Macau’s casino revenue amounted to MOP17.69 billion (£1.74 billion/€2.04 billion/$2.21 billion) in June 2024, marking the lowest monthly total since November 2023. This figure represents a 16.4% increase from MOP15.21 billion in June 2023, 14.1% lower than the MOP20.19 billion reported in May 2024.

June’s Performance Analysis

June’s revenue drop comes after May 2024 reported the highest monthly total since the pre-pandemic period, buoyed by the Labour Day Golden Week holiday, which typically drives up visitation. Despite analysts predicting a year-on-year increase of at least 17.5%, June traditionally remains the weakest month for gaming in Macau.

Due to strict travel restrictions, COVID-19 significantly impacted Macau’s gaming revenue throughout the pandemic. However, since these measures were lifted in January 2023, the market has been recovering, showing regular double-digit monthly growth.

Year-to-Date Performance

For the first half of 2024, Macau’s total casino revenue reached MOP113.75 billion, a 41.9% increase from the MOP80.14 billion recorded during the same period in 2023. However, this is still 23.9% lower than the MOP149.50 billion reported for the first half of 2019, before the pandemic.

June’s revenue was influenced by several factors and the month included only one public holiday, the Dragon Boat Festival on June 10th. Additionally, investment banks attribute the revenue decline to the Euro 2024 football matches and typical seasonal trends, which likely diverted some attention away from the casinos.

Performance of Major Casino Operators

Later this month, leading casino operators in Macau will report their first half-year results, which are expected to show robust growth based on strong Q1 performances.

• Las Vegas Sands: Reported a 39.6% increase in revenue to $2.96 billion in Q1 2024, with $1.81 billion from Macau operations, up 41.6% year-on-year.
• SJM Holdings: Exclusive to the Macau market, saw a 73.0% rise in Q1 revenue to HK$6.90 billion.
• Melco Resorts & Entertainment: Reported a 55.2% increase in Q1 revenue to $1.11 billion, with City of Dreams being the top performer at $550.9 million.
• MGM Resorts International: Recorded an all-time high in China revenue at $1.06 billion in Q1 2024, contributing to a 13.2% increase in total group revenue to $4.83 billion.
• Wynn Resorts: Posted a 30.8% rise in Q1 revenue to $1.86 billion, driven by $998.6 million from Macau operations, accounting for 53.6% of the group’s total.

Macau’s June gambling revenue highlights the ongoing challenges and volatility in the region’s gaming market despite overall growth and recovery since the lifting of COVID-19 restrictions. As major operators prepare to release their H1 results, the industry remains optimistic about continued recovery and growth in the latter half of the year.

Source:

Macau’s June GGR reaches $2.21B, down 12.4% m-o-m, agbrief.com, July 1, 2024.

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Ontario’s regulated iGaming market has made significant economic strides, generating more than CAD$2 billion in revenue for the provincial government since its inception two years ago. According to a recent report by Deloitte, in its second year, Ontario’s competitive iGaming market (excluding the Ontario Lottery and Gaming Corporation’s iGaming offering) has sustained nearly 15,000 full-time equivalent jobs, marking an increase of 2,800 jobs from the first year.

A Recognized Leader in iGaming

“Our made-in-Ontario iGaming sector is being recognized internationally for its success as a leader in this space,” said Ontario Attorney General Doug Downey. “Working together with our partners and industry, we will continue to drive innovation and deliver robust player protections, all while displacing the unregulated market. Our iGaming sector is not only a job creator here in Ontario but it shows the world our ongoing commitment to building a sustainable and responsible iGaming industry.”

Deloitte’s report highlights that the total government revenue generated through the iGaming market reached $1.24 billion in the second year. This revenue includes $790 million supporting provincial government revenue, $75 million bolstering municipal government revenues, and $380 million aiding federal government revenue.

“This report puts Ontario’s iGaming market government revenue contribution at over $2 billion since it launched and with job contribution up by 24% from its first year, the benefits to Ontarians are significant,” said Heidi Reinhart, chair of the iGaming Ontario board.

Economic Contributions and Growth

Ontario’s iGaming market contributed $2.7 billion to Ontario’s GDP in its second year of operation, up from $1.58 billion in the first year. For every dollar spent by iGaming operations, an estimated $1.40 of GDP was supported in the Ontario economy, an increase from $1.14 in the first year.

The iGaming market has already achieved or nearly reached many of Deloitte’s year-five projections in its second year, with government revenue at 94%, direct jobs sustained at 120%, total full-time jobs sustained at 9%, and GDP contributions at 93% of the initial expectations.

“Through the development and growth of Ontario’s regulated iGaming market, we’re helping achieve the government’s goals in terms of job creation, innovation, and development while providing a safer experience for consumers,” added Martha Otton, executive director of iGaming Ontario.

Detailed Economic Impact

The report from Deloitte indicates that Ontario’s regulated iGaming market sustained 14,935 full-time equivalent jobs in its second year, a significant increase from the previous year. The market’s contribution to the GDP amounted to $2.7 billion, with a notable portion of $1.3 billion supporting labor income. This economic activity resulted from both operational activities and capital investments by licensed iGaming operators.

The breakdown of government revenue supported by the iGaming market is substantial: $790 million in provincial government revenue, $75 million in municipal government revenue, and $380 million in federal government revenue. These revenues include various taxes such as the Harmonized Sales Tax (HST), property taxes, and corporate and personal income taxes.

Comparing Year 1 and Year 2 Results

The growth from Year 1 to Year 2 of Ontario’s regulated iGaming market is significant. The estimated contribution to Ontario’s GDP grew by 70%, from $1.6 billion to $2.7 billion. The contribution to labor income increased by 45%, rising from $905 million to $1.3 billion. Employment contributions saw a 24% rise, growing from 12,070 full-time equivalent jobs to 14,935. Additionally, the contribution to provincial and municipal government revenue in Ontario increased by 66%, from $525 million to $865 million.

This robust growth illustrates the dynamic impact of Ontario’s regulated iGaming market on the province’s economy. The sector not only creates jobs but also drives significant revenue for the government, supporting a variety of public services and initiatives.

Source:

ONTARIO IGAMING MARKET SUSTAINING 15,000 JOBS IN SECOND YEAR SINCE LAUNCH, gamingintelligence.com, June 20, 2024.

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In April, the New York State Gaming Commission revealed a robust sports betting handle of nearly $1.97 billion, narrowly missing the $2 billion mark, marking the fourth time in history it came close to this milestone. The impressive figures were partly fueled by revenue collected in the final week of March, which was absorbed into April’s financial records due to the state’s fiscal year starting on April 1st. Consequently, there was a notable 6.2% month-over-month increase in handle from March, a rarity in the industry, accompanied by a 20.6% surge in sports betting revenue, reaching $184 million.

This handle places New York fourth all-time nationally in the post-PASPA era, reaffirming the state’s monopoly on top-10 all-time totals. Similarly, the revenue total ranks fourth overall, with the Empire State claiming eight of the top-10 monthly operator winnings, leaving states like New Jersey and Ohio trailing with just one apiece.

Steady Growth and Revenue Surge

Comparing April 2024 to the same period in 2023, there was a notable 27.1% increase in handle and a 32.1% surge in revenue, showcasing a steady growth trajectory in New York’s sports betting landscape. The total accepted bets through the first four months of 2024 reached $7.57 billion, marking a 14.4% increase from the previous year. Moreover, the near-9% win rate generated $679.6 million in revenue, a substantial 21.1% increase.

The state collected $93.8 million in taxes, with the bulk of it sourced from New York’s nine mobile operators, demonstrating the significant economic contribution of the sports betting industry. Year-to-date, the state’s tax receipts stand at $345.1 million, surpassing last year’s pace by $59.6 million and on track to exceed $1 billion, doubling the initial projections set by former Governor Andrew Cuomo.

FanDuel’s Remarkable Performance

FanDuel showcased an impressive recovery with an 11.7% hold, avoiding its third consecutive month with a sub-10% hold. This achievement is noteworthy, especially considering the challenges faced in the early months of mobile betting in New York. With a win rate of 11.7%, FanDuel amassed $91 million in revenue from $780.5 million worth of wagers, surpassing $1.8 billion in total revenue in the Empire State.

Distinct Performances of Leading Operators

DraftKings witnessed a remarkable 42.7% year-over-year increase in handle, reaching $737 million, while maintaining a solid 8.6% hold, resulting in a substantial revenue of $63.2 million for April. Caesars, however, experienced a decline in market share, with its 8.1% contribution to the total mobile handle marking an all-time low. Despite this, Caesars managed to surpass $400 million in total revenue.

Fanatics Sportsbook, in its first full month as an operator in New York, reported $5.6 million in revenue, setting an all-time high, with a 7.5% hold. Similarly, BetRivers and BetMGM showcased steady performances, contributing to the diverse landscape of sports betting operators in the state.

May’s Promising Start

The first week of May saw a promising surge in sports betting activity, with a combined handle of $484.1 million among the nine mobile operators. DraftKings led the pack with its second-highest week of action, totaling $217.2 million in handle. FanDuel, accounting for more than half of the operator winnings for the week, reported $12.6 million, contributing to the overall positive momentum in New York’s sports betting industry.

Source: “New York Narrowly Misses $2 Billion In Handle for April”. Sports Handle. May 10, 2024.

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Gambling industry stakeholders are keenly observing the details surrounding the Dallas Mavericks purchase, as it fueled speculations about the future of legalized gambling and sports betting in Texas. The deal should be completed by the year’s end as the team changes hands to the Adelson family, one of the gambling industry’s most famous billionaire magnates.

The Sale Provided Much-Needed Capital

Even with this new venture, Miriam Adelson will retain the majority shareholder position at Sands. As per the SEC filing, Sands board director Irwin Chafetz, a director of the company since February 2005 and a close friend of the late Sheldon Adelson, the founding chairman of Sands, acts as the trustee for the family’s shares. 

This newest deal, initially announced in an SEC filing on 30 November, provides the financial means for Adelson to secure a majority ownership interest in the NBA franchise. Multiple reports suggest that the team will remain in Dallas, and the current owner, Mark Cuban, will continue overseeing basketball operations for the Mavericks.

The Mavericks Purchase Has Significant Implications

Miriam Adelson’s purchase of the majority stake in the Mavericks should be finalized by the year’s end. The deal requires approval from at least 75% of the NBA Board of Governors, consisting of the 30 team owners. If greenlit, Sands President and Chief COO Patrick Dumont, Miriam Adelson’s son-in-law, will join the Board of Governors as the Mavericks’ representative.

Sands has emphasized that ownership of the Mavericks will go directly to the Adelson family and will not impact the company. However, observers view this transaction as part of Sands’ strategy to persuade Texas legislators to take steps towards revising the state’s constitution, potentially allowing legalized gambling, thus advancing the company’s regional interests.

This Development Can Significantly Benefit Sands

Spearheading the introduction of legalized gambling in Texas would represent a significant victory for Las Vegas Sands as it reevaluates its market position and doubles down on its most promising markets. The company recently increased its stake in Sands China, bolstering its overseas presence. It counts on the region’s continued resurgence and the success of its high-profile Macau properties.

Despite Adelson’s efforts to separate the Dallas Mavericks deal from their primary Las Vegas Sands business, the purchase still has considerable implications on the broader gambling landscape. Many industry insiders believe the Mavericks can become the cornerstone of the Adelsons’ Texas efforts, significantly expanding their reach in the state.

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The State of New York hit the nation-wide record as the total sports wagers placed through online operators totaled to more than $2 billion in October 2023. Such a handle also brought $166.3 million in revenues to mark the highest market level since the launch of online sports betting in the state in January 2022.

$2.01 Billion in Player Bets

New York players reportedly wagered a total of $2.01billion using online platforms and mobile betting apps to hit the handle 30.5% higher than in the same month of 2022. The figure also represents a 14.2% higher level than $1.76 billion wagered in the state in September 2023.

Consequently, the market hit the record monthly revenue of $166.3million to exceed the September 2022 record of 165.5 million and stand for a 14.1% higher level than October 2022.The remarkable online sports betting result was extensively driven by several leading operators.

77% Market Share of FanDuel and DraftKings

FanDuel kept the New York market leading position with a 50% share in total revenues generated during October and the handle of $891.9 million representing a 44.5% stakein overall bets processed in the market in the given period. DraftKings followed with a 35.6% revenue share and the $652.3 million handle to get hold of a 32.5% share in the total market handle.

Individual Operator Contributions

The remaining around 15% of revenues and 23% of online bets placed in the state in October 2023 have been split to six major operators with their individual revenue and handle contributions standing as follows:

• BetMGM: Revenue $7.2M; Handle $107.6M
• Rush Street Interactive: Revenue $3.3M; Handle $114.2M
• PointsBet: Revenue $1.3M; Handle $27.6M
• Resorts World Bet: Revenue $894,039; Handle $7.7M
• Wynn Interactive: Revenue $313,363; Handle $12.3M

Mets Owner and Hard Rock Partners for a Casino License

The $2 billion record handle testifies about the season of the increased gambling-related activities in New York. Another argument supporting the trend comes from the recently made announcement that Mets owner Steve Cohen would partner with casino giant Hard Rock International to bid for the last of the three casino licenses available for a casino development in downtown New York.

$8 Billion Metropolitan Park Casino Development

The billionaire and the top-tier casino operator revealed plans to build an $8 billion Metropolitan Park casino and entertainment complex next to the Citi Field Stadium in Queens, New York City.

The hotel and casino project includes separate sports betting facility, as well as a wide range of amenities, such as a music venue, food hall, an entertainment park, and the associated parking and retail facilities.

Obtaining Support to Bid For the License

Cohen has reportedly hosted multiple community workshops and conducted more than 20,000 door-to-door conversations with local community members. The project has thus secured the support of more than 89% of the pooled community members who signed the petition to support the project and help Mets owner take a lead in the metropolitan casino license race.

Source: “New York sets US-first with $2bn online sports betting handle in October”. iGB. November 13, 2023.

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Black markets are very active in the online gambling scene. Several operators work without a license, which causes major problems for authorities.

Significant research has been done, and the final report published by the Italian press La Gazzetta dello Sport has sent shockwaves throughout the Italian gambling industry. The report says that a staggering €18.50 billion is wagered on unapproved gambling websites annually in Italy. This eye-opening revelation illustrates approximately 75% of all unlawful bets placed within the country.

An Astonishing Revenue Loss

The implications of this unlicensed gambling activity are not limited to illegal bets alone. According to the European Gaming and Betting Association (EGBA), Italy’s black market outcomes in a colossal failure of nearly €1.00 billion in gross gaming income every year.

This astounding figure is equivalent to the blended regulated online gambling earnings of eight other European Union countries, including Croatia, Cyprus, Estonia, Latvia, Lithuania, Luxembourg, Malta, and Slovenia.

While the Italian Customs and Monopolies Agency (ADM) has taken some actions to handle this issue, it is evident that the problem persists. In the current year alone, ADM has blocked over 9,800 unapproved sites, surpassing the total of 9,400 blocked in the entire year of 2022.

Rising Concerns and Calls for Action

Concerns of both citizens and authorities appeared very quickly.

EGBA is deeply worried about the enormous number of Italian players who opt for unlicensed gambling platforms, notably those located outside of the European Union.

If you’re wondering why this is such a big problem, it’s because these sites lack the client safety measures implemented by regulated operators and pose a more increased risk to the well-being of players. To mitigate the blossoming of the black market, EGBA is advocating for expanded awareness among clients about the risks associated with unlicensed gambling.

One of the suggested strategies is the revision of Italy’s blanket ban on gambling promotion. At the moment, Italy prohibits all forms of gambling marketing. On the other hand, EGBA thinks that the absence of understanding regarding permitted casinos may be the cause for the high majority of unregulated gambling in the country.

The EGBA’s secretary-general, Maarten Haijer, expressed his concerns about Italy’s black market and called for action saying: ”The significant size of Italy’s online black market is concerning, yet it is not surprising given that Italy has one of Europe’s strictest advertising regimes for its licensed gambling companies. The country’s ban on advertising for licensed gambling operators is clearly favoring the black market. Without a sufficient level of advertising, there is no real way for Italians to tell the difference between a gambling website which is licensed in Italy – and applies the country’s consumer protection rules – and one that is not. It is evident that enforcement action against black market operators is not sufficient. The government needs to revise its advertising rules for gambling to ensure Italian citizens can be well-informed about the licensed websites in the country.”

The report’s publication overlaps with a demanding period for Italy’s federal football team, as several players face investigations and penalties related to breaches of betting rules.

”This week, the Italian Federal Prosecutor’s Office handed Juventus footballer Nicolò Fagioli a seven-month suspension for betting on football.”

We hope that Italy will find a way to suppress illegal gambling so that players can play safely and securely!

Source: ”EGBA: revise Italy advertising ban to combat black market gambling”. iGaming Business. October 19, 2023.

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Mohegan Inspire, a groundbreaking resort project by the Mohegan Tribe, is set to redefine luxury and entertainment in Incheon, South Korea. As the $5 billion project approaches its eagerly awaited opening, it has unveiled an updated leadership team, bringing a wealth of experience to ensure the success of this ambitious venture.

Experienced Leadership Is Vital for Success

The Mohegan Tribe, renowned for its world-class gaming and entertainment destinations like Mohegan Sun in Connecticut and Mohegan, Pennsylvania, embarked on the Mohegan Inspire project in February 2016. This exceptional resort is strategically located at the Incheon International Airport in South Korea, promising a blend of luxury, entertainment, and convenience.

Managing such a high-profile venue requires exceptional talent familiar with local challenges and opportunities. Chen Si’s appointment as President leverages his extensive experience in the gaming and hospitality industry. Si was optimistic regarding the project, vowing to steer Mohegan toward a future filled with inspiration and growth.

As we begin this next venture for the Mohegan brand in South Korea, I am motivated by the promise of innovation, rich cultural exchange, and strengthened partnerships.

Chen Si, Mohegan Inspire President

The new President’s impressive track record includes leadership positions in industry giants like Sands China and Las Vegas Sands. His work as EVP and Head of Casino & Hotel at Macau Legend Development further bolsters his resume, showcasing an in-depth understanding of the gaming and hospitality sectors.

Mohegan Inspire Is Poised to Take South Korea by Storm

Joining Si is Wade Howk, a seasoned executive in the entertainment and leisure industry, who takes on the role of COO at Mohegan Inspire. Howk served as the CFO for Hard Rock Cincinnati and held the post of Corporate VP of Strategy at SeaWorld Parks & Entertainment, leveraging his expertise in financial strategy and operational excellence to drive lasting growth.

Howk was also excited to assume his new position and join one of 2023’s top global workplaces. He promised to help the brand retain its focus on excellence and visionary leadership, ensuring guests would enjoy an unparalleled experience in all Mohegan properties regardless of region.

Mohegan Inspire has always stood for innovation, passion, and resilience.

Wade Howk, Mohegan Inspire COO 

As Mohegan Inspire prepares to take center stage as one of South Korea’s premier luxury resorts and entertainment destinations, the new leadership appointments underscore the company’s commitment to excellence and innovation. The resort plans to open its doors before 2024, featuring a blend of world-class amenities that promise to redefine the region’s hospitality industry.

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