Macau Gaming Slump May Be Short-Term
Macau casinos generated gross gaming revenue (GGR) of MOP57.65 billion (US$7.21 billion) in the first quarter of 2025, up 0.86 percent year-on-year, reports the city’s Gaming Inspection and Coordination Bureau.
In comments before the Legislative Assembly earlier this month, Macau Chief Executive Sam Hou Fai acknowledged that at this pace, annual GGR could fall short of the government target (MOP240 billion) for the year. That would result in a budget deficit.
But the industry could see a lift from a boost in the Chinese economy. According to China Daily, China’s GDP grew 5.4 percent year-on-year for Q1, “positioning the country to better weather global uncertainties” and increasing consumer confidence.
CSLA analysts Jeffrey Kiang and Leo Pan say gaming industry growth in 2025 will be minimal, but “should accelerate in 2026” as property prices fall. That would be “a key driver for consumer confidence in China.”
Seaport Research analyst Vitaly Umansky added that growth “has hit a wall” in Macau. But he too foresees an improvement in the second half of the year.
Thailand Casino Bill at a Crossroads
Thailand’s plan to develop entertainment complexes with gaming, which stalled on its way to Parliament, is going nowhere fast.
The bill would legalize five casino resorts in locations around the country. It was originally slated for review during the legislative session that ended April 9. But the Pheu Thai-led government delayed the review until July at the earliest following stiff opposition from the public, anti-gambling organizations and Pheu That’s own coalition partner, the Bhumjaithai Party.
Meanwhile, Senator Sorachat Wichaya Suwanphrom has proposed a Senate panel to conduct its own review of the proposal. It should take about 180 days to file a report, a source told the Bangkok Post, delaying the bill’s progress until next year and approvals to 2027.
Analysts say entertainment complexes in Chonburi, Chiang Mai, Phuket and Bangkok could generate THB278 billion (US$8.4 billion) per year, making Thailand the third most profitable gaming jurisdiction after Macau and Las Vegas.
But critics worry about the social costs, including higher risks of gambling addiction, money laundering and related crimes. Some complain that Prime Minister Paetongtarn Shinawatra, who supports the bill, is taking her orders from her father, former PM Thaksin Shinawatra, who advocates casinos as well as online gambling.
Paetongtarn recently defended the bill and insisted it is not all about gambling.
“Entertainment complex does not mean casino,” she said in comments reported by The Thaiger. “Only 10 percent of the total area will be dedicated to this purpose. … Each complex will feature several hotels and restaurants, creating jobs for thousands of people. “his will help boost the local economy.”
Macau’s 13 Hotel Up for Sale Again
The 13 Hotel in Macau, known for its crimson hotel tower and a fleet of matching Rolls Royces, is for sale in the city’s Cotai Strip resort district. The property, which operated for two years between 2018 and 2020, reopened in 2024 after the Macau Government Tourism Office renewed its hotel license.
The 13 comes with a price tag of HK$2.4 billion (US$309 million). “It’s a super-luxury hotel,” said Mark Wong of Jones Lang LaSalle (JLL), a consultancy that represents the seller. “The hotel market is recovering after the Covid-19 pandemic and tourists are coming back quickly.”
Developed by onetime Merrill Lynch investment banker Stephen Hung, the property offers a level of opulence that recalls Versailles (Hung’s company once was known as Louis XIII Holdings). But The 13 has faced multiple bankruptcies. Former majority investor South Shore Holdings Ltd. went belly-up in 2021 and was delisted from the Hong Kong Stock Exchange. The 13 Hotel Management Ltd. filed for bankruptcy in 2023 and New Concordia Hotel Ltd., which owns the rights to the project site, was liquidated the same year.
The 13 itself was declared officially bankrupt in February 2023 and sold off its collection of 30 red Rolls Royce Phantoms to help pay down debt. It has since been taken over by its creditor, Bank of Communications Macau.
Sri Lanka Sets Up Gambling Regulator
The Sri Lanka Cabinet has approved a draft bill that will set up a Gambling Regularization Authority. That bill will now go to parliament for its review.
According to the Daily Financial Times, Cabinet spokesman and minister Nalinda Jayatissa said the proposed authority will be “the sole national regulator with a broad mandate,” overseeing online, land-based and ship-based gambling, as well as sports betting.
In October 2024, Melco Resorts & Entertainment opened Phase 1 of a new $1.2 billion integrated resort, City of Dreams Sri Lanka in Colombo. In April, Melco announced that the government had granted it a 20-year gaming license. Phase 2 of development will add a casino and additional non-gaming amenities.
Thailand Arrests 19 in Online Gaming Racket
Thailand’s Cyber Crime Investigation Bureau has uncovered six illegal online gambling websites, arrested 19 suspects and issued warrants for a dozen more.
According to Nation Thailand, officials said at an April 19 press conference that the network has processed more than THB3.2 billion ($95.95 million) in receipts so far in 2025.
The sites under investigation—including Fun586, Next88bet, Allmewin and others—laundered the money through gold acquisitions funneled through corporate bank accounts. They misrepresented themselves as paper production or agricultural firms.
