Asia Gaming Weekly News Bulletin – ISSUE 40 Week of 10 November 2025
(1) Hong Kong Jockey Club schedules first race in mainland China for October 2026
HKJC’s first Conghua Racecourse meeting set for October 31, 2026, delayed from April for construction and China’s equine plan. Invitation-only launch; simulcast betting global, no mainland wagering.
(2) Century Entertainment signs Vietnam casino LOI, reports revenue from gaming JV
Century Entertainment remains stable amid trading suspension; JV online gaming revenues rise to HK$3.3M in Sept 2025. Vietnam LOI, camellia oil diversification; board restructured for HKEX compliance, no JPEX ties.
(3) India online gaming ban and adverse sports results in Australia impact Flutter’s APAC revenue in Q3, trigger US$556 million impairment
Flutter’s Q3 APAC revenues fall 12% to $363M due to India’s real-money gaming ban and Australian sports swings; $556M impairment widens net loss to $789M amid 17% group growth.
(4) Jefferies raises Macau Q4 GGR estimates following recent market strength
Jefferies ups Macau 4Q25 GGR to MOP$67.9B (13% YoY growth) on October record and November momentum; full-year 2025 at MOP$246B, crediting wealth creation and events. Sands, Galaxy to gain share.
(1) Hong Kong Jockey Club schedules first race in mainland China for October 2026
(Photo Credit: Asia Gaming Brief)
The Hong Kong Jockey Club (HKJC) confirmed its inaugural race meeting at Conghua Racecourse in Guangdong Province, mainland China, on October 31, 2026, described as “the launch of world-class racing in mainland China.” HKJC CEO Winfried Engelbrecht-Bresges announced the date, noting a five-to-six race program. Originally planned for April 2026, the event was delayed to complete construction, avoid summer weather risks, and align with China’s new five-year National Equine Industry Plan, expected in March 2026. The first meeting will be invitation-only for officials and guests, with the late-November public launch following.
Conghua Racecourse, spanning 150 hectares—twice Sha Tin’s size—served as the 2010 Guangzhou Asian Games equestrian venue and now supports over 660 horses, with 37% of HKJC runners trained there last season, including champions Ka Ying Rising and Voyage Bubble. Travel from Sha Tin takes ~3 hours by car or 4 hours by cross-boundary floats. HKJC’s “Commingling” betting will simulcast to Hong Kong and global partners, but no wagering inside China, even for Hong Kong visitors. An equine transfer center near Conghua, due April 2027, will aid horse imports and potential domestic breeding.
This milestone expands HKJC’s footprint amid space constraints in Hong Kong, fostering Greater Bay Area integration and aligning with China’s equine policy for sustainable growth. While boosting regional tourism and horse welfare, the delay reflects pragmatic infrastructure and regulatory hurdles. As betting remains offshore, it prioritises spectacle over revenue, positioning Conghua as Asia’s racing hub while navigating cross-border logistics and weather challenges.
News Source: https://agbrief.com/news/china/10/11/2025/hong-kong-jockey-club-schedules-first-race-in-mainland-china-for-october-2026/
(2) Century Entertainment signs Vietnam casino LOI, reports revenue from gaming JV
(Photo Credit: Century Entertainment International Holdings Limited)
Hong Kong-listed Century Entertainment International Holdings Ltd (stock code: 0959) updated stakeholders on November 11, 2025, stating operations remain stable despite share trading suspension since June 26, 2025, amid a pivot from mobile game solutions to an online gaming platform. The transition includes forming a JV Company with Philippines’ World Platinum Technologies Inc. (WPT) to market gaming systems and content in Asia-Pacific, leveraging the group’s technical team and client networks. Unaudited JV revenues grew to HK$3.268 million ($418,700) in September 2025 from HK$800,000 ($102,600) in July.
To revitalize core gaming, Century signed a non-binding LOI on July 28, 2025, with a Vietnam casino operator for potential expansion, complementing the online platform for mutual synergies. This follows termination of Cambodia VIP room operations. Diversification includes premium camellia seed oil distribution, generating HK$694,300 ($89,000) in unaudited revenue for the six months ended September 2025. The company is resolving a prior auditor disclaimer with Crowe (HK) CPA Ltd and restructured its board, appointing Zeng Qin as independent non-executive director effective September 1, 2025, to meet HKEX compliance.
Century’s updates signal cautious recovery amid suspension—likely tied to audit issues and Cambodia exit—positioning online platforms and Vietnam as growth drivers in a regulated Asia-Pacific market. No JPEX or crypto links emerged in searches, focusing instead on traditional gaming diversification. While JV revenue uptick (from HK$0.8M to HK$3.3M monthly) builds momentum for potential relisting, board changes and oil ventures mitigate risks, though sustained profitability hinges on Vietnam LOI progress and regulatory clarity in volatile sectors.
News Source: https://agbrief.com/news/vietnam/11/11/2025/century-entertainment-signs-vietnam-casino-loi-reports-revenue-from-gaming-jv/
(3) India online gaming ban and adverse sports results in Australia impact Flutter’s APAC revenue in Q3, trigger US$556 million impairment
(Photo Credit: Inside Asian Gaming)
UK gaming giant Flutter Entertainment reported a 12% year-on-year decline in Asia-Pacific revenues to US$363 million for Q3 2025, the only drop among its six international regions, amid 21% overall international growth to US$2.43 billion. The slump stemmed from India’s sudden Promotion and Regulation of Online Gaming Act 2025—passed August 20–22, banning real-money games including skill-based ones like fantasy sports—and a 110bps adverse sports results swing in Australia, where Sportsbet operates. Sports revenues fell 9%, iGaming 35%, with Junglee (Flutter’s Indian arm) halting operations August 22, shifting to free-to-play.
The ban triggered a US$556 million impairment charge, contributing to Flutter’s net loss widening to US$789 million from US$114 million, despite 17% group revenue growth to US$3.79 billion and 6% Adjusted EBITDA rise to US$478 million. In Australia, a 5% sportsbook handle reduction from horse racing trends was partially offset by targeted spending cuts. CEO Peter Jackson decried the “sudden and unexpected” Indian law, which he said drives users to unregulated platforms lacking protections, after significant investments yielding projected $200M revenue/$50M EBITDA for 2025 (half in H2).
India’s August 2025 Act—enacted amid addiction and exploitation concerns—exposes regulatory volatility in emerging markets, forcing Flutter’s exit and mirroring global crackdowns (e.g., Philippines POGO ban). While APAC drags, U.S./European strength cushions blows, but the impairment signals long-term write-downs. Jackson’s advocacy for skill-game restoration highlights lobbying needs; for Flutter, diversification beyond volatile Asia (e.g., Australia tweaks) and compliance investments will be key to sustaining 2026 growth amid trade uncertainties.
News Source: https://asgam.com/2025/11/13/india-online-gaming-ban-and-adverse-sports-results-in-australia-impact-flutters-apac-revenue-in-q3-trigger-us556-million-impairment/
(4) Jefferies raises Macau Q4 GGR estimates following recent market strength
(Photo Credit: Inside Asian Gaming)
Investment bank Jefferies has raised its Macau gross gaming revenue (GGR) estimates for the December 2025 quarter, citing the city’s record post-COVID performance in October and ongoing strength through early November. In a Thursday note, analysts Anne Ling and Jingjue Pei now forecast 4Q25 GGR growth of 13% year-on-year—up from 6.6%—to MOP$67.9 billion (US$8.48 billion), exceeding the market’s 12% consensus. This follows October’s MOP$24.09 billion (US$3.01 billion) GGR, surpassing expectations, and November 1–9’s estimated MOP$711 million (US$88.8 million) daily average, up 16% year-on-year. As a result, Jefferies lifted its full-year 2025 GGR projection to MOP$246 billion (US$30.7 billion).
The upgrade attributes momentum to stock market recovery (A-shares, HSI), private equity inflows, and rising IPOs fueling wealth creation, particularly in premium and VIP segments. Jefferies anticipates Sands China and Galaxy Entertainment to gain market share in Q4, while SJM Holdings faces deterioration from satellite casino closures and revamps at Grand Lisboa and Hotel Lisboa. The analysts’ outlook aligns with broader bullish revisions, such as their September 2025 hike to MOP$248 billion for full-year 2025, driven by events like NBA China Games and Macau Grand Prix, alongside new properties and player incentives.
Jefferies’ optimistic revision signals Macau’s sustained post-pandemic rebound, with October’s record GGR (up ~30% year-on-year per DICJ data) and November’s pace underscoring tourism and high-roller resilience amid RMB strength and wealth effects. However, SJM’s projected share erosion highlights operator disparities, favoring integrated resorts like Galaxy and Sands. As forecasts exceed government estimates (MOP$228 billion), this could boost investor confidence and concessions’ valuations, though risks from global economic headwinds and VIP volatility persist, positioning Macau for 2026 growth of 3.5% to MOP$245 billion per Jefferies.
News Source: https://asgam.com/2025/11/13/jefferies-raises-macau-q4-ggr-estimates-following-recent-market-strength/
