Casino NEWS

the operator of Betway, has reported a record Q1 revenue as it contemplates the future of its loss-making US business. The company reported a revenue of €379.3 million in the first quarter of the year, marking a record Q1 and a 12 percent increase from the previous year. This revenue was generated primarily by the company’s sports betting-centred Betway (€222 million) and the iGaming-focused Spin brand (€157.3 million).

The company’s Africa and Middle East operations were responsible for 37 percent of the revenue, at €139.7 million. However, Super Group’s North American business remained the largest region by revenue, generating €140.9 million, primarily in Canada. In Q1 2024, the business reported €46.5 million in Adjusted EBITDA, up 29 percent from 2023. This resulted in a €41.0 million profit for the period, compared to last year’s €1.9 million loss.

The Q1 2024 numbers included a €40.1 million gain on the disposal of Digital Gaming Corporation’s B2B assets, as well as a €13.1 million non-cash charge. Super Group’s number of active customers also increased 33 percent year-on-year, to 4.7 million.

Neal Menashe, CEO of Super Group (pictured above), spoke about the amazing start to 2024 highlighting the company's strong results.

Super Group CFO Alinda van Wyk added: “We achieved record results for a first quarter of €374 million of revenue and €69 million of Adjusted EBITDA, for the ex-US business.”

Super Group today also announced it plans to take its tech stack in-house through a €140 million deal with its supplier, Apricot. The future of Super Group’s US business, which is currently under review, was a topic os call. The CEO said the company was looking at all options to make a decision that is in its long-term interest.

He added that iGaming was the company’s “bread and butter” and would likely play a role in any move to US profitability. He added: “This is a waiting game – over time different states can regulate and you’ve got to be in play to have a chance of success, we understand that. But there’s a cost of being in play and we just got to make sure what that cost is.”

Super Group (SGHC) Limited (SGHC) is trading at $3.50 (0.43%).

Kangwon Land Inc., the exclusive operator of the only casino resort in has released its unaudited financial results for the first quarter of 2024. Despite a year-on-year decline of 8.5 percent in net profit, the company has shown resilience with a sequential increase of 26.0 percent from the final quarter of 2023, bringing the net profit to KRW92.9 billion (US$68.1 million).

The company’s gaming sales, primarily driven by mass-market table play and slot machines, have shown a promising increase. The first quarter of 2024 saw gaming sales rise to KRW316.2 billion, a 3.3 percent increase year-on-year and a 10.7 percent increase sequentially.of the company’s overall sales, which totaled KRW368.4 billion.

In addition to its gaming operations, Kangwon Land Inc. also reported non-gaming sales from its hotel, condominium, and skiing businesses. These non-gaming sales reached KRW52.2 billion, remaining steady from the previous year but showing a substantial 31 percent increase from the previous quarter.

The company’s operating profit for the first quarter was KRW75.9 billion, marking an 8.9 percent increase year-on-year and a remarkable 95.8 percent increase sequentially. This robust performance demonstrates the company’s ability to navigate the challenging business environment and deliver solid results.

Looking ahead, Kangwon Land Inc. has earmarked KRW116.8 billion for capital expenditure in 2024, aimed at enhancing resort attractions and other operational aspects. Of this budget, KRW81.9 billion is allocated for operating investment, including casino floor expansion, resort facility renovation and improvements, and gaming equipment. An additional KRW26.6 billion is set aside for the development of a water treatment facility and employee dormitories.

In a recent announcement, Kangwon Land Inc. released a KRW2.5-trillion new phase for its property, which will triple the size of its casino space by 2032. The expansion plan includes a significant increase in gaming space, a hotel expansion, a new villa with a swimming pool, and other facilities. This ambitious plan underscores the company’s commitment to growth and its strategic vision for the future.

Kangwon Land Inc.'s first-quarter performance in 2024 reflects a resilient and robust business model. With strategic investments and expansion plans in place, the company is well-positioned to navigate the future and continue delivering value to its stakeholders.

Wynn Resorts, in collaboration with Marjan and RAK Hospitality Holding, has just released renderings of the forthcoming Wynn Al Marjan Island, a prestigious luxury resort in Ras Al Khaimah, UAE, set to transform the hospitality landscape of the MENA region.

Wynn Design and Development, a team of over 90 skilled architects and designers, is spearheading the creation of Wynn Al Marjan Island. As the first beachfront resort by Wynn Resorts, spanning nearly 62 hectares into the Arabian Gulf, this project aims to become the very first integrated gaming resort in the MENA region. The company's in-house design team has an unparalleled track record in shaping iconic gaming resorts worldwide.

Wynn Al Marjan Island promises an unparalleled experience, featuring 1,542 lavish rooms and suites, including 22 exclusive Villa Estates overlooking the newly designed marina. Guests can indulge in a lavish poolscape covering 3.6 hectares, complemented by a diverse range of dining establishments, a world-class theater showcasing bespoke productions, a luxury shopping esplanade, a five-star spa, and a sophisticated meetings and events center crafted for various occasions.

Since commencing construction in early 2023 under the leadership of UAE-based ALEC Engineering and Contracting, the UAE has reached a height of approximately 40 metres. The towering resort, soaring over 300 metres, is expected to reach completion by the fourth quarter of 2025, with a public opening slated for early 2027. Positioned amidst the rapidly growing tourism hub of Ras Al Khaimah, the location provides easy access to major airports, offering visitors an idyllic retreat on Al Marjan Island's pristine beaches and waterfront, surrounded by upscale hotels and residential developments.

The Swedish government has recently proposed to discontinue the Casino Cosmopol land-based casino business of state-owned operator Svenska Spel. In a memorandum filed on 7th May 2024, the government stated that Casino Cosmopol “no longer fulfils its purpose” and highlighted the ongoing challenges for the business to reach profitability.

The government does not anticipate the proposed closure to have any “major impact” on illegal gambling in Sweden. If the measure passes, a condition in for the right to operate land-based casinos would be removed. Consequently, e, located in Stockholm. The closure, expected to occur on or before 1 January 2026, would impact approximately 200 jobs.

Svenska Spel has acknowledged the struggles of Casino Cosmopol. The company shares the government’s assessment of reasons for closure, noting the lack of opportunity to reach profitability as visitor numbers fall with more people opting to gamble online.

Svenska Spel once operated four casino locations in Sweden. The first to close was the casino in Sundsvall in 2020. More recently, the company announced the permanent closure of its casinos in Gothenburg and Malmö due to limited profitability. The decision was announced in January of this year.

Svenska Spel CEO Erik Strand stated, “The movement from gambling in land-based casinos to gambling online accelerated after the reregulation of the gambling market in 2019 and the subsequent pandemic, when Casino Cosmopol remained closed.” He added, “We share the assessment that it is no longer possible to run Casino Cosmopol profitably.”

CEO Ola Enquist also accepted the news but described the move as an “end of an era”. He said, “Although we share the government’s assessment, it is emotional to take part in the bill. If it is adopted, it means that our last casino is closing and that an era is over.”

Recent financial results published by Svenska Spel show where Casino Cosmopol sits compared to its other businesses. In 2023, the Casino Cosmopol and Vegas arm posted a 12.0 percent drop in revenue to SEK942m (£69.3m/€80.7 million/$86.9 million). This decline was attributed to a decrease in casino visitors in response to the rising popularity of online casino gaming.

In contrast, Svenska Spel reported growth elsewhere. Revenue from the Tur lottery division climbed 0.6% higher at SEK4.92bn, while revenue from Sport & Casino was up 4.6 percent to SEK2.17 billion. Looking at net gaming revenue per sales channel, casino revenue fell 11.4 percent to SEK473million, while the online sector saw revenue grow 7.2 percent to SEK4.20 billion.

As for the most recent quarter, the closure of the two casino sites hit the Casino Cosmopol & Vegas segment, with revenue down 31.6 percent to SEK169 million. In addition to the closures, the group also reduced the operating hours of its remaining Stockholm venue.

In addition to these challenges, Casino Cosmopol has faced regulatory issues in recent months. In December, the casino was fined SEK2m for anti-money laundering failings after a probe by Swedish regulator Spelinspektionen. Svenska Spel was also warned over the matter.

Century Entertainment International Holdings has announced it has signed an agreement to operate a VIP gaming room at a casino located in Dara Sakor, Cambodia. This move marks a strategic shift for the Hong Kong-listed company, as it terminates a prior arrangement with Lion King Entertainment and establishes a direct partnership with the casino proprietors. 

Under the new deal, 's subsidiary, Wisdom Ocean Group Limited, will manage all seven VIP gaming tables at the Dara Sakor casino for an initial three-year term. The company will make monthly payments of $35,000 (€32,502) to LongBay Entertainment, the casino's owner, in exchange for full operational control, including management of winnings and losses, as well as staffing expenses. 

LongBay Entertainment will provide essential gaming licences, cover operational costs such as utilities and dealer wages, and ensure regulatory compliance.  

Century Entertainment didn’t push through with its previous agreement with Lion King Entertainment due to challenges accessing comprehensive financial records necessary for regulatory compliance. Negotiations with LongBay Entertainment followed, resulting in the current partnership aimed at revitalizing Century Entertainment's gaming operations. 

Situated in the growing Dara Sakor district, the designated VIP Rooms are viewed as a strategic venture with significant potential in Cambodia's gaming market. Century Entertainment remains committed to offering baccarat across all gaming tables, anticipating favourable prospects in the area. 

Last March, Cambodia’s Prime Minister Hun Manet has measures to stop the spread of gambling activities in the nation, citing their negative impacts. Hun Manet declared a suspension on issuing new licences and raised the possibility of revoking existing ones. 

While previous plans to relocate from Sihanoukville to Dara Sakor faced challenges such as pandemic-related disruptions and implementation delays, Century Entertainment remains optimistic about the revenue-generating potential of its renewed gaming business. The company is poised to navigate challenges and capitalize on opportunities in Cambodia's evolving gaming landscape. 

Upcoming SiGMA event: SiGMA Asia 2024, 2 – 5 June. Find all the details .

Brokerage firm CLSA anticipates a 6 percent month-on-month increase in Macau's gross gaming revenue (GGR) for May, reaching MOP19.7 billion (€2.27 billion). While slightly below market consensus, CLSA's projection aligns with Morgan Stanley's forecast and indicates continued recovery in the region's gaming sector. 

Analysts Jeffrey Kiang and Leo Pan highlighted the robust foot traffic observed during the Labour Day holiday, citing positive trends in average daily visitation and hotel bookings. 

Throughout the holiday period, key establishments such as Grand Lisboa Palace, MGM Cotai, The Londoner, and others experienced significant foot traffic, including busy gaming floors. Minimum bets on baccarat tables ranged from MOP1,000 to MOP1,500, with higher stakes in high-roller rooms ranging from MOP3,000 to MOP10,000. 

Despite during the Labour Day break, Macau remains optimistic about its tourism prospects. The city welcomed a total of 604,395 tourists over the five-day holiday, averaging 120,000 visitors per day, falling short of authorities' projections. 

The Macao Government Tourism Office (MGTO) attributed the lower arrivals to adverse weather conditions, dampening travel enthusiasm. However, the agency assured that the government is gearing up for the upcoming summer holidays to boost tourism. 

To stimulate tourism, Macau launched the for Chinese nationals on tour groups on Monday. The initiative aims to facilitate integrated development between Macau and Hengqin, offering tourists more choices and enhancing the region's attractiveness. 

The new visa allows tour group visitors to stay at budget hotels in Hengqin and visit Macau during the day. As Macau continues to navigate recovery post-pandemic, initiatives like the multi-entry visa signal proactive measures to revitalize the tourism sector and promote integrated development with neighbouring regions. With gaming revenue forecasts showing promising signs, stakeholders remain hopeful for sustained growth in Macau's economic recovery. 

Upcoming SiGMA event: SiGMA Asia 2024, 2 – 5 June. Find all the details .

The closing date for securing funding of up to PHP13.51 billion (€219.2 million) for the casino hotel project at  in Manila, Philippines has been pushed back by 12 months. Suntrust Resort Holdings, the developer behind the project, confirmed the revised date, now set for April 30, 2025, in a filing submitted on Friday.   

The Westside City Project, an integrated resort located in Manila's Entertainment City, is spearheaded by Suntrust Resort Holdings. The project aims to debut its main hotel-casino in the first quarter of 2025, aligning with the extended funding deadline.  

In July 2023, Summit Ascent Investments, a subsidiary of Summit Ascent Holdings Ltd., pledged to subscribe to convertible bonds totalling up to PHP13.51 billion (€219.2 million) issued by Suntrust. However, as of last week, certain conditions necessary to finalize the agreement remained outstanding. This includes obtaining consent and approvals from regulatory bodies such as the Securities and Exchange Commission (SEC) in the Philippines.  

Summit Ascent highlighted Suntrust's financial challenges, citing failures to pay interest on previous convertible bonds. To address these issues and secure the necessary funding, Suntrust's board  a $38 million (€36.6 million) loan from LET Group Holdings, the parent company of both Summit Ascent and Suntrust.  

As per the loan agreement, LET Group has agreed to provide a $38 million (€36.6 million) loan to Suntrust, which Suntrust must repay over 10 years starting from the execution date. However, both parties have the option to extend or shorten the repayment period by mutual agreement, or in case of default. Suntrust believes that this loan will have a positive impact on its business, operations, and financial condition, as it is expected to improve the company’s prospects.  

The delay in securing funding and addressing financial concerns may potentially impact the completion and opening of the main hotel-casino. Summit Ascent emphasised the importance of securing necessary capital expenditures to prevent significant delays in the project's development. 

Upcoming SiGMA event: SiGMA Asia 2024, 2 – 5 June. Find all the details .

Macau's anticipated surge in visitor numbers during the extended Labour Day break fell short of expectations, with just over 604,000 visitors recorded, as reported across multiple media outlets. This figure represented a daily average of around 121,000, notably below the 130,000 forecasted by tourism officials. 

Last month, the Macao Government Tourism Office (MGTO), a surge in inbound tourism to Macau for the Labour Day holiday.  

Unfavourable weather conditions, including rain and gusty winds throughout the Labour Day break, likely contributed to the lower-than-expected visitor numbers. Particularly severe weather conditions were experienced on Saturday, marked by the issuance of the year's first black rainstorm warning. 

Despite the subdued arrival numbers, the total entries and exits recorded at all of Macau's border checkpoints saw a notable 11.6 percent year-on-year increase, totaling 2.43 million. This uptick suggests continued mobility despite challenges in visitor arrivals. 

The total visitor numbers recorded between May 1 and May 5 accounted for nearly 85 percent of the comparable figures from 2019, marking a significant recovery towards pre-pandemic levels. This trend underscores Macau's resilience in rebounding from the impact of Covid-19 on travel and tourism. 

While Labour Day itself is a single-day holiday in Macau, it extends to a three-day break on the Chinese mainland, which constitutes Macau's primary source of visitors. When combined with the weekend, this creates a five-day vacation period for mainland Chinese travellers, traditionally contributing to increased tourism activity in Macau. 

Despite challenges posed by adverse weather conditions, Macau's ability to attract many visitors during the Labour Day break reflects continued interest in the destination and ongoing efforts towards tourism recovery. 

Meanwhile, starting Monday, a  tailored for Chinese nationals participating in package tours will launch, facilitating travel between Macau and the nearby Hengqin. The initiative, unveiled by China’s National Immigration Administration, enables package tour participants to enjoy unrestricted movement between the two regions for up to seven days. 

Upcoming SiGMA event: SiGMA Asia 2024, 2 – 5 June. Find all the details .

The World Series of Poker (WSOP), a prestigious event that has been the pinnacle of the poker world for decades, is set to make a grand return to Northern Europe. This July, the Estonian capital, Tallinn, will play host to this much-anticipated event.

The WSOP event, scheduled to take place from 19 to 28 July, is a collaboration between the OlyBet Group and GGPoker. The venue for this grand event is the Olympic Park Casino and Hilton Hotel, a location that promises to offer an unforgettable experience to all attendees.

The event is expected to draw thousands o, all vying for the coveted WSOP gold ring. The main event tournament boasts a guaranteed prize pool of €1m ($1.07m), making it one of the most lucrative poker tournaments in the world.

In addition to the main event, the WSOP festival will feature 12 ‘ring events.’ Winners of these ring events will not only receive a cash prize but also a guaranteed entry to next year’s tournament and a World Series of Poker gold ring. The festival will also host over 40 side events and round-the-clock Cash Games, ensuring non-stop action for the entire duration of the event.

OlyBet, part of the Olympic Entertainment Group, is a renowned sports and gaming entertainment brand with partners across Europe. It is also a member of the International Betting Integrity Association (IBIA) and an official sponsor of Spain’s top football league, LaLiga. OlyBet’s commitment to integrity and fair play makes it an ideal host for the WSOP event.

The city of Tallinn is no stranger to hosting major poker events. Earlier this year, it hosted the 10th edition of the Kings of Tallinn festival, which featured over 50 tournaments, including the main event. The success of this event has undoubtedly set the stage for the upcoming WSOP event. The upcoming WSOP event in Tallinn promises to be a thrilling experience for poker enthusiasts worldwide. With its rich history, beautiful architecture, and vibrant nightlife, Tallinn is all set to become the new poker capital of Northern Europe. So, mark your calendars and get ready for an unforgettable poker experience this July!

Dutch authorities have apprehended a suspect linked to the ZKasino scam. The arrest was made on 29 April, with the suspect, a 26-year-old man, facing charges of fraud, embezzlement, and money laundering.

The ZKasino platform, which initially presented itself as an innovative gambling platform, has been under scrutiny for its dubious operations. The platform promised investors a return on their investments within 30 days, a promise that was never fulfilled. The smart contract associated with the platform suggested that there was never an intention to return the funds, raising red flags among the investor community.

The Fiscal Information and Investigation Service (FIOD) seized assets worth over 11.4 million euros ($12.2 million) during the arrest. The seized assets include cryptocurrency, real estate, and luxury cars. This marks the first arrest in the ZKasino fraud case, where investors have reportedly lost at least $33 million in digital assets.

The platform went live on April 20, attracting over 10,515 Ether (ETH) from more than 10,000 investors. However, investor concerns escalated when an on-chain transaction revealed ZKasino moving all 10,515 ETH into the Lido staking protocol. Additionally, the platform altered the wording on its website, removing a statement that assured investors that their ETH “would be returned.”

Adding to the controversy, ZKasino announced in a March post that it had closed a Series A investment round at a $350 million valuation. The platform claimed backing from crypto exchange MEXC and venture firm Big Brain Holdings, among others. However, Big Brain Holdings later clarified that it had not invested in ZKasino, labeling the platform as “fraudulent.”

While the identity of the suspect remains unconfirmed, speculation is rife within the crypto community. The suspect’s detention has been extended by 14 days for further investigation. As the case unfolds, risks and challenges in the rapidly evolving world of need to be continuously evaluated. The ZKasino case is a cautionary tale for investors, highlighting the importance of due diligence and regulatory oversight in the crypto space.