Delta Corp, India’s largest listed gaming and hospitality firm, has placed its ambitious integrated resort‑casino project in Dhargal, North Goa, on indefinite hold. Valued at approximately US $285 million (₹2,000–2,500 crore), the project was slated to open by 2027 and was poised to include hotels, a casino, convention center, multiplex cinema, retail spaces, water park, and other attractions. The halt comes amid mounting uncertainty over a proposed 40% Goods and Services Tax (GST) levy on bets, coupled with retrospective tax claims from government authorities. Delta Corp’s chairman, Jaydev Mody, warned that such taxation would render the sector unviable—jeopardizing thousands of jobs, tourism revenue, and prior investments—and stressed that the project will remain suspended until the GST framework is clarified.
The Philippine tourism rebound is showing signs of fragility, with foreign visitor arrivals falling by 2.8% between January and July 2025 compared to the same period last year. While overseas Filipinos returning home increased by 15.7%—reaching 320,986 deplanements—the total number of visitors from abroad dropped to 3,185,370 from a broader 3,506,356 total entries. The dip, though modest in percentage, highlights persistent challenges in attracting key international markets.
Jason Ader, a former Wall Street hedge fund manager and ex-board member of Las Vegas Sands, once had bold ambitions of bringing Okada Manila—the Philippines’ crown jewel casino resort—to the U.S. stock market. Through his SPAC, 26 Capital Acquisition Corp., Ader announced in 2021 a deal that would value Okada Manila at around US $2.6 billion and list it on the Nasdaq. Investors were promised a lucrative opportunity to ride the growth of one of Asia’s most prominent integrated resorts, with 26 Capital committing its US $275 million trust fund to back the transaction.
Galaxy Entertainment Group (GEG) has officially launched a new office in Singapore’s Central Business District, a move designed to bolster its tourism and MICE foothold across Southeast Asia. The initiative supports the Macau SAR Government’s strategy of attracting more international visitors, aligning with incentives like the up-to-5% GGR tax reduction for non-Greater-China tourists.
Jeju Dream Tower, the foreigner-only integrated resort on South Korea’s Jeju Island, continued its impressive growth streak in August, extending seven consecutive months of volume and visitation gains. According to Lotte Tour Development, visitation in August reached 57,042, surpassing July’s record of 56,691, while casino drop climbed 2.5% to KRW 281.1 billion (US$202 million). This included KRW 251.5 billion (US$181 million) from table games and KRW 29.6 billion (US$21.2 million) from machine play. Despite this volume surge, casino sales slightly dipped to KRW 43.0 billion (US$30.9 million) due to a softer hold rate. Year-to-date figures for January through August show casino sales up 46.1%, while hotel revenue lagged, declining 11.5% to KRW 59.0 billion (US$42.3 million).
Author: Janice Chew • Thursday, 04/09/2025
