News October 2024
Indian Gaming hits $41.9bn in 2023 Operator News
Wipfli LLP's 26th Annual Indian Gaming Cost of Doing Business Report has revealed that despite economic challenges, the Indian gaming industry continues to thrive, with tribal gaming revenue reaching an all-time high of $41.9bn in 2023. However, profit margins have tightened, with the average net profit percentage dropping to 26 per cent, a modest four-point decrease from the previous year. Tis trend highlights the growing impact of inflation and increased competition on the industry. Slot machines remain the primary revenue
generator for tribal casinos, while marketing, promotions and wages are among the largest expenses. Te inclusion of sports betting in more casinos is driving new client engagement, though it has yet to become a significant income
Kyrgyzstan outlines gambling rules Legislation
Te Head of the Kyrgyz Cabinet of Ministers, Akylbek Zhaparov, has signed a decree delineating the rules and requirements for gambling activities in Kyrgyzstan, which includes casinos. Te decree follows the signing of the country's new Gambling Bill, which was passed by the Kyrgyzstan parliament on June 22, 2022, legalising gambling in the country. Te bill enables operators to open foreigner-
only casinos in hotel and restaurant complexes for players over 21 years of age. As well as casinos, slot halls, retail bookmakers and online casino games were allowed as part go the new bill, having previously been banned in Kyrgyzstan
New report spells trouble for Te Star Operator News
Te New South Wales Independent Casino Commission (Te NICC) has issued a show cause notice to Te Star, seeking its response as to why it should not take disciplinary action in respect of breaches substantiated in light of the second Bell Report being published. Te notice relates to four significant breaches
detailed in the second Bell Report, including one that resulted in a cash fraud against Te Star, a failure to run source of wealth checks on hundreds
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contributor. Te average net profit margin has decreased for the second consecutive year, reflecting the ongoing economic pressures facing the industry. Te Oklahoma region saw the highest return on assets, showcasing the variability in performance across different regions. “Te data in this year’s report underscores the
resilience of the tribal gaming industry,” said Grant Eve, Wipfli’s leader for the tribal gaming and government industry. “While profit margins have narrowed, the overall financial health remains strong.
Possibility for seven IRs in Tailand Operator News
Reports coming out of Tailand have suggested that new Prime Minister Paetongtarn Shinawatra wants to allow seven integrated casino resorts across the country with three $3bn projects destined for construction in Bangkok. A policy statement details that the three 'mega projects'
will be supplemented by up to four casinos in tourist areas costing US$1.5bn to develop. Casinos could now cover ten per cent of the total space, double what was previously thought, and gaming areas would be allowed to cover up to 10 per cent of total IR floor space.
of security measures in place. Use of credit cards and loans to gamble is prohibited, except for playing land-based slots. Slot machines must also have a return to player of at least 75 per cent. All transactions taking place within casinos
since 2015. Casinos located in the Kyrgyz capital of Bishkek must have at least 10 gaming tables, while those elsewhere must have at least five. Slot halls must contain at least 30 machines. Casinos and slot halls must also have a
currency exchange bureau licensed by the National Bank of Kyrgyzstan, as well as a number
of members flagged as high risk, and fraudulent guest welfare entries that put already vulnerable customers at higher risk of harm. Te NICC has also issued correspondence to Te
Star in relation to its management, operation and culture, the adequacy and implementation of its remediation plan, and Te Star’s overall suitability to hold a casino licence. Te Star has 14 days to respond to the show
cause notice and related correspondence. Te NICC will then consider what course of action it will take, including whether disciplinary action is appropriate. Disciplinary options available to the
must be recorded via video cameras installed at cash, currency exchanges and registration desks, and all activities in gambling establishments must be filmed in real-time. Recordings must be accessible for at least one month and can be stored for up to three months. Slot machines can only be installed in casinos
and gaming zones must be at least 200sq.m in size, whilst sportsbooks and totalisators can be opened based on a licence to conduct gambling within dedicated betting offices or, in the case of totalisators, within a casino.
NICC include cancellation of the licence, a pecuniary penalty of up to $100m, an amendment of the terms or conditions of the licence, a requirement that a casino operator, or a close associate of a casino operator, give an undertaking (an enforceable undertaking) to do or refrain from doing something, a letter of censure to the casino operator. Te New South Wales Independent Casino
Commissio said it will continue to consider its response to the Bell Report, including Te Star’s ability to obtain financial resources to ensure the financial viability of the casino.
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