Inside Asian Gaming brings out the crystal ball to take a glimpse into the year ahead and preview some of the biggest stories and key issues to watch out for in 2026.
As the industry’s leading news outlet for the past 20 years, Inside Asian Gaming knows as well as anyone just how much can change over the course of 12 months.
In 2025 alone we saw Macau go from a story of frustrating hurdles to one of booming growth, the Philippines witness an incredible surge in online gaming (eGames) revenues only to stumble into various regulatory impediments, and Australia’s two main casino operators facing vastly contrasting fortunes.
We saw Singapore’s two integrated resort operators get cracking on massive expansion projects, Malaysia’s Genting Group win a coveted full commercial casino license in New York, Vietnam finally get serious about allowing locals gaming, and Japan show signs that it may revisit its IR licensing process.
And then there was Thailand, which went from absolutely, 100%, definitely introducing its first entertainment complexes with licensed casinos to perhaps putting the idea on hold for a while to cancelling the whole scheme altogether – for the foreseeable future.
Which begs the question: what is in store for the Asian gaming industry in 2026?
IAG previews some of the key jurisdictions and issues on the horizon and speaks with some key industry figures to get their thoughts on the year ahead.
Macau
After a slow start to the year that saw analysts and the government alike downgrade their 2025 revenue forecasts, Macau finally hit its straps in May as GGR surged to around MOP$1 billion a day in Golden Week to help secure the city’s best monthly GGR win since COVID. Importantly, that momentum continued throughout the remainder of the year, with GGR comfortably on track to exceed US$30 billion at time of writing (sitting at MOP$226.5 billion or US$28.2 billion as of end-November).
Analysts have been bullish on Macau’s 2026 prospects for months now, with Seaport Research Partners forecasting annual GGR growth of at least 7% in 2026 and 2027, “driven by consumer confidence in China rising and the upper middle class base mass customers deploying their spending power while the wealthier premium segment continues to perform as well.”
Morgan Stanley pointed out in a December note that the industry has seen a 5% increase in EBITDA estimates for 2025 and 2026 year-to-date, with recent financial results comfortably exceeding consensus.
Citigroup has revised its 2026 forecasts upwards with GGR now seen rising by 6% and EBITDA by 10%, mainly on the positive impact of high profile concerts, the addition of luxurious hotel suite supply and the implementation of new baccarat side bets.
Kenneth Feng, CEO of MGM China, told IAG that his company remains positive about 2026 after a solid 2025.
“Macau continues to be a preferred destination, especially for Chinese travelers,” he explained. “We believe premium demand will continue to lead the growth, supported by regional policies such as travel and infrastructure. Macau is well sought-after, with growing popularity on social media and a strong events calendar in the city.”
On what to expect from MGM, Feng added, “We are confident our team will continue to draw yield from our assets. At MGM Cotai, we will introduce 60 suites in 2026. It will increase our number of suites or villas by more than 20%. We are also excited by the remodeling of gaming space on Level 2. We will develop a larger-scale premium gaming destination and optimize our table yield.
“At MGM Macau, we will continue to ramp up the Alpha Club which we opened in late 2025. We will also refurbish other gaming and hotel areas. Our team is dedicated to understanding the preferences and tastes of modern Chinese travelers.”
Former Crown Resorts CEO Ciarán Carruthers – also a long-time Macau gaming executive with notable stints at Galaxy, Sands China and most recently Wynn – said the focus of concessionaires ahead of a steadier 2026 would be providing diversified experiences that support longer stays. This follows recent figures from the Macao Government Tourism Office (MGTO) showing that the average length of stay of Macau’s visitors, already low by global standards, has fallen further in 2025 to around 1.1 days.
“The major theme [of 2026] will be operational discipline meeting experiential diversification,” Carruthers explained. “Operators understand that scale alone isn’t enough – Macau’s competitive edge lies in the quality and distinctiveness of the experience. I would also expect to see a stronger push towards greater integration of digital ecosystems, driven by AI, to further improve guest journey optimization and smarter, more personalized revenue management.”
With the intensity of competition between Macau’s six concessionaires at an all-time high, gaining an outsized portion of market share will come to those who “continue to build on the shift into mass/premium-mass and non-gaming experiences, without overextending costs; execute non-gaming with authenticity, effectively targeting the new mainland visitor to Macau; and demonstrate an ability to attract the next-generation Chinese traveler, who is very much focused on the totality of the experience, and not just the traditional target segment,” Carruthers said. He added that Sands China and Galaxy are best placed to achieve these goals due to their scale, diversity and depth of food and beverage offerings.
Lloyd Robson, SVP of Aristocrat Gaming for Asia and EMEA, holds a similar view.
“In 2026, I believe Macau’s gaming and hospitality sector will be defined by growth in the premium mass segment and a strong focus on non-gaming experiences,” he told IAG.
“Luxury hospitality, entertainment and integrated resort offerings are expected to expand, driving competition and differentiation. Success will hinge on delivering exceptional service and diversified experiences to attract a broader visitor base.”
Modernization of gaming floors will continue, Robson added, highlighting the fact that Aristocrat has in recent times been increasingly partnering with operators to develop bespoke branded rooms or zones.
“It has helped redefine how operators can transform floor space, creating a compelling and exciting entertainment zone for operators,” he stated. “It’s exciting to see the possibilities of how we can work with operators to help redefine the player experience through industry leading content and great activations on property.”
IAG is watching for: Capex deployment
Macau’s concessionaires have pledged under their concession contracts signed in late 2022 to spend a combined MOP$130.6 billion (US$16.3 billion) on non-gaming initiatives during the 10-year concession period. However, it has taken some time for these operators to work out how best to deploy their capital – particularly when it comes to investments that promise to provide some sort of monetary return.
One area that has seen undoubted success is concert venues – as evidenced by the huge footfall seen when high-profile performers have appeared at places such as Galaxy Arena, or Sands’ recently reopened Venetian Arena. It is with this in mind that Wynn announced plans to start work on a large-scale events center in 2026.
Other initiatives launched recently include Melco’s iRad Hospital at Studio City – playing to the government’s “Big Health” push – and SJM’s acquisition of office space in Hengqin that it plans to convert into a hotel.
Expect planning for non-gaming spend to ramp up over the next 12 months, with a number of innovative initiatives likely to be announced.
Philippines
The Philippines was a country of contradictions in 2025. While the ban on Philippine Offshore Gaming Operators (POGOs) came into play from 1 January, the domestic PIGO industry boomed as operators rolled out new platforms and options for the online Philippines market.
Land-based, however, failed to live up to expectations, with gaming revenues plummeting on a significant decline in visitation from the industry’s two most important source markets: South Korea and China. Ironically, a notable decline in VIP was largely attributed to the POGO ban, given that many of those involved in POGO had frequented the nation’s VIP gaming rooms.
Naturally, the incredible surge in revenues from PIGO, also known as eGames, during the first six months of the year attracted political attention, and it came as no surprise to see new restrictions and regulations imposed that have tempered growth.
It is likely that the eGames sector will stabilize in 2026 as the industry adjusts to this increased level of oversight, however all eyes will be on the Philippines’ land-based operations and whether they can regain the momentum they enjoyed post-COVID.
Greg Hawkins, President and COO of Solaire Resort operator Bloomberry Resorts Corp, tells IAG that he will be looking at initiatives to drive growth across both the mass and VIP segments but suggested the outlook would become increasingly positive as the year progresses.
“Through our lens, we continue to ramp the earnings at Solaire Resort North with a focus on its distinct local market,” he explained. “Solaire Entertainment City will look at further GGR growth via VIP and mass initiatives. I think we should see local economic sentiment improving from Q2, as well as continued initiatives from government and operators to drive key inbound tourism markets.
“Inbound tourism and visa alignment with other key competing Southeast Asian countries is critical. The perception of the Philippines as a safe and fun place to visit needs to be continually reinforced, and the development of short stay city packaging is important. Infrastructure development is underway and the commitment to it needs to be maintained across the long term.”
On the eGames sector, into which in June Solaire launched its MegaFUNalo! platform, Hawkins said, “PAGCOR is demonstrating a commitment to ‘protecting’ the local license holders through enhanced measures to stamp out illegal sites. This is very important. How legitimate businesses can be marketed is now also clearer. The overlap between on-premise databases and online will be a watch. I expect continued aggressive acquisition marketing in this space as many chase the current major shareholder (DigiPlus).”
Aristocrat’s Lloyd Robson echoes Hawkins’ bullish outlook for the Philippines.
“There’s no doubt there have been some challenges this year, but I believe the Philippines’ land-based casino sector will stabilize in 2026, with positive growth opportunities,” he told IAG.
“I believe this year is likely to be one of consolidation and adaptation, as operators look into online gaming and continue to evolve in a way that is sustainable and aligned with player preferences. Integrated resorts that combine gaming with hotels, entertainment, dining and events are positioned to outperform standalone casinos, while regional diversification beyond Metro Manila such as developments in Clark and Cebu could attract domestic and regional tourism.
“Ultimately, those operators who are focused on gaming and create destination-style experiences will be critical for long-term resilience and broader market appeal.”
Maybank Securities issued a research note in early December in which it said the Philippines tourism outlook should improve from 2026 onwards, strengthened by three key drivers including economic growth, infrastructure improvements and the targeted easing of visa requirements. These, it explained, include upgrades to Manila’s Ninoy Aquino International Airport that will significantly improve the customer experience and increase capacity. Some airlines are already responding to such enhancements by adding new routes for the year ahead.
IAG is watching for: New developments
There are two key projects scheduled to open into the Philippines gaming market in 2026: Hann Philippines Inc’s ambitious Hann Reserve development in New Clark City and the Westside City casino-hotel recently taken on by Travellers International Hotel Group.
Scheduled to open its Phase 1 development in February, Hann Reserve is looking to completely reimagine Asia’s gaming and leisure experience with golf as its core attraction. It will, once fully complete, feature three world-class golf courses, an elite clubhouse and a PGA Performance Center plus high-end gaming and world-class dining and retail with an international school, multiple outdoor lifestyle experiences, fitness and wellness offerings and cultural spaces.
In Manila, the US$1.25 billion LET X development will become Entertainment City’s fifth casino resort, majority owned and operated by the same group that controls Newport World Resorts. That Travellers has assumed ownership from LET Group provides financial certainty alongside synergies with the company’s other expansion projects in Cebu and Boracay.
Australia
Australia, arguably the traditional home of casino gaming in the Asia-Pacific region, continues to represent a cautionary tale as to the dangers of letting the balance between operational empowerment and regulatory oversight become skewed. In recent years we’ve seen both Crown Resorts and Star Entertainment Group have their casino licenses frozen for serious compliance failures, only to see the pendulum swing too far the other way via ruthless regulatory response. Or at least, that’s what many would argue. It has likewise been enlightening to see the vastly different approaches of Crown and Star to this regulatory challenge: Crown accepted its failures, moved quickly to resolve them and ultimately won its licenses back, while Star went to “war” with the regulator and authorities, refusing to take responsibility for its transgressions, and now finds itself under its third entirely new management team since 2022.
That both Crown and Star are today under new ownership is perhaps not surprising, with 2026 looming as a pivotal year in their post-inquiry development – albeit with a lot more on the line for Star following its recent acquisition by Bally’s Corp and Investment Holdings Pty Ltd.
While Crown recently announced its first profit in five years, the next 12 months will determine whether Star can even stay afloat.
Ciarán Carruthers, who led Crown back from the brink and secured the reinstatement of its casino licenses for Crown Melbourne, Crown Sydney and Crown Perth, notes that the task facing his old rival Star is a “uniquely challenging one”.
“The core issues at Star are structural: regulatory, reputational, cultural and capital-intensive,” he said. “Even with new ownership, the business will require several years of consistent, demonstrable improvement before confidence returns.
“Bally’s themselves have balance sheet challenges and are highly geared, something likely only to be exacerbated with their recent success in New York. How they manage the not insignificant capital needs of The Star turnaround will determine how quickly they can return to the glory days of old.”
Success will depend on resetting governance, rebuilding confidence and trust in the brand and creating a refreshed operating culture, Carruthers explains, adding that Star may benefit from following Crown’s example and going private. IAG notes that the Star Board of Directors did not dismiss privatization as an option going forward when asked about its future at the recent 2025 Annual General Meeting.
According to Carruthers, Crown now stands as an example to Star and others that “strong leadership, disciplined remediation and a genuine commitment to cultural and brand transformation can lead to a successful turnaround, even within the challenging Australian casino environment.”
This is important, he explains, because Australia’s regulatory environment is unlikely to ease anytime soon.
“The current environment reflects a generational correction, not a temporary tightening,” he said. “The regulatory goal for now should be predictability, stability and a level playing field. This allows operators to plan long-term investments with confidence, addresses genuine public policy concerns and provides a platform for the industry to continue to support tourism, employment, economic development and community wellbeing.”
IAG is watching for: Star breaking even
Right now, that seems a long way off, with EBITDA loss for the six months to 30 September 2025 totaling around AU$40 million (US$26.5 million). However, Bally’s chair Soo Kim told IAG in a recent interview that he is confident of finding “hundreds of millions” of dollars of cost saving and driving hundreds of millions in additional revenues now that he has access to the company’s books as a controlling shareholder. Those savings may well be achievable given oversized compliance costs of late, although it would appear there’s no short-term solution to Star’s largest overhang – the fact that while its customers must jump through significant hoops to sign up and play, there are no such requirements in pubs and clubs, some of which are just a short stroll away. A looming fine by AUSTRAC, likely also in the hundreds of millions range, may throw the cat amongst the pigeons depending on how it is implemented.
Needless to say, D-Day has arrived for Star.
Rest of APAC
Aristocrat’s Lloyd Robson has highlighted New Zealand as a fascinating case study to follow in 2026 as it prepares to open up a licensed online casino industry. The country’s Minister of Internal Affairs revealed earlier this year that New Zealand would offer up to 15 online gaming licenses as a means of addressing the thriving illegal offshore gambling market and providing vital safeguards for New Zealanders.
With market launch currently scheduled for late 2026, this looms as a significant development for the region given how few Asian jurisdictions currently regulate any form of online gambling. Even New Zealand’s closest neighbor, Australia – a nation renowned for its high spend per capita on gambling – only offers sports betting and lottery, with online casino and online poker strictly banned. Could other jurisdictions follow New Zealand’s lead in the future?
“We are closely monitoring the evolving online gambling landscape in New Zealand,” said Robson.
“Illegal online gambling continues to pose challenges for governments across the region, and many are considering different approaches to address these issues. With a significant amount of revenue flowing offshore that is untaxed, it’s reasonable to expect that other jurisdictions will be observing New Zealand’s developments with interest.”
MGM’s Kenneth Feng separately pointed to increased regional competition in the land-based gaming sector in 2026, insisting that success will come down to providing exceptional levels of product and service.
“It is about understanding the customers and offering them the appropriate products, services and more importantly emotional value,” he explained. “It requires attention to detail, fast learning of customer trends and tastes as well as effective and efficient decision making and execution. This is what MGM is doing.”
IAG is watching for: Indian dreaming
As much as IAG has touted the benefits of regulated industries – and even more so the fallacy that banning a product prevents people from using it – it has never been more clear that governments across Asia-Pacific just aren’t getting the memo. India is the clearest example of this, having never even entertained the idea of legalizing any form of sports betting despite being home to arguably the largest illegal betting market in the world thanks to its obsession with cricket.
Authorities have in recent months turned the screws even further, with parliament in August passing – without any warning – the Promotion and Regulation of Online Gaming Act, which prohibits not only online casino gaming but also skill games such as fantasy sports, esports and poker.
The passing of this Act has already seen many international operators exit the Indian market, including Flutter, although others have taken the matter to the Supreme Court where judgement will likely be made sometime in the first half of this year. Those operators have asked the court to determine whether states can regulate or prohibit online gaming under the Constitution, whether parliament can impose a nationwide ban through the Act and even whether the Indian parliament is competent enough to effectively impose the new law. A multi-billion-dollar industry is holding its collective breath.
Industry Trade Shows
What does the future hold for industry trade shows across the Asia-Pacific region? How many is too many? And do these shows provide genuine value?
These questions have grown in significance in the post-COVID world, with both operators and suppliers having learned the importance of spending wisely.
There has been no shortage of international trade show and events companies wanting to push into Asia anyway, to the point where the market is undoubtedly nearing saturation. And, of course, IAG is right in the thick of this, having launched our “Super September” summit, awards and networking series at Manila’s Newport World Resorts in 2023 before adding an exhibition and rebranding to IAG EXPO in September 2025.
It makes sense, then, that we would ask the industry for comment on the current state of industry trade shows region-wide.
Ciarán Carruthers, for his part, told IAG that trade shows remain valuable but expressed his view that they provide the greatest bang for buck when they focus on ideas, not just products.
“The best events foster collaboration and elevate the conversation around regulation, innovation, technology and guest experience,” he said.
Positives, Carruthers added, include the creation of unmatched opportunities for cross-market learning and networking, to broadly engage on topics that are meaningful to the industry and accelerate relationships and partnerships that may otherwise take considerably longer.
However, too many shows prioritize spectacle over substance and recycle the same voices rather than bringing in new thinkers.
Ideally there should, he suggests, be three main shows annually – one in Macau for a pan-Asian focus, one in Manila as the region’s fastest-growing IR hub and a key online base, and one in Australia – Carruthers suggests Melbourne rather than the current home of the Australasian Gaming Expo in Sydney – to cater to the broad ANZ market across casinos, pubs, clubs and sports betting.
“Quality over quantity must be the guiding principle,” he stated. “The industry doesn’t need more shows – it needs better ones.”
Robson expressed his belief that trade shows “continue to be a cornerstone of our industry, providing invaluable opportunities to connect, share ideas and showcase the vibrant industry that we have. They bring together partners, innovators and stakeholders to foster relationships that strengthen our collective success in the gaming and hospitality industry.
“By engaging in these events, we can ensure open dialog and cooperation, helping us build and sustain an industry that reflects the highest standards of integrity, creativity and pride.”
IAG is watching for: Consolidation
IAG has long heard complaints from industry representatives that there are too many shows in Asia and that they cost too much. Needless to say we launched IAG EXPO specifically to address these concerns by keeping costs low and putting considerable effort into compiling a summit schedule that does not feature the same old voices as every other show.
Long-term, we expect trade shows to consolidate towards those events companies who truly understand the Asian region within which they operate while listening to the needs of exhibitors and attendees to ensure a valuable experience for all.
