Macau Casinos Posted GGR Growth in February
Gross gaming revenue (GGR) in Macau came to MOP 19.74 billion (US$2.5 billion) in February, according to the Gaming Inspection and Coordination Bureau (DICJ). The market outperformed analyst forecasts of 0.8 percent year-on-year, but remains below 2019 figures, before the Covid-19 pandemic, reported Macau Business.
The February results represent an 8.1 percent increase from January, in which GGR failed to meet expectations, despite the runup to Chinese New Year. The first two months of 2025 combined were up marginally over 2024, at 0.5 percent.
Analysis by Jefferies Equity Research indicates room for optimism as “the macro environment” in Macau improves.
The city’s gaming industry “(made) up lost ground after a weak performance” in January, the Jefferies team wrote.
“Outlook for the rest of 2025 remains modest-solid,” they continued, provided GGR increases 6.9 percent in each month for the rest of the year.
Philippine Senator Calls for End to PIGOs
Philippine Sen. Francis Escudero says lawmakers should consider banning Philippine Inland Gaming Operations (PIGOs), online casinos that target locals.
Escudero says they are as dangerous to society as Philippine Offshore Gaming Operations (POGOs), which served foreign gamblers, particularly in mainland China. Last July, President Ferdinand Marcos Jr. banned POGOs after they were linked to money laundering, human trafficking, prostitution and fraud.
“We should review this,” Escudero said in a March 1 statement. “Because the ill effects that we want to avoid are most likely present in PIGOs, which affect only Filipinos and not foreigners.”
In the past, Escudero has advocated a ban on all gambling in the Philippines. “Whether it’s POGO, PIGO or casinos—let’s ban them altogether if we truly believe they are harmful to our society.”
It’s an unlikely outcome. The Philippine Amusement and Gaming Corp. (PAGCOR), the state-run regulatory body, is the “third-biggest revenue source after the Bureau of Internal Revenue and the Bureau of Customs,” per Unicapital Securities Equity Research Analyst Jeri R. Alfonso.
“Shutting down online gambling entirely would deal a heavy blow to government funds,” she wrote. “In our view, a full-on ban is unlikely.”
In February, the Philippine Inquirer reported, Sen. Risa Hontiveros called on the Marcos regime to suspend all online gambling due to concerns that POGO operators have infiltrated the domestic industry.
Thailand Casino Bill Drops Millionaire Requirement
Thailand’s Entertainment Complex Bill no longer contains a passage that would have barred all but the richest Thai residents from proposed casinos.
The measure would have required locals to demonstrate savings of at least 50 million baht (US$1.5 million) before they could gamble. The average yearly income in Thailand is a fraction of that: about 348,000 baht in 2023.
Finance Minister Pichai Chunhavajira said the government “checked the data and found there are only 10,000 Thai accounts with at least 50 million baht.”
The clause was designed to reduce the risk of problem gambling, but would also essentially create a “foreigner-only regime like South Korea’s,” gaming analyst Daniel Cheng told the South China Morning Post. That would throw a damper on investor interest. One prospective suitor, Genting Singapore, has said it would hesitate to invest in a market that caters only to foreign-born punters.
According to the Bangkok Post, the latest version of the bill only requires would-be Thailand gamblers to prove they have filed three years of income tax returns.
A casino entry fee of 5,000 baht remains.
Belle Corp. Not Interested in Buying City of Dreams Manila
In a March 3 filing to the Philippine Stock Exchange, real estate firm Belle Corp. said it has no plans to acquire City of Dreams Manila, the integrated resort it developed and co-owns with Melco Resorts & Entertainment. Melco is purportedly considering the sale to free up capital for a casino project in Thailand.
“Belle is not in a position to confirm the accuracy of the statements about a possible exit of Melco from the Philippines,” the company stated. “(But) it can confirm that any buyout of Melco’s interests in COD Manila is not part of Belle’s plans for the immediate future.”
In an investor call last week, Melco Chairman and CEO Lawrence Ho said it is “part of our strategy to be asset-light where we can and capitalize on our investments and reallocate our resources. This will allow us to enhance financial flexibility, strengthen the balance sheet and support our long-term growth initiatives.”
According to the Philippine Star, citing financial news site Merkado Barkada, Belle Corp. is “the obvious potential buyer,” as it owns the land and is a co-licensee of the casino. It suggested that Belle may think “Melco’s initial price is too high, and has waived its right to purchase to let Melco learn that lesson the hard way on the open market. … Let Melco taste the bitter fruit of rejection and sulk back to the negotiating table.”
