to 90% of patrons are day trippers from Thailand, with the rest hailing from China and Western countries.

Since border restrictions were imposed, Donaco International, operator of Poipet’s Star Vegas Casino, has posted a 62% drop in casino traffic and a 42% decline in hotel occupancy. In a filing to the Australian Securities Exchange, the company acknowledged the disruption will affect revenue in June. It promised to “update shareholders as appropriate”.

“While the current situation is relatively calm,” Donaca stated, “underlying disputes persist and the Thai government continues to impose measures impacting movements across the border.”

Thailand rejects third-party mediation

In a Facebook post Monday, Cambodian Prime Minister Hun Manet said he has asked the International Court of Justice in The Hague to mediate the dispute. “Cambodia chooses international law and peace,” he proclaimed. 

But Thailand’s foreign ministry rejected that plan. “A third party may not always be conducive to the preservation of amicable relations among states,” it stated. “Particularly in sensitive matters involving complex historical, territorial or political dimensions.”

Last Thursday, more than 100 representatives of an anti-casino network presented the petition to the Thailand Election Commission.

Petition coordinator Kornkanok Makboon told the Bangkok Post the network began circulating petitions in early January and exceeded the 50,000-signature minimum in May.

The Thailand Cabinet passed the draft legislation in January. Deputy Finance Minister Julapun Amornvivat recently told the Post the bill will be “top priority” when parliament reconvenes in July.

Proponents of the legislation tout the industry’s expected benefits, including:

• A boost in tourism revenue of $3.5 billion (THB13.8 trillion) to $7 billion per year.
• More than $2.9 billion in new investment for each of five proposed entertainment complexes.
• A 5% to 10% increase in tourist arrivals, with each visitor spending from $1,296 to $1,945.
• 9,000 to 15,300 new jobs.
• Up to $1.1 billion in tax revenue annually.
  

Referendum ‘a clear mandate’

But anti-casino activists aren’t persuaded. Wasinee Sonsaeb of the Youth Network Against Gambling says legal casinos could make gambling more accessible to younger people.

“Legalising casinos and online gambling today would be handing down a sinful legacy to our children,” she said. “The voices of youth must be taken seriously in this national debate.”

She rejected the argument that Singapore – the ostensible model for Thailand as a casino jurisdiction – did not conduct a referendum before legalising casinos.

“Singapore spent a decade conducting thorough research and public consultation before making its decision,” she said. “To cherry-pick only the aspects of foreign models that serve one’s agenda while ignoring the rest is irresponsible.”

Thanakorn Khomkrit, secretary-general of Thailand’s Stop Gambling Foundation, said that a referendum is a logical next step in the process, giving the government “a clear mandate from the people” no matter the outcome.

If the majority of Thailand residents vote in favour of casino resorts, he added, it would “reduce public resistance and give investors confidence in the legal framework supporting casino developments”.

The Electoral Commission has 30 days to verify the signatures before forwarding the petition to the Office of the Secretariat of the Cabinet for review.

On Friday, the European Commission removed the Philippines from its list of markets at high risk for financial crimes.

In a statement, the DOJ said the Philippines has “effectively addressed [its] technical deficiencies on AML/CFT (anti-money laundering/counter-terrorism financing)… aligned with international standards”.

The delisting “is an affirmation of our government’s unyielding stand against money laundering and terrorism financing”, said Justice Secretary Jesus Crispin Remulla. “It will serve as a catalyst for the DOJ to further strengthen the rule of law not just within the Philippines, but at a global stage.”

Cleaning its financial house

Earlier this year, the Philippines celebrated its exit from the Financial Action Task Force “grey list” of countries vulnerable to financial crimes.

It was put on the FATF list in 2021 due to money laundering by casino junkets and a lack of prosecution of terrorism-financing cases. It was only removed after completing an 18-point action plan to demonstrate the system’s financial integrity. Among other reforms, authorities vowed to:

• Increase investigations and prosecutions of financial crimes;
• Apply greater scrutiny to non-financial institutions including casinos;
• Use fraud detection technologies to identify financial crimes.
  

Casinos not covered until 2017

The Philippines passed its Anti-Money Laundering Act in 2001. For many years, however, the law did not apply to gaming, an industry seen as lending itself to financial crimes.

It wasn’t until the passage of the Republic Act 10927 of 2017 that all Philippines casinos – land-based, online and ship-based – were considered “covered persons” under the law.

In recent years the Philippines has been resolute in cracking down on crime associated with gambling. Last July, President Ferdinand Marcos Jr banned Philippine Offshore Gaming Operations, or POGOs, following widespread reports of financial crimes, online scams and human trafficking.

An editorial in the Manila Bulletin said the Philippines “has made tangible progress in aligning with international standards” on AML/CFT. But, it warned, “The delisting from the EU watchlist is a milestone to celebrate – but it is not an endpoint.

“It is a stepping stone toward a more transparent, trusted and inclusive financial system. The country must stay the course and remain agile in confronting new and complex threats. In doing so, the Philippines can earn not just regulatory approval, but also the long-term trust of investors, partners and citizens alike.”

Illegal horse betting arrests in Singapore and Malaysia

Police in Singapore and Malaysia have arrested 16 people in a joint investigation into a criminal syndicate that carried out illegal horse betting.

Officers from the Singapore Police Force’s Criminal Investigation Department (CID) and Special Operations Command conducted simultaneous raids at multiple locations across Singapore. Some 14 men and one woman were arrested as a result.

Another man was arrested in Malaysia during a raid by the Royal Malaysia Police’s CID. A further 41 people across both countries are also being investigated in connection with the case.

The raids also led police to seize cash, bank accounts and electronic devices such as mobile phones and gambling-related items.

According to The Straits Times, the wider investigation remains ongoing.

Michigan regulator targets five illegal gambling websites

The Michigan Gaming Control Board has issued cease-and-desist letters to a further five gambling websites.

The MGCB said BoVegas Casino, BUSR, Cherry Gold Casino, Lucky Legends and Wager Attack Casino are operating without a licence in a breach of state law.

All five websites offer some form of online casino gaming, while BUSR Wager Attack Casino also runs sports betting.

“We will not tolerate unlicensed gambling operations that exploit Michigan residents,” MGCB Executive Director Henry Williams said. “Our top priority is to protect the public by enforcing the law and shutting down these illegal platforms.”

Maverick partners with Delasport for Ontario launch

In Canada, Maverick Games has partnered with Delasport to launch its sports vertical in Ontario.

Built on Delasport’s technology, Maverick will offer a range of sports betting options to players. It is the second brand to launch with Delasport’s technology in the province.

The launch follows the announcement of SuperPot, a new sports betting jackpot product that will soon be rolled out in Ontario.

“Our sports vertical is a major step forward for us,” Maverick CEO Matt Rathbun said. “Launching it with Delasport has been the right move from day one.”

BetMakers pens Total Performance Data deal

Meanwhile, BetMakers Technology Group has entered a partnership with Total Performance Data (TPD).

Under the deal, BetMakers will distribute TPD’s real-time odds across its network of clients. The service includes in-running coverage of premier UK and US racetracks, as well as Victorian metropolitan racing in Australia.

TPD’s data will be available via BetMakers’ Core API and managed trading services.

“Adding more quality racing product such as this partnership with TPD to the BetMakers network is a win for the industry and our global customer base,” said Joey Carroll, director of business development and partnerships at BetMakers.

Betano scores Club World Cup partnership

And finally this week, Kaizen Gaming’s Betano has struck a partnership with the ongoing Fifa Club World Cup.

Betano become an official partner of the competition for South America. The tournament is taking place in the US from 14 June to 13 July.

Some 32 teams from around the world are featured in this summer’s event. These include Paris Saint-Germain of France, England’s Manchester City and Chelsea and Inter Miami of the US.

“It is a privilege to work closely with Fifa for a tournament that brings together millions of fans from all around the world as they get to watch the best club teams and players football has to offer,” Kaizen Gaming co-founder and CEO George Daskalakis said.

Both sides of the Thailand casino debate say a decline in tourism supports their positions about gaming complexes in the country.

Hotels featured in the show saw travel inquiries grow by as much as 300%, with bookings up 40%, reported the Mirror US. Dillip Rajakarier, CEO of Minor Hotels, told the publication he anticipated “both immediate and lasting benefits for Thailand” from the so-called “White Lotus effect”.

But he was wrong.

Casino resorts: Panacea or problem?

To date this year, almost a million fewer Chinese tourists have visited Thailand than in 2024, reports the Straits Times. In May, international arrivals dropped 14% to 2.6 million. The decline was greatest among tourists from the country’s top feeder markets: China, Malaysia, Russia, South Korea and India. According to the Thailand Foreign Office, “These markets remain essential to Thailand’s tourism industry, sustaining overall visitor numbers.”

Casino operators say entertainment complexes with gaming would boost tourism and buoy the overall economy. “Thailand tourism needs a reboot,” said Galaxy Entertainment Chief Brand Officer Kevin Clayton at a recent industry roundtable in Bangkok. Entertainment complexes with gaming are an “important strategy to fuel incremental growth”, he added.

People’s Party spokesman Parit Wacharasindhu disagreed. He countered that China – Thailand’s largest source of foreign tourists – could retaliate if the kingdom goes into the gambling business, up to and including adding it to a tourism black list.

Beijing opposes cross-border gambling and forbids Chinese nationals from patronising casinos even in jurisdictions where they are legal. The People’s Republic also looks askance at markets that woo Chinese gamblers. When Chinese President Xi Jinping received a visit from Prime Minister Paetongtarn Shinawatra in February, he warned her that casinos in Thailand could lead to crime and social problems like gambling addiction.

“I told Xi that we certainly welcome his comments and will take them into consideration,” Paetongtarn said at the time. “Thailand and China are close, like brothers.”

Parit’s stance might be summed up as: “Don’t incur Big Brother’s wrath.”

Downturn tied to kidnapping, earthquake

Clayton said China’s fight against cross-border gambling is less relevant with the decline of the junket industry. He linked the tourism slump to recent events starting with the high-profile kidnapping of Wang Xing. In January, the Chinese actor was lured to Thailand by the offer of a job, then abducted, taken to Myanmar and forced to work in an online scam centre. He was rescued four days later.

In March, Thailand was rocked by a 7.7 magnitude earthquake that toppled a Bangkok high-rise. And this month, armed skirmishes at the border of Cambodia garnered headlines.

Clayton said these reports have prompted a “reassessment of Thailand as a destination”.

“Affordability and accessibility will always be key considerations for many travellers before making a decision on a vacation,” Clayton observed. “But safety will always rank above all else.”

Understandably, he said, “Chinese are deciding against Thailand and preferring other more favorable destinations like Japan, South Korea and Singapore” – all of which host casino resorts.

Parliament to review legislation in July

Next month, the Thai parliament will review the draft law for entertainment complexes with casinos.

Incentives include estimated gross gaming revenue of up to THB308 trillion ($9.1 billion) per year, which would make Thailand the world’s third-largest market after Macau and Las Vegas.

The government anticipates casinos would provide a 5% to 10% rise in overall foreign visitor numbers; a spike in tourism revenue of as much as THB220 billion; and the creation of 9,000 to 15,000 new jobs.