The Philippines is taking steps to shut down the Philippine Offshore Gaming Operators (POGOs) industry, with 41 operators agreeing to disband following President Ferdinand Marcos Jr.’s ban on the sector. This decision comes after reports of crimes such as human trafficking, torture, and money laundering within the industry. The Department of Justice, along with other agencies, is overseeing the shutdown process, and efforts are being made to help Filipino POGO workers find new employment.
Meanwhile, Star Entertainment, a major operator, released its FY24 results and a business update, revealing a challenging road ahead. The company reported significant declines in revenue, EBITDA, and net profit, along with a net loss of $1.68bn. Star’s trading performance worsened over the second half of the year, with ongoing regulatory obligations impacting its financials.
In the UAE, MGM Resorts has applied for a casino license in Abu Dhabi, signaling its interest in expanding its presence in the region. The company is awaiting approval to operate a luxury resort in partnership with Hospitality and Leisure. Wynn Resorts is also preparing to enter the Abu Dhabi market with its Wynn Al Marjan Island project set to open in 2027.
Macau is moving towards introducing its first virtual currency, the e-MOP, to keep pace with the global digital economy. This initiative aligns with the city’s efforts to diversify its economy beyond gaming by focusing on sectors like finance, technology, health, and meetings and conventions. The virtual pataca will complement Macau’s official currency and help facilitate digital transactions within the region.
Additionally, Macau expects a significant influx of visitors during Golden Week, with tourism officials predicting over 100,000 arrivals. Hotel bookings are already high, indicating strong demand for accommodations during the holiday period. The gaming revenue for the week is projected to reach MOP21.5 billion, reflecting a 10 percent increase from the previous year.
In other news, Universal Entertainment has appointed Tomohiro Okada as the new president and director, following the departure of Jun Fujimoto. The move comes after Fujimoto was found to have mishandled funds, leading to his removal from the company. Okada’s appointment signals a new chapter for the Japan-based firm and its flagship property, Okada Manila.
Moreover, Macau casinos have seen an increase in high-stakes players, with premium-mass gamblers wagering substantial amounts per session. Despite recent regulatory changes and economic challenges, mainland Chinese players continue to drive demand in Macau’s gaming sector. The influx of high rollers indicates a resilient market supported by legitimate fund channels within the region.
