As the curtain fell on 2023 and the gaming world geared up for a new year, Inside Asian Gaming staff took a well-deserved break, returning on 2 January 2024. Despite the traditional lull in industry activities during this period, several noteworthy events unfolded between 16 December and 1 January. This recap delves into key occurrences, including Macau’s “trigger event,” developments in South Korea’s stalled IR project, Solaire North’s opening confirmation, and Tabcorp’s significant win in the Victorian wagering license bid.
Macau’s MOP$180 Billion “Trigger Event”:
On 20 December, Macau Chief Executive Ho Iat Seng announced a significant shift in projections, suggesting that gross gaming revenues for FY23 could reach MOP$180 billion. This marked a substantial departure from statements made just a month earlier. Notably, all six concessionaires had committed to a 20% annual investment in non-gaming developments if annual GGR hit the MOP$180 billion milestone. With December GGR exceeding expectations at MOP$18.6 billion, FY23 GGR totaled MOP$183.1 billion, triggering the additional mandatory investment.
R&F Korea’s Integrated Resort Project:
Towards the end of 2023, R&F Korea, the promoter of a stalled integrated resort development in Incheon, South Korea, was reportedly seeking yet another extension for project completion, this time until March 2025. Despite four previous extensions, the project remains in limbo, raising questions about funding and motivation for its revival.
Solaire North’s March 2024 Opening:
Bloomberry Resorts Corp Chairman and CEO Enrique K Razon Jr confirmed that Solaire Resort North in Quezon City, Philippines, is set to open in March 2024. This second Manila integrated resort will feature extensive gaming space, restaurants, MICE facilities, and recreational amenities. Razon’s confirmation in December adds anticipation to the much-awaited launch.
Tabcorp’s Victorian Wagering License Victory:
In Australia, Tabcorp secured a new 20-year Victorian wagering and betting license, commencing in August 2024. This victory not only removes joint venture obligations with the Victorian racing industry but also positions Tabcorp as the sole provider of retail betting agencies across the state. The restructured funding agreement and license conditions signal a significant milestone for Tabcorp, potentially boosting its FY23 Group EBITDA by AU$140 million.
The concluding weeks of 2023 brought about pivotal developments in the gaming industry, from Macau’s unexpected “trigger event” to the confirmation of Solaire North’s opening date and Tabcorp’s triumph in the Victorian license bid. As the gaming landscape evolves, these events serve as markers for the industry’s resilience, adaptability, and strategic maneuvers. The coming year holds promise and challenges, and stakeholders will be closely watching how these recent developments shape the trajectory of the global gaming landscape in 2024.