Month: March 2024

Amidst the bustle of ICE London 2024, nestled at the back-right corner of Hall N sat the Curaçao ministry of finance stand. Virtually unassuming at first glance, Pietersz asserted that the stand had seen a lot of action across the three days of the show.

Visitors included commissions from competitor jurisdictions, advisors to operators and operators themselves, all seeking clarification on what exactly lies ahead for Curaçao. In part, this stemmed from misinformation circulating on the transition process.

“That’s why I’m very happy for us to be here at ICE,” Pietersz began. “Because then we get the chance to provide the right information and set the record straight.”

Setting the record straight is of critical importance for Pietersz. After all, it was incorrectly reported that Curaçao’s parliament had flat-out rejected the incoming LOK. But why did this happen?

This was because communication from the Council of Advice – where all draft laws must be sent before they go to parliament – had suggested that the LOK could not be presented to parliament. This communication was first issued in June 2023, but it was not published until January 2024, which might have led to the misreporting.

Curaçao spent much of last year preparing for the LOK, the legislation that will implement the region’s new regime. Currently, it still operates under the National Ordinance on Offshore Games of Hazard (NOOGH).

As we speak, the LOK is chugging through Curaçao’s parliament, where it was submitted in December. If all goes to plan, it will go to the “full” parliament for more hearings, before being passed. Then the law will be signed and published.

Improving Curaçao’s reputation

Earlier this month, Javier Silvania, Curaçao’s minister of finance made an impassioned speech during the legislation’s first reading. He implored parliamentarians to consider the benefits the LOK could have for the wider economy – and Curaçao’s reputation.

This is a central focus of the LOK, as Curaçao has garnered a reputation for lax anti-money laundering (AML) and know your customer (KYC) policies. Pietersz says the law gives the regulator an opportunity to bolster monitoring in these areas.

“[The law] provides us with the possibility to issue direct licences to operators,” Pietersz explained. “That’s step one. And step two, the law also gives us the toolbox to supervise those entities, especially given the areas of concern, which are AML, KYC and responsible gaming.”

“This was very important to us from the toolbox that we provide.”

So, we see clear benefits for Curaçao’s economy and reputation. But what’s in it for operators?

For Pietersz, it centres on two aspects – firstly, communicating that operators can also benefit from Curaçao’s improved reputation.

“We want to improve our supervision,” he stressed. “That improvement, together with the law and also improving the regulator itself with better staffing and resources; it’ll be to the benefit to the country reputation-wise, but also to the operator.

“It’ll be of value if the operator can say, ‘I’m properly regulated’.”

Secondly, squaring up to competing jurisdictions, such as Malta and the Isle of Man.

“What we want to do is, we want to provide operators the possibility of having a direct licence from the regulator,” Pietersz continued. “If they go to our neighbouring competition there, they can have a direct licence, but we are setting out the record that we can have a direct licence also in Curaçao from the Gaming Control Board.”

Fine detailing crucial for LOK success

Pietersz was keen to confirm the process hopeful licensees must follow to be active in Curaçao’s new-and-improved market. With January’s misreporting, you can’t really blame him.

You also can’t blame him from an operational standpoint. If the industry doesn’t listen up, they could see major licence-holders become suddenly – and technically – illegal in Curaçao.

“From a Curaçao standpoint, it doesn’t benefit the country to have illegal operators,” Pietersz declared.

Here it is, in black and white. Operators that want to continue operating in Curaçao must be registered on the GCB portal by 31 March. After this date, it will no longer be possible to register sub-licences or apply for a direct licence under the NOOGH, if this is needed. And that will be a tedious problem to fix.

“Imagine that you have a sub-licence of a master licence holder, whose licence expires on 31 August,” Pietersz offered. “That means if you don’t apply and it’s 31 March, you can continue operating on your licence.”

“But after 31 August, which is the date of the expiration of your master licence, you will be operating illegally because you don’t have a sub-licence and you don’t have a licence from the Gaming Control Board.”

A waiting game

Those that don’t follow the process will be required to cease all operations and request a licence. That’s not to mention the “three to four months” of “zero revenue”.

All of this relies on when the LOK will come into force. Pietersz noted that if an operator doesn’t register for a licence before 31 March, and the LOK is enacted in June, the operator becomes illegal from the June date. “Why? Because the law has passed and then the master licence agreement is not enforced anymore.”

Introducing a new regime is no easy task, but there’s no need to complicate it further. Pietersz emphasised that this way of implementing the LOK is simply the easiest for all involved.

“It’s very important to know if [sub-licence holders] receive a licence that it would be based on the current legislation,” he explained. “But the terms and conditions of that licence will mimic the new legislation.”

“That means that they can continue operating without any problems when the new law gets into force.”

With just weeks to go until the all-important 31 March deadline, whether operators will adhere to the GCB’s warnings remains to be seen.

Although it’s some way off being implemented, the LOK has already proved that Curaçao is ready for change. It’s a piece of legislation that will open up a new era for the region – one where its notoriety might finally be diminished.

Total handle for February was 15.6% higher than the same month last year. However, it was also 18.8% behind the $465.8m bet in Tennessee in February this year.

The monthly handle figure accounted for $2.2m in adjustments. Without these, gross handle for February in Tennessee reached $380.4m. 

Year-on-year, gross handle increased 16.2%. However, on a month-on-month basis, gross handle for online betting for Tennessee was down 18.6%.

Privilege tax for the month amounted to $7.0m. This total was 9.4% ahead of February 2023 but 18.6% behind January’s $8.6m.

The Tennessee Sports Wagering Council (SWC) did not disclose data in terms of revenue. The SWC oversees the licensing and regulation of online sports wagering in Tennessee.

Heavy hitters compete in Tennessee

There was also no breakdown of each licensed operator in the state. Tennessee opened its legal market in November 2020, with several major names going live on launch day including FanDuel, DraftKings and BetMGM.

Over the past three years, the market has grown considerably, with other operators being added to the mix. The most recent addition is Fanatics Sportsbook, which went live in August 2023.

Other operators include ESPN Bet, which went live in Tennessee as part of its launch across 17 states. Meanwhile, Hard Rock launched in Tennessee in September 2022, adding to its three Hard Rock Cafés across the state.

In addition, Caesars Sportsbook also runs sports betting in Tennessee through a multi-year partnership with Tennessee-based NBA team Memphis Grizzlies. This has been in place since August 2022.

Rust, who previously spent six years as British Horseracing Authority chief executive, was appointed as Industry Forum chair in November 2023.

Over a two-year term, Rust will oversee a forum that includes Ashley Padgett, director of compliance and anti-money laundering at Flutter’s UK and Ireland (UK&I) division, as well as Entain’s customer operations director for UK&I Leo Walker.

As well as Entain and Flutter, other UK gambling industry leaders will be represented. Betfred’s head of media Mark Pearson has been appointed to the forum, as well as David Williams, director of public affairs at Rank Group.

Merkur UK’s director of public and political relations, Tony Boulton, and Betsmart Consulting founder and director, Kirsty Caldwell, will also be joined on the forum by Charles Cohen, founder and chief executive of the UK gambling financial technology company Department of Trust and non-executive director at Games Global.

Also appointed is Nigel Roddis, managing director of Britbet, and g.games founder and chief commercial officer Helen Walton.

Ahead of the first meeting on 21 March, Rust revealed there had been over 40 applicants wanting to join the forum.

“It was difficult to leave quite a few of those people out, but I’m delighted with the quality and experience of the appointees,” Rust stated.

The aims of the GC’s Industry Forum

The Industry Forum was first announced in September 2023. The GC stated the new initiative would aim to give the Commission more insight into operators’ views on various topics.

The three aspects outlined were the operators’ perspectives on the GC’s plans, how the Commission is servicing the industry and consumers and finally providing an insight into how operators go about their business.

The forum will work in partnership with several stakeholder engagement initiatives and advisory groups. These include the Commission’s Lived Experience Advisory Panel and Advisory Board for Safer Gambling.

GC’s evidence-led approach

The Industry Forum is another step the GC has taken towards an evidence-led approach. Rust hopes it will provide insights “which the Commission can draw upon to help evolve and improve its performance as the regulator”.

In late February, the GC released the first wave of data from its Gambling Survey for Great Britain (GSGB). The GSGB will be an annual survey of 20,000 people. This makes it one of the largest gambling data research projects globally, as the GC looks to improve its data processes.

In May 2023, the GC released an evidence gaps and priorities paper for the three years between 2023 and 2026. It outlined the Commission’s intention to undertake evidence-based research on areas like gateway gambling products and the effects of gambling harms.

The key figure from the GSGB’s first wave was that 48% of respondents had gambled in the four weeks prior. However, the prevalence of lottery meant that number dropped to 27% when lottery-only players were excluded. Over a fifth of the approximately 4,800 respondents had only taken part in lottery draws.

The next release of the GSGB data will happen on 27 June 2024, with further investigation into gambling participation and behaviours. The second wave will cover responses from 6 November 2023 to 7 March 2024.

Standard General, which already holds a 25% stake in Bally’s, delivered a non-binding letter seen by iGB, published in a US Securities and Exchange Commission (SEC) 13D filing.

The hedge fund has offered to acquire the entirety of the remainder of all outstanding shares of common stock not already owned by Standard General,

The $15-per-share offer is at a 41% premium to Bally’s closing price on Friday on the NYSE at $10.55. In total the company holds a market capitalisation of more than $600m. Following the news, Bally’s share price has jumped up 25.24% to $13.30.

The offer letter outlines that: “The proposed transaction would be subject to the approval of the board of directors of the company and the negotiation and execution of mutually acceptable definitive transaction documents.

“It is our expectation that the board of directors will appoint a special committee of independent directors to consider our proposal and make a recommendation to the board of directors.”

Second time’s a charm

The offer now represents the second time Standard General has made a full takeover bid for Bally’s. In January 2022, Standard General offered to buy the company for $38 a share, which means that the hedge fund now assesses the company as over 50% less valuable than it did two years ago.

At the time, the business was valued at more than $2bn (£1.48bn/€1.77bn). Standard General’s chairman, Soo Kim, noted that the $38.00 price represented a 30% premium compared to Bally’s closing share price of $29.27 on 24 January 2022.

In a mixed 2023 for Bally’s, the reduction in price reflects the company’s continued net loss. Accumulated total operating costs fell 8.7% to $2.34bn during 2023.

After including $289.7m in other expenses, this left a pre-tax loss of $167.6m, an improvement on $454.5m in 2022. However, adjusted EBITDA for 2023 slipped 3.9% to $527.3m.

A value price for Bally’s?

The past year saw several major developments for the company. Early in 2023, Bally’s announced it was cutting 15% of its North American interactive workforce to reduce costs. Then came the news that Diamond Sports Group, operator of the Bally’s branded TV sports networks, was close to bankruptcy.

However, as the year progressed, the situation brightened for Bally’s, under the leadership of new CEO Robeson Reeves, who joined in March. 

Stand-out highlights included outsourcing its sports betting tech stack to Kambi and White Hat Gaming. In September, Bally’s also made the move into the UK igaming sector, rolling out Bally’s-branded online casino on Gamesys’ existing Megaways Casino site.

The third instalment of the report, first published in 2022, details the gambling behaviour of people studying at university. Censuswide carried out research on behalf of YGAM and Gamstop.

Of the 2,000 students polled, 60% said they had gambled in the past 12 months, down from 71% in the previous year.

However, of concern was 46% saying gambling has impacted their experience at university. This included missing deadlines and social activities, as well as adding financial pressure to cover basic expenses such as food.

Student gamblers lost an average of £35.25 a week, equating to £1,833 annually, while 15% are losing £50 or more per week. Of those surveyed, 32% of gamblers are using savings to bet, 23% their student loan, 10% money from parents and 8% their overdraft.

Online sports betting was the most popular form of gambling among male students. As for females, the National Lottery came out on top.

Influence on student gambling behaviour

As to how students are influenced to gamble, 34% said their friends were the main reason for this. Some 26% stated sports events influenced their gambling behaviour and 23% social media. Both YGAM and Gamstop explained this demonstrates the need to educate young people on safer gambling habits.

There was also concern about the impact on students’ personal lives. Of those who bet, four out of 10 said they had been criticised by others for the amount they gamble. In addition, over half admitted to feeling guilty about their behaviour.

As for cryptocurrency, interest among students has seemingly declined. Some 32% said they had invested in cryptocurrency during the past 12 months, compared to 40% in the previous year.

“Since last year’s report, students have faced increased financial strain amidst the ongoing cost of living crisis,” YGAM CEO Jane Rigbye said. “Despite a notable decrease in gambling participation rates among students over the past three years, problem gambling prevalence rates remain stable, significantly higher than those in the general population. We know the multifaceted harms associated with gambling extend beyond financial implications, and any level of harm is unacceptable.”

Gamstop CEO Fiona Palmer added: “We have seen a significant spike in the number of young people registering for self-exclusion, with 16-24-year-olds making up around in one in four of Gamstop registrants. This shows the importance of educating them about risk before they develop a problem.”

MP raises concerns over findings

Gambling Minister Stuart Andrew also responded to the study. He said young adults can be more vulnerable to gambling related harms. This, he added, is why the government recently took action by introducing wager limits for online slots.

“Alongside this, we are introducing a host of measures this year that will better protect young people from gambling harms, including financial risk checks, tighter controls on advertising, and marketing and a statutory levy on gambling operators.”

In addition, Kellie McAlonan, chair of National Association of Student Money Advisers, raised concerns at the data. McAlonan said it is concerning to see the extent to which students are impacted by gambling. 

“It is more important than ever that Student Money Advisers are appropriately educated to best support students, and to contribute to harm prevention measures,” McAlonan said. YGAM’s education programmes are integral to this.”

Revenue for the 12 months to 31 December 2023 reached €4.32bn (£3.69bn/$4.73bn). This was up from the €4.05bn FL Entertainment reported in the previous year on a reported and pro forma basis.

FL Entertainment reported growth in all areas across its two core divisions in 2023: online gaming and sports, and content production and distribution. The former, which includes Betclic Everest Group, which owns both German-facing Bet-at-home.com and Betclic, was where the group reported the most growth.

There was also modest revenue growth in the content production and distribution segment. This, FL Entertainment said, was helped by a several new acquisitions during the year.

CEO François Riahi hailed this growth, saying it sets the group up for further success in 2024 and beyond.

“We delivered record results in 2023, powered by the continued strong performance of both businesses,” Riahi said. “Since we listed two years ago, we have increased our revenue by 30% and our adjusted EBITDA by 26%, illustrating the strength of our business model. 

“During this time, our revenues with OTT players in content production have increased by 75%. We have also expanded our activities into the live experiences space through M&A, which will contribute to growth moving forward.”

Double-digit betting and gaming growth in 2023

Breaking down the 2023 figures, online gaming and sports betting drew €996.2m in revenue. This was 19.3% ahead of €835.0m in the previous year, despite 2022’s results including the Fifa World Cup.

FL Entertainment said this was underpinned by ongoing strong momentum from unique active players, with good retention from the World Cup, and commercial development. It also notes that all segments here recorded double-digit growth in 2023.

Sportsbook revenue increased 14.4% to €766.4m, casino 47.7% to €154.7m, poker 23.1% to €154.7m and turf 33.3% to €13.7m.

“Underpinned by our resolute commitment to responsible gaming – with 99% of revenues coming from locally regulated countries – we developed our leading positions in France, Portugal and Poland and successfully expanded into the Ivory Coast, with more to come in Africa,” Riahi said.

Content production and distribution remains the primary source of revenue for the group. In 2023, revenue was 3.4% higher at €3.32bn, with the non-gaming division benefitting from several new acquisitions.

Adjusted net profit hits €232.2m at FL Entertainment

In terms of costs, spending was higher in certain areas. External expenses jumped 12.0% to €2.30bn but personnel costs were down 2.3% to €1.26bn while restructuring costs were also lower.

With revenue growth more than offsetting spending, operating profit in 2023 climbed 59.8% to €400.5m. After also including €244.4m in net finance costs, this left a pre-tax profit of €151.8m, in contrast to an $8.3m loss in 2022.

FL Entertainment paid €78.2m in tax, resulting in a net profit of €73.6m, compared to 2022’s €85.2m loss. In addition, adjusted EBITDA increased by 10.6% to €736.7m. 

The group also reported adjusted net profit, which discounts some expenses. These include restructuring costs and LITP and employment-related earn-out and option expenses, while it also accounts for other finance income.

As such, adjusted net profit amounted to €323.2m, up 6.8% from €302.6m in 2022.

High expectations for 2024

Looking ahead to 2024, FL Entertainment is confident of further growth. This, it says, will be helped by its differentiated strengths, flexible business model and opportunities from structural trends and new consumer behaviours.

As such, it is forecasting high-single digit organic growth for adjusted EBITDA in 2024. 

“We are confident that we will continue to deliver profitable growth across all activities thanks to our unique positioning in the entertainment industry,” CEO Riahi said. “One of our top priorities will also be expanding our free float and stock liquidity, so that our strong operational performance can result in value creation for all our shareholders.”

The Italy-facing Betsson will feature an online casino offering including slots, table games and live casino. Players will also have access to sports betting on the new website.

The group has been active in Italy for more than a decade via its StarCasinò. This brand will continue to operate alongside the new Betsson website.

Betsson said the launch forms part of its ongoing strategy to expand its flagship offering into new markets. This includes expansion in Latin America, where it holds licences in Argentina and Colombia, with plans in place to build on this. 

“Italy has grown significantly in importance for Betsson,” chief commercial officer Ronni Hartvig said. “We believe this is an opportune moment to introduce our flagship brand, Betsson, to the market. 

“By consolidating our operations under the unified Betsson brand, we aim to harness the power of scalability. And together with our extensive experience in the region, we aim to position the brand as a leading sports betting operator in the market.”

Record 2023 for Betsson

The launch comes after Betsson last month posted record results for its 2023 financial year.

Stand-out figures for the year include revenue rising 22% to €948.2m (£810.3m/$1.04bn) and EBITDA 52% to €262.7m. Betsson also recorded operating income of €210.5m, up 60% year-on-year, with an increased margin of 22.2%.

In reference to Italy, revenue from Western Europe was up 61.8% to €41.7m. Betsson put this down in part to strong growth in both Italy and Belgium.

As for further growth plans, Betsson secured new licences in several European markets in 2023. These include an online casino licence in Serbia and an online sports betting licence in France. 

In February the company also announced it was entering the Netherlands following the €27.5m acquisition of Holland Gaming Technology – a gaming operator with a Netherlands licence, as well as local game studio Holland Power Gaming

CEO Pontus Lindwall spoke more about Betsson and its growth plans in a focused article with iGB last month.

Revenue in 2023 amounted to DKK5.04bn (£577.2m/€676.1m/$739.2m). This was up from the DKK4.98bn reported by Danske Spil in the previous year.

The Danske Lotteri Spil lottery division generated most revenue in 2023. Revenue here hit DKK2.87bn, an increase of 2.5% and a record annual total. Danske Spil put this down to the impact of new game launches and an extra Eurojackpot draw for players.

Mixed divisional results in 2023

Elsewhere, revenue in Danske Licens Spil, which includes sports betting and online casino, slipped 3.0% to DKK1.61bn for the year. This was blamed on an unusually high repayment percentage on sports bets, as well as a competitive market.

Revenue was also lower from Elite Gaming, the group’s gaming hall and land-based slots business. For 2023, revenue reached DKK289.9m, down 3.2% year-on-year. 

However, there was better news for Danske Klasse-lotteri, the “class lottery” integrated into the business in April 2022. Revenue here increased 30.1% to DKK250.4m.

In addition, Danske Spil posted figures for the Swush fantasy sports platform, with revenue down 27.3% to DKK11.7m. Incidentally, Danske Spil agreed to sell its 60% ownership stake in Swush to Danish tabloid newspaper Ekstra Bladet in January.

Net profit up 5.9% at Danske Spil

Looking at costs in 2023, state taxes totalled DKK644.7m, dealer commissions DKK459.6m and other gaming related entities DKK269.6m. This left DKK3.69bn in operating profit, a rise of 2.5%.

Danske Spil also reported DKK32.9m in other income, as well DKK247.5m in depreciation and write-downs and DKK1.16bn in other external costs and staff expenses. As for finance costs, these amounted to DKK33.9m.

Taking all this into account, Danske Spil reported a pre-tax profit of DKK2.35bn, an increase of 6.0%. After paying DKK526.5m in tax, the group ended 2023 with a net profit of DKK1.82bn, up 5.9% year-on-year.

Under the extended MoU, the two organisations continue to work together on best practice in gambling regulation. This arrangement began in November of 2019.

Focus areas of the MoU include promoting a common understanding of legitimate interests and engaging on matters of mutual policy and operational interest. The two regulators will also continue to support each other with operational assistance.

“The gambling market is global and it is important to have good relations in order to cooperate with other gambling authorities,” Spelinspektionen director general Camilla Rosenberg said. “Although our markets differ, we have many common areas where we can learn from each other and exchange experiences. 

“By working together, we can achieve our common goals of a healthy and safe gambling market.”

Spelinspektionen has similar MoU agreements in place with regulators in the Netherlands, Malta and Gibraltar.

Swedish market shrinks in 2023

The extended MoU comes after Spelinspektionen reported official figures for Sweden’s gambling market in 2023. These showed a 1.2% decline in gambling revenue to SEK27.13bn (£2.07bn/€2.43bn/$2.66bn).

Online gambling remained the primary source of revenue at SEK17.03bn but was 0.7% lower than the previous year. There was also a decline in state lottery and slots revenue, with this falling 3.6% to SEK5.60bn. In addition, revenue from state-owned Casino Cosmopol land-based casinos slipped 11.4% to SEK485m.

However, revenue from national lotteries climbed 1.4% to SEK3.60bn. Public games revenue was also up 9.3% to SEK199m and land-based commercial gambling revenue edged up 2.3% to SEK225m.

No stopping gambling growth in Britain

As for Great Britain, the Commission is yet to release full figures for 2023. The most recent data for last year covers the online sector in Q3, during which gross gambling yield (GGY) increased 4% year-on-year to £1.30bn.

Slots GGY amounted to £618m, up 6% on the previous year and the highest quarterly total on record. Real-event betting GGY reached £468m, up 5%, online casino GGY hit £159.7m, virtual betting £12.0m, esports betting £2.4m and poker £17.6m. An additional £2.0m came from other sources.

For the land-based sector, machines were the main source of GGY in Q3 with £293m, down 3%. Over the counter GGY was down 3% to £153m but self-service betting terminals GGY jumped 17% to £116m. 

Fitch also gave Macau a “stable” outlook as the region’s economy continues to rebound from the pandemic. Extremely tight restrictions ground the gaming industry to a halt, but following the removal of travel restrictions in early 2023, the market has responded well.

Macau generated MOP19.3bn (£1.9bn/€2.2bn/$2.4bn) in January revenue. This was its second highest figure since reopening following the pandemic.

Fitch is expecting that recovery to continue, with gross gaming revenue (GGR) reaching around 79.5% of 2019 levels in 2024. This is after GGR was 62.6% of pre-pandemic levels in 2023, with Fitch predicting GGR to be 7.6% higher than assumed in the budget.

Fitch points to rising inbound tourism as a reason to be optimistic over the future of Macau’s gambling industry.

Macau: A strong start to 2024

Macau generated MOP18.5bn in February GGR. While this was down 4.1% on January’s figure, it was still 79.1% up on the same month last year.

The first two months of 2024 have combined for MOP37.8bn in GGR, up 72.7% on the same period of 2023. The start to 2024 is around 75% of the 2019 level, with Fitch attributing this success to an influx of mainland Chinese visitors for the New Year celebrations.

Fitch is expecting the mass-market segment to continue to power Macau’s gaming recovery, although it warned that the VIP segment will take a slower recovery path. As a result, the government’s gaming revenues will be restricted.

The VIP segment is being hampered by Macau’s more stringent regulatory framework for junket operators following a 2022 bill. Those changes have led to the mass market’s GGR share rising from 54% in 2019 to 75% in 2023.

Fitch’s warning

Despite its stable outlook for Macau, Fitch also highlighted areas that could potentially cause a problem for its gaming industry.

For instance, the Chinese government, which holds sovereignty over Macau, is looking to diversify its economy. It’s planning to increase the share of gross value added by non-gaming industries to approximately 60% by 2028, from under 50% in 2019.

The government is aiming to boost tourism and non-gaming offerings to produce more sustainable sources of growth, improving the developing non-gaming industries.

Also noted was the stumbling Chinese economy, which could lead to an “erosion” of Macau’s balance sheet and therefore limit future growth in the region.

Macau recovery set to continue

Macau’s response to the devastating Covid-19 lockdown has been impressive, with 2023’s cumulative gross income of MOP183.1bn a 333.8% year-on-year increase.

SJM Holdings, a key operator in Macau, had its outlook altered from “negative” to “stable” by Fitch in January, largely because of the continued growth in visitation and gaming revenue in Macau.

Macau’s success is also benefitting Las Vegas Sands, with its success in the region driving revenue up to $10.4bn for its 2023 financial year. Macau was a key part of that growth, with revenue in the region rocketing 303.1% to $6.6bn.

With Covid restrictions only largely cancelled in Macau in January 2023, Sands chief executive and chairman Rob Goldstein has big hopes for the region.

“There is an ongoing speculation of the future growth of Macau,” Goldstein said. “Can the Macau market grow to $30bn, $35bn, even $40bn and beyond? We believe that it will.”