Asia Gaming Weekly News Bulletin – ISSUE 48 Week of 19 January 2026
(1) PAGCOR preparing position paper outlining case for central bank to restore online gaming links to e-wallets
PAGCOR drafts position paper urging BSP to reverse e-wallet delinking from licensed online gaming sites, highlighting new safeguards and record 2025 GGR of over Php200B despite revenue slowdown.
(2) S&P: Macau’s gaming boom fading as sector enters steadier phase
S&P forecasts Macau GGR growth slowing to 3–7% in 2026 amid fading boom; EBITDA steady at ~5% rise, with Sands China and Melco gaining mass-market share while SJM loses ground.
(3) Citi: Wynn offering Blackpink tickets to highest-spending premium mass players as Macau’s event drive continues producing results
Wynn Macau gives Blackpink HK concert tickets to top premium mass players; Citi notes strong whale activity and premium mass gains driven by busy concert schedule and non-gaming attractions.
(4) Macau Legend says it did not agree to release Cape Verde project to government, challenges recent seizure
Macau Legend rejects Cape Verde’s forced takeover of stalled casino-hotel project, seeks legal advice; assets fully impaired in 2024, no material impact expected after government’s January 2026 seizure.
(Photo Credit: Inside Asian Gaming)
Philippine Amusement and Gaming Corporation (PAGCOR) Chairman and CEO Alejandro Tengco announced at ICE Barcelona that the regulator is preparing a position paper for submission to the Bangko Sentral ng Pilipinas (BSP), the central bank, advocating the reversal of its August 2025 order requiring e-wallet providers to delink from licensed online gaming (eGames) platforms within 48 hours. The document will detail enhanced safeguards PAGCOR has implemented across the sector following 2025 Senate hearings on its rapid growth, including player protection measures and regulatory improvements. Tengco emphasized the need to demonstrate these changes to convince BSP that re-linking payment providers to licensed operators is feasible and beneficial, arguing that delinking has inadvertently made it harder for players to distinguish authorized sites from illegal ones.
The BSP’s delinking directive aimed to curb unauthorized transactions and strengthen oversight of the online gaming industry. However, PAGCOR contends that the measure has backfired by pushing players toward unregulated platforms lacking proper consumer protections. Despite the revenue disruption—evident in a slowed income pace in the September 2025 quarter—the eGames sector achieved a record gross gaming revenue (GGR) exceeding Php200 billion (US$3.37 billion) for the full year 2025. Tengco described this as a notable accomplishment under constrained conditions, underscoring the industry’s resilience and PAGCOR’s ongoing efforts to fortify the sector.
Looking ahead, PAGCOR is focusing on strengthening the B2B ecosystem by licensing content providers, game developers, and marketing affiliates, while introducing a new Minimum Guaranteed Fee structure for licensed online operators. These initiatives aim to enhance industry stability and sustainability. The position paper represents a strategic lobbying effort to restore convenient, traceable payment channels for licensed platforms, potentially balancing regulatory caution with economic contributions from a high-growth sector that remains a significant revenue source for PAGCOR and the Philippine government.
News Source: https://asgam.com/2026/01/21/pagcor-preparing-position-paper-outlining-case-for-central-bank-to-restore-online-gaming-links-to-e-wallets/
(2) S&P: Macau’s gaming boom fading as sector enters steadier phase
(Photo Credit: Inside Asian Gaming)
S&P Global Ratings reports that Macau’s gaming sector is transitioning from a post-pandemic rebound to a more mature phase characterized by slower revenue growth but stable EBITDA performance. The agency attributes the deceleration in gross gaming revenue (GGR) to weaker consumer spending, limited new capacity additions, and the structural decline of high-volume, low-margin junket operations. For 2026, S&P forecasts GGR growth of 3–7%, down from 9.1% in 2025, with total GGR expected to remain 10–15% below pre-pandemic levels. Meanwhile, EBITDA for rated operators is projected to rise by approximately 5%, supported by resilient premium mass-market demand, modest wage inflation, and disciplined promotional spending.
Heavy capital expenditure and ongoing shareholder returns are expected to result in aggregate discretionary cash flow turning negative in 2026 for the sector. Although no immediate ratings actions were taken, S&P emphasized that any recovery to pre-pandemic rating levels will depend on sustained deleveraging and greater confidence in operators’ ability to maintain lower leverage ratios over time. The agency views the outlook as modestly positive for operators demonstrating operational stability, selective market share gains, and effective cost control amid capacity constraints.
Market share dynamics are shifting in favour of operators with stronger mass-market positioning. Sands China and Melco Resorts are poised to gain share—Sands through the continued ramp-up of The Londoner Macao and Melco via the reopening of The Countdown Hotel—while MGM is expected to hold steady. SJM Holdings faces headwinds, including ineffective redirection of traffic following satellite casino closures and persistent underperformance at Grand Lisboa Palace. Overall, the analysis reflects a maturing industry adapting to structural changes, with premium mass resilience providing a buffer against slower headline growth.
News Source: https://asgam.com/2026/01/20/sp-macaus-gaming-boom-fading-as-sector-enters-steadier-phase/
(3) Citi: Wynn offering Blackpink tickets to highest-spending premium mass players as Macau’s event drive continues producing results
(Photo Credit: Wynn Palace)
Wynn Macau has launched a targeted promotion offering free tickets to see Blackpink perform in Hong Kong next week to its highest-volume premium mass players to boost visitation through high-profile entertainment incentives.
According to Citigroup’s monthly Macau table game survey, the city’s premium mass segment showed robust performance, driven by an attractive calendar of concerts and events in both Macau and Hong Kong. Analysts George Choi and Timothy Chau highlighted potential links to offerings such as Raymond Lam’s concert at Venetian Arena, Dylan Wang’s show at Galaxy Arena, and a Pop Mart IP collaboration, suggesting these non-gaming attractions are successfully appealing to affluent mainland Chinese consumers willing to spend generously.
Citi observed a notable increase in high-stakes activity, with 28 “whales” (players betting HK$100,000 or more per hand) wagering a combined HK$8.1 million in January 2026—up significantly from 24 whales wagering HK$4.7 million in January 2025. The bank attributed this strength to Macau’s evolving mix of premium gaming and compelling non-gaming experiences, which continue to draw discretionary spending despite ongoing renovations at several properties, including Wynn Macau’s mass floors ahead of Chinese New Year. New developments, such as Sands Macao’s opening of The Pearl Room with 28 baccarat tables and SJM’s conversion of a former VIP area at Grand Lisboa into a 12-table mass gaming zone, further support capacity for premium mass growth.
News Source: https://asgam.com/2026/01/19/citi-wynn-offering-blackpink-tickets-to-highest-spending-premium-mass-players-as-macaus-event-drive-continues-producing-results/
(4) Macau Legend says it did not agree to release Cape Verde project to government, challenges recent seizure
(Photo Credit: Inside Asian Gaming)
Macau Legend Development Limited has stated in a stock exchange filing that it did not consent to a voluntary handover of its long-stalled hotel and casino development in Cape Verde. On January 15, 2026, the Cape Verde government notified the company of its intent to take possession the following day and requested Macau Legend’s presence to facilitate the process. The company objected, arguing the request lacked legitimate basis, but authorities proceeded to enter and seize the premises regardless. Macau Legend confirmed it is now seeking legal advice on the matter.
The seizure follows the Cape Verde government’s November 2024 cancellation of the Establishment Convention and its addendum with Macau Legend’s subsidiaries, MLD Cabo Verde Resorts SA and MLD Cabo Verde Entretenimento SA. Authorities cited repeated and serious breaches, including an unauthorized transfer of over 20% of share capital in 2020 to Levo Chan—then CEO of Tak Chun Group junket—who was later convicted and jailed for illegal gambling, fraud, and money laundering. The government dismissed Macau Legend’s claims that COVID-19 stalled progress, asserting contractual violations occurred on multiple fronts.
Macau Legend emphasized that it had already fully impaired the carrying value of the Cape Verde assets in its 2024 financial statements, meaning the seizure is not expected to materially affect its ongoing operations or financial performance. The project, first agreed in 2015 under former chairman David Chow and groundbreaking in 2016, envisioned a large-scale integrated resort with casino, hotels, MICE facilities, and a marina across nearly 153,000 square meters but never advanced significantly beyond initial stages. The dispute highlights persistent challenges for Macau operators pursuing overseas diversification amid regulatory scrutiny and project execution risks.
News Source: https://asgam.com/2026/01/21/macau-legend-says-it-did-not-agree-to-release-cape-verde-project-to-government-challenges-recent-seizure/
