Daily Asia Gaming eBrief: Galaxy preparing possible $3 bln Bangkok IR

Monday 25th of November 2024

1709253631

Good morning. Setting the ground. Galaxy Entertainment Group has confirmed its exclusive interest in an IR project in Bangkok, with an estimated total capital expenditure of $3 billion. Meanwhile, gaming expert Daniel Cheng advises caution for casino investors after Thailand's Constitutional Court dismissed a petition against former Prime Minister Thaksin Shinawatra claiming he attempted to undermine the monarchy and exert control over the Pheu Thai Party. In the UAE, more than half of the $5.1 billion Wynn Al Marjan Island project, the region’s first IR, is said to have been completed.

What you need to know

Galaxy Entertainment to only focus on Bangkok for its Thailand bid, aiming for up to $300M in annual EBITDA due to strong tourism prospects.
Thai court dismisses petition against Thaksin, but expert advises investors to remain cautious as the Election Commission pursues investigations.
Wynn Al Marjan Island structure is more than halfway there, the schedule is on track for $5.1B IR set to open in early 2027.

On the radar

China, Myanmar take down major telecom fraud rings in Northern Myanmar.
Donaco International's revenue increased 62% in the 2024 fiscal year.
Meta blocks over 2M accounts linked to ‘pig butchering’ scams in 2024.
Far East Consortium warns of potential $115M loss from recent half-year.
Tiger Palace Resort rebrands under Nepal hospitality group Soaltee.
AGTech revenue drops 2.3% y-o-y during six-month period, despite strong lottery.
Philippines Senate Minority Leader warns government: stop helping illegal POGOs.

AGB Intelligence

THAILAND

Galaxy Entertainment to focus on Bangkok Integrated Resort (IR)

Galaxy Entertainment Group has expressed its intent to focus solely on a proposed integrated resort (IR) project in Bangkok, despite Thailand's plan to issue five gaming licenses nationwide, including three outside the capital. Management believes that Bangkok's status as a premier travel destination offers greater certainty for investment returns. This information was shared by Goldman Sachs after meetings with Galaxy executives in Singapore, where they indicated a willingness to collaborate with local partners.

Corporate Spotlight

1xBet: Capitalize on Asian teams’ World Cup qualifier struggles

Profit from the challenges faced by top Asian teams in World Cup qualifiers

Asia is the most populated continent on the planet and Football is the No. 1 sport in most countries. The World Cup qualifying matches are traditionally watched by billions of fans in the region, but FIFA has decided to reward Asia with a significant representation at the tournament only now.

Altenar brings premium sportsbook solution to Asia

Altenar, a leading sportsbook provider is bringing its global expertise to Asia, looking to expand its operations. Since 2011, Altenar has powered hundreds of online sports betting sites worldwide and is a major B2B provider in Europe and Latin America licensed markets.