After the impact of the pandemic, the gambling sector in Macau started to slowly emerge. The lifting of restrictions combined with the reopening of venues helped the industry begin its recovery. Now, a few years after the pandemic, Macau’s gaming revenues continue to rise and in fact, marked a significant year-over-year increase this March.

In total, the gross gaming revenue (GGR) last month hit MOP$12.7 billion ($1.58 billion). This result represented a significant increase on a year-over-year basis. Moreover, the figure from March marked the best result for the sector since the start of the pandemic, reaffirming the return of normal business conditions for Macau.

Initial projections for the revenue in March this year predicted a rise in GGR of more than 200%. However, in the end, GGR last month surpassed even the projections, soaring to nearly 250% above the results reported in March 2022. The $1.58 billion GGR result from last month was good, but it still could not surpass the pre-COVID results. However, it showed that the sector’s gradual recovery has started.

Focusing on the bigger picture, the GGR for the first quarter, or the period between January and March this year, marked an increase. In total, GGR for the first quarter hit MOP$34.6 billion ($4.29 billion), representing an increase of 95% when compared to the same period in 2022. Although this was undoubtedly a strong result, it still came short when compared to Q1 in 2019.

Visitors from China Help Boost Daily GGR

Nearly three years into its “zero-COVID” policy, China lifted its tough restrictions late last year. The lifting of the restrictions also helped Macau to emerge from the lockdowns and return to normal business operations.

But according to IAG, who cited Kenneth Fong and Sardonna Fong, two analysts for Credit Suisse, the strong GGR figure from last month isn’t only the result of the lifting of restrictions in mainland China and Macau. The analysts said that it is likely the GGR was positively impacted by packaged tours from China. The extra visitation helped by providing a boost for the daily GGR which grew from $43 million and $46 million in mid-March to $59 million and $62 million around the end of the month.

It is clear that the gambling sector in Macau started its recovery. Yet, the industry still needs more time before it can reach and surpass the results reported before the COVID pandemic.

Singapore media outlet The Straits Times reported that a former senior executive of a government agency has been sentenced to over two years in prison for misappropriating more than 750 printer cartridges worth over SGD93,000 ($70,118) and selling them online. 

Ex-CRA Officer Sold Misappropriated Printer Cartridges on Carousell

Zulkiflie Yacob, 45, had deliberately over-ordered cartridges between April 2016 and October 2018 and sold them on the online marketplace Carousell, pocketing the sales proceeds.

The CRA discovered the discrepancies between the number of cartridges purchased and used and the number of items left in stock. This led to a police report and Zulkiflie’s arrest in March 2020. In the course of investigations, Zulkiflie disclosed that he had declared financial embarrassment in 2015 and had utilized the funds obtained from selling the misappropriated cartridges to cover his expenses and pay off outstanding bills.

On January 15, 2023, Zulkiflie partially restituted SGD25,000 ($18,852) to the Gambling Regulatory Authority, formerly the CRA, and his defense lawyer said that he had handed over all benefits received from the offenses. Zulkiflie’s bail was set at SGD15,000 ($11,311) on April 3, and he is expected to surrender himself at the State Courts on April 28 to begin his jail term.

Questions Raised about Government Agency Resource Management Following Employee’s Misconduct

The prosecution noted that the CRA was a statutory board under the Ministry of Home Affairs and that Zulkiflie’s job scope included procuring office supplies and purchasing printer cartridges. Each count of criminal breach of trust carries a penalty of up to 20 years imprisonment and a fine. Zulkiflie’s lawyer pleaded for a sentence of not more than 16 months in jail, stating that his client had made the restitution based on the amount of money he had earned from selling the cartridges.

The case has raised questions about how well government agencies in Singapore are managing their resources and whether enough checks and balances are in place to prevent similar incidents from happening. Zulkiflie’s breach of trust has highlighted the need for greater transparency in government procurement processes and stricter oversight to prevent employees from exploiting their positions for personal gain.

A new report released by the Colorado Department of Revenue sheds light on the performance of licensed sports betting operators during February. Overall, the betting handle reported by operators this February hit $425.1 million. This result, when compared to the result from the corresponding period in 2022 marked a decrease, considering that back then, the betting handle was $440.5 million.

Still, despite the dip in the betting handle, the total gross gaming revenue (GGR) in February 2023 increased, judging by figures from the recent report. In total, GGR this February hit $22.6 million. When compared to the result reported in February 2022, when the GGR halted at $19.6 million, an increase of 15.3% is observed this year.

A breakdown of the $22.6 million in GGR shows that the majority of the revenue was generated by online/mobile betting. This comes as no surprise and in fact, retail betting only contributed by nearly $50,000 in GGR for this February. The total online/mobile betting GGR this February was $22,549,657. As noted, this result surpassed the figure reported for the corresponding period in 2022 and in fact, represented an increase of nearly $3 million.

Super Bowl Betting Handle Decreases Year-Over-Year

Despite the increase in GGR, the payments to players this February decreased when compared to February 2022. Last year, the total payments to players hit $420.9 million, breaking down to $415.3 million in online and $5.6 million in retail payments to players. In contrast, this February, the total payments to players halted at $402.5 million, breaking down to $399.1 million in online and $3.4 million in retail payments to players.

In February, the Super Bowl LVII met the Philadelphia Eagles and the Kansas City Chiefs. In the end, the Chiefs won against the Eagles, but judging by the new results, the competition didn’t have much impact on the monthly results.

The latest report doesn’t share a specific breakdown for the betting handle during Super Bowl LVII. Instead, it shows that the football – pro American segment of the betting handle was $27.6 million, representing a year-over-year decrease when compared to February 2022. To compare the two figures, last year, the betting handle for football was $31.5 million. In other words, this February, the betting handle dipped by nearly $4 million.

A breakdown of the percentage of bets by sports reveals that football was the third-most-popular sport. The first and most popular sport for wagers in Colorado this February was basketball, representing 36.6% of the wagers, followed by NCAA Basketball with 16%. As noted, football was third with a 6.5% share of the wagers, followed closely by tennis with 6% and ice hockey with 5%.

As a result, Kambi Group plc will continue to provide Corredor Empresarial S.A. with an advanced platform to power the latter’s betting and gaming operations. The two companies originally signed an agreement back in 2017 and have been maintaining a strong and successful relationship.

Kambi and BetPlay Continue to Build Strong Partnership in LatAm

Corredor Empresarial S.A. operates the BetPlay brand in Colombia, which operates on the licensed and regulated sports betting market in the jurisdiction. The website was launched in 2017 and provided Kambi with a key entry into Colombia. In return, BetPlay obtained access to advanced technological solutions from the company.

That includes the Bet Builder product developed by the company to help streamline the betting process for sports fans who use the BetPlay platform and brand. In commenting on the news, Kambi CEO and co-founder Kristian Nylén said that the company was pleased to see this successful partnership extend further.

Nylén was confident that Kambi is bringing around the next generation of betting entertainment with the help of established sports betting companies such as BetPlay and Corredor Empresarial. Nylén added:

The Latin American market continues to hold great promise for Kambi, and we look forward to aiding Corredor Empresarial as it expands across the region with Kambi’s cutting-edge complete sportsbook.

Kambi CEO and co-founder Kristian Nylén

Corredor Empresarial S.A. CEO German Segura was similarly excited to welcome this continued partnership with Kambi. Segura welcomed the collaboration as “an important strategic milestone” and a way to further expand in the regulated Latin American market.

The executive further added that Kambi is a leader in sports betting technology services and a trusted partner that will help spearhead the sportsbook and operator’s reach in the market.

Endeavor and World Wrestling Entertainment (WWE) have agreed to merge into a new, publicly listed company consisting of two iconic, complementary, global sports and entertainment brands: UFC and WWE. 

Endeavor to Hold Majority Stake in New Company with WWE Merger

Endeavor will hold a 51% controlling interest in the new company, and existing WWE shareholders will hold a 49% interest. Together, UFC and WWE expect to deliver an estimated $50 million to $100 million in annualized run-rate cost synergies by leveraging Endeavor’s back office and robust infrastructure. 

“The new company will be well-positioned to maximize the value of our combined media rights, enhance sponsorship monetization, develop new forms of content and pursue other strategic mergers and acquisitions to further bolster our strong stable of brands,” said Vince McMahon, executive chairman of WWE. 

Endeavor further expects significant growth across revenue areas, including domestic and international media rights, ticket sales and yield optimization, event operations, sponsorship, licensing, and premium hospitality.

Endeavor and WWE Announce Executive Team for New Publicly Listed Company

A new company will be formed with Ariel Emanuel as CEO, who will continue to serve as CEO of Endeavor. Vince McMahon will be the executive chairman of the board, and Mark Shapiro will be the President and COO of both Endeavor and the new company. The new company will have Dana White as the President of UFC, and Nick Khan as the President of WWE. The Board of Directors will have 11 members, with six appointed by Endeavor and five by WWE, and their names will be announced later on.

The transaction is subject to the satisfaction of customary closing conditions, including receipt of required regulatory approvals. The listing of the new company, which is currently referred to as NewCo until a new name is chosen, will expand the collective investor base to allow for broad market participation across Endeavor and NewCo. 

Endeavor and WWE CEOs Open up about the Biggest Deal in Sports Entertainment History

WWE co-founder and executive chairman, Vince McMahon, and Endeavor CEO, Ari Emanuel, spoke exclusively to CNBC’s Scott Wapner on Monday, revealing the details of Endeavor’s $21 billion deal to merge its UFC brand with WWE. The deal will eventually see the new company go public on the New York Stock Exchange. 

McMahon confirmed that this was the biggest thing he and Emanuel had ever done, combining forces like this has never been done before. When asked why he was willing to sell a controlling stake in WWE, McMahon stated that it was the right time and the next evolution of the company. Emanuel stated that the deal was a win-win for the shareholders of both WWE and Endeavor, as they were not getting the pure value of their assets independently.

There is still a long road to go but the final destination seems in sight as a Texas House committee cleared two proposals on Monday, and the state is now gearing up to have its first-floor vote on the matter.

Small Breakaway Success Does Not Mean Legalization Prospects for Texas

The House State Affairs Committee did not spend much time on the matter, choosing to instead vote for the proposals without any discussion. The votes ended up 9-3 in favor of the proposals, with Republican representatives expressing their opposition.

To pass any proposal into law later on, the Texas Constitution would have to change, which requires a two-thirds majority in both the House of Representatives and the Senate. This is very unlikely to happen. Lt. Gov. Dan Patrick has repeatedly said that expanding gambling under his watch is very unlikely.

However, House Bill 2843 and House Bill 1942 give hope to people who want to gamble legally in-state and not least – companies such as Las Vegas Sands – that things can change for what they think is the better. The proposals target sports betting and mobile betting, which could lead to a huge windfall in tax revenue for the state.

The counter-argument runs on the old familiar lines with opponents fearing that expanding gambling would increase societal ills and lead to lost and ruined lives. Las Vegas Sands has been splurging a pretty penny on lobbying for gambling expansion as the company divested from properties in Nevada and is hoping to reinvest in a casino-style resort in Texas.

All Lawmakers Need to Be on Board for The Bills to Move Forward

However, things aren’t cut and dry. The representatives who voted against the bill in the House Committee are not alone, and they are likely to muster up more support. The issue is divisive enough to be polarizing, even though lawmakers mostly tend to keep partisanship out of sports and gambling regulation – a rare and welcomed attitude towards doing politics.

Either way, a unilateral passage of gambling in Texas is highly unlikely. These laws require bilateral work and endorsement, especially with the Lone Star needing supermajorities to enact constitutional amendments.

Salinas police reported the case which took place on Sunday morning and was not noticed until after the employee in charge of cash noticed the discrepancy between the money present and the money reported.

The theft was immediately signaled to the police, which arrived on the scene. Upon scrutinizing video surveillance, authorities found out that the suspect was dressed in a dark hoodie, and black pants, and wore both a black facemask and sunglasses.

While cameras have been able to capture the man and have pinned his weight to around 200 pounds and height to 5-6 feet, no one has been arrested so far. The case itself is somewhat sparingly detailed in reports.

The Bankers Casino had offered no comment on how it was possible for a stranger to approach the cash location, rifle through, and leave with a significant amount of the turnover. The police have offered no further comment as well. Yet, casino thefts are not all that uncommon even if not put in a cinematic fashion.

In most cases, perpetrators just identify an obvious weakness in staff behavior and take advantage of it. Most of the time, it’s an inside job. Police have not ruled out this being the case here as well.

Protecting Casino’s Cash Is Getting Tougher

Despite the advanced surveillance and security measures, instances of large thefts from casinos are continuing to make headlines. The Monarch Casino in Black Hawk, Colorado, was recently the scene of a similar case.

A woman who worked as a cashier, Sabrina Eddy, was charged with stealing more than $500,000. The theft was carried out in a single day with Eddy taking money from the cash location and preparing to leave, as per surveillance coverage. Eddy defended herself and insisted that she had received a call from the casino’s head of operations on the casino phone – or at least someone who knew the number and alleged to be that person.

In the end, it was Eddy who brought back the money, but she called ahead to explain that she had taken the money off the property and confirmed that she was afraid she might be arrested. She was correct, as she remains in custody while the Division of Gaming, police authorities and the casino are investigating the incident.