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Business
February 21, 2023
Galaxy Entertainment Group Appointed Ted Chan as CFO
One of Macau’s casino concessionaires, Galaxy Entertainment Group (GEG), announced a major change in its executive team with the departure of Robert Drake whose role as Chief Financial Officer (CFO) will be assumed by Ted Chan. Extensive Financial and Operational Experience The appointment of Chan as Galaxy Entertainment’s new CFO will take place after a […]
Casino
February 21, 2023
Morgan Stanley: Macau 2023 GGR and EBITDA Revised Upwards
Gambling industry analysts at Morgan Stanley believe that gambling in Macau is on the way to recovering, raising its gross gambling revenue (GGR) estimate for 2023 by 42% and 2023 EBITDA estimate by 70%. Better Product Mix, Higher Margins According to the note released by Morgan Stanley on Monday, the gambling industry in the Special […]
Casino
February 17, 2023
China Wants to Help Cambodia Eliminate Illegal Gambling in All Forms
China in particular has been very keen to eliminate cross-border gambling, expending a considerable effort to this end over the past years, arresting thousands of suspects, shuttering gambling sites, operations, and more. All the while, the country has been trying to elicit the same level of commitment from neighbors such as the Philippines and Cambodia […]
Legal
February 15, 2023
Woman Jailed after Running a Fake Gambling Scheme
Wu Hong, a 41-year-old Chinese woman who scammed people in Singapore out of over $1.57 million (converted to USD), has been sentenced to 12 years in prison. Prior to her sentencing, the con artist used to promise victims that their money would be invested into Chinese gamblers who come to play at Singaporean casinos. Needless […]
Casino
February 15, 2023
Thai Actress Accuses Macau888 Gambling Boss of Domestic Abuse
In a video uploaded to Facebook, Arisara insisted that “Benz Daemon” as the man is known by his moniker, had been abusive to her during their relationship. Arisara said that she had suffered physical and mental abuse by Chaiwat on numerous occasions and had the evidence to back her claims up. The actress shared photos […]
Casino
February 10, 2023
Mohegan Plans to Introduce Non-Gaming Inspire Korea IR Offer in 2023
The Inspire Korea IR developed by Mohegan Gaming & Entertainment should be able to open ahead of its original schedule, and a non-gaming offering should already be available before the end of 2023, the company confirmed during its latest earnings call, summing up the results for the fourth quarter. Tourism Big Focus of Upcoming Project […]
Industry
February 10, 2023
A Surge in Macau Casino Stocks Shows Industry on Path to Recovery
South China Morning Post reported that this is evident in the recent stock market performance of casino operators such as Galaxy Entertainment, Sands China, and MGM China, which have seen significant growth in the past few weeks. In fact, a Bloomberg index that tracks the performance of six of the largest casino operators in Macau […]
Casino
February 7, 2023
Cambodia Asks Gambling Businesses to Pay Due Taxes
Both the GDT and MEF have warned non-complying businesses about inroads with the law and the potential legal course the government may follow should tax obligations are not fulfilled. Finance Minister Aun Pornmoniroth assured that there will be no fines or penalties on commercial gambling businesses that file tax returns and pay taxes voluntarily, and […]
Casino
February 7, 2023
Junket Operators Impacted by New 5% Commission Tax
Besides the standard 35% tax on gross gaming revenue, casino operators in Macau, under the new rules, are due to pay an additional 5% floor “rent” fee. In addition to the casino operators, the new rules affected the once-profitable junket operators as well. Per the new regulation, the junkets are due to pay a 5% […]
Industry
February 7, 2023
India Cracks Down on Gambling, Betting and Loan Services Apps
Presently, the government intends to block more than 200 apps, 138 of which offer betting and gambling products, with another 94 said to be offering loan services to consumers. None of those companies has the necessary license to do so, and many are not registered as companies, to begin with. India is effectively stepping up […]
