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Today’s brief · Wednesday, 11 November 2026

GKL third-quarter profit falls 52.6 percent; Shinyoung wins KRW74.1 billion Kangwon Land casino contract

3 stories

  1. 1Market · South Korea

    GKL net income falls 52.6 percent as costs rise

    South Korean foreigner-only casino operator Grand Korea Leisure reported third-quarter net income of KRW6.95 billion, down 52.6 percent year-on-year and 61.4 percent sequentially. Preliminary results filed with the Korea Exchange on 10 November 2026 showed consolidated sales of just over KRW109.67 billion, up 0.3 percent year-on-year but down 8.9 percent sequentially. Operating income for the three months to 30 September fell 44.4 percent year-on-year to KRW9.62 billion, a decline of 53.8 percent from the preceding quarter. The operating margin narrowed to 8.8 percent, compared with 15.8 percent a year earlier and 17.3 percent in the second quarter. Cost of sales increased 8.0 percent year-on-year to KRW89.96 billion, with higher spending on wages, employee benefits and sales promotion, according to the announcement. Selling, general and administrative expenses increased 15.5 percent to KRW10.09 billion, while finance costs rose to KRW2.99 billion from KRW285 million a year earlier. Third-quarter casino sales fell 1.4 percent year-on-year to KRW134.64 billion and declined 10.9 percent sequentially; consolidated sales reflect deductions and include foreign-exchange income.

    Read more : GKL net income falls 52.6 percent as costs rise

  2. 2Market · South Korea

    Shinyoung consortium wins KRW74.1 billion Kangwon Land casino contract

    South Korean builder Shinyoung C&D says it has won a construction contract worth approximately KRW74.1 billion for Kangwon Land’s second casino in Jeongseon, Gangwon province. The contract also covers renovation of existing accommodation and leisure facilities at the resort, which is operated by Kangwon Land Inc. Shinyoung C&D, the construction arm of property developer Shinyoung Group, will lead the consortium with a 65-percent share, according to South Korean media reports. Seorim General Construction and Daehwa Construction will hold 20 percent and 15 percent respectively, according to the reports cited by GGRAsia on 10 November 2026. The consortium ranked first in a tender run by South Korea’s Public Procurement Service, with a reported construction period of approximately 23 months. The reports did not specify a construction start date; Kangwon Land previously said it was targeting the first half of 2028 for the second casino’s opening. The expansion is due to add 50 gaming tables and 250 gaming machines, according to information previously disclosed by the operator.

    Read more : Shinyoung consortium wins KRW74.1 billion Kangwon Land casino contract

  3. 3Regulatory · Global

    Binance blocks MEXC-linked transfers after US money laundering action

    Binance has barred transactions to and from MEXC Global, rejecting outgoing withdrawal requests and freezing incoming deposits for compliance review, BitPinas reported on 10 November 2026. The restriction took effect immediately after US regulators designated Seychelles-based MEXC a primary money laundering concern, according to BitPinas, following allegations of illicit finance activity. Binance said direct or indirect transfers involving MEXC, its affiliates or related entities would face further review, with affected funds and accounts potentially restricted temporarily. In its statement published on X, Binance also warned that transactions involving those entities may breach its terms of use, beyond triggering individual transfer reviews. The measure follows OKX founder Star Xu’s 7 November advisory urging customers to avoid direct transfers between MEXC and OKX because of automated compliance holds. MEXC CEO Vugar Usi said on 7 November that withdrawals remained solvent, orderly and fully functional, despite more than USD120 million in tracked net outflows. Usi also said MEXC had initiated an independent review of its compliance controls and planned to engage directly with US authorities following the enforcement announcement.

    Read more : Binance blocks MEXC-linked transfers after US money laundering action

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Earlier briefs

  1. Kangwon Land posts quarterly loss as mass gaming revenue fallsKangwon Land Inc reported a KRW3.63 billion net loss for the third quarter of 2026, compared with a KRW113.07 billion profit in the prior-year period. The company attributed the reversal mainly to fair-value losses on financial assets following sharply higher bond yields, recording a net non-operating loss of approximately KRW55.9 billion. Third-quarter operating income fell 17.9 percent year-on-year to KRW59.67 billion, while group-wide sales declined 3.8 percent to KRW369.45 billion for the three months to 30 September. Casino visitor volume fell 3.2 percent year-on-year to 640,039, which the company said led to a 2.5 percent decrease in GGR to KRW359.4 billion. Mass gaming GGR, including foreign visitors, fell 4.8 percent to KRW294.9 billion, with the company reporting visitation down 3.4 percent and drop down 6.5 percent. VIP GGR rose 9.6 percent year-on-year to KRW64.5 billion, supported by an 11.1 percent increase in visitation and a 5.2 percent rise in drop. Non-gaming revenue fell 17.4 percent to KRW41.7 billion, primarily because ongoing room renovations reduced hotel and condominium room revenue and water park revenue, the company said.Market · South Korea
  2. Binance names Justin Yek CFO as Kaiser Ng leavesBinance announced on 7 November 2026 that finance chief Kaiser Ng is leaving to pursue another venture, following more than five years at the cryptocurrency exchange. Justin Yek, whose most recent role was vice-president of finance at Airwallex, is taking over as CFO, according to the Reuters report published by The Straits Times. Co-chief executive officer Yi He said Binance had implemented a transition plan over the previous half year, presenting the departure as a previously planned change. The announcement followed the theft of cryptocurrency worth USD6.3 billion from Binance in a breach that unfolded on 29 October 2026. Binance said it would fully reimburse affected customers, but the report did not specify a reimbursement timetable or explain how the payments would be funded. The FBI blamed a North Korean hacking group for the theft, an allegation Pyongyang denied.Leadership · Global
  3. Galaxy revenue rises 4% as high VIP hold supports resultsGalaxy Entertainment Group reported Q3 2026 net revenue of HKD12.7 billion, up 4% year-on-year and 7% quarter-on-quarter, according to Inside Asian Gaming on 6 November 2026. Group GGR reached HKD12.9 billion, while adjusted EBITDA rose 10% year-on-year and 9% quarter-on-quarter to HKD3.7 billion, with results aided by a 4.8% VIP hold rate. Flagship Galaxy Resort recorded net revenue of HKD10.8 billion, up 7.4% year-on-year, and adjusted EBITDA of HKD3.54 billion, up 15.3%, with a 33% margin. Galaxy Resort’s rolling chip volume fell 5.6% year-on-year but increased 15.4% quarter-on-quarter, while a 4.7% win rate lifted rolling chip win to HKD2.86 billion. Mass table drop at Galaxy Resort was slightly lower, with mass win falling 1.3% year-on-year to HKD8.10 billion and slots win reaching HKD677 million. StarWorld net revenue declined 10.6% year-on-year and 7.6% quarter-on-quarter to HKD1.13 billion, while adjusted EBITDA stood at HKD279 million during ongoing hotel renovations. Chairman Francis Lui said reduced room availability affected StarWorld’s quarterly EBITDA by approximately HKD20 million, with renovation completion targeted for the first quarter of 2027.Market · Regional
  4. Sega Sammy profit jumps 298.6% as gaming losses widenJapan’s Sega Sammy Holdings Inc reported net profit of JPY10.93 billion for the six months to 30 September 2026, up 298.6% year-on-year, GGRAsia reported. According to the company’s 6 November filing, group net sales reached JPY212.58 billion for the April-to-September period, an increase of 5.7% from the prior-year period. Adjusted earnings before interest, taxation, depreciation and amortisation rose 54.0% year-on-year to JPY24.58 billion over the same six months. The gaming business recorded sales of nearly JPY16.36 billion, up 91.1% year-on-year, but reported an operating loss of JPY3.9 billion for the period. In its accompanying presentation, the company said results exceeded expectations across all segments, existing gaming businesses performed steadily, and pachislot and pachinko sales were strong. Gaming-machine sales across North America and Asia totalled 784 units during the six months, up 23.9% from 633 units in the comparable prior-year period. The company attributed solid gaming-machine sales to growth in key series including Railroad Riches and Super Burst, and launched Bonanza Bros. Golden Heist in September.Market · Japan
  5. Philippine gaming GGR falls 11.4% as electronic gaming weakensPhilippine gaming GGR, including non-casino operations, fell 11.4 percent year-on-year to PHP83.72 billion in Q3 2026, according to [GGRAsia](https://www.ggrasia.com/philippines-3q-ggr-follows-downward-trend-down-11pct-from-a-year-ago), citing PAGCOR. The regulator reported a 5.0 percent sequential decline; electronic gaming accounted for the bulk of the industry’s year-on-year contraction. Electronic gaming, encompassing e-bingo, e-games and bingo grantees, generated PHP35.28 billion, down 22.9 percent year-on-year and representing circa 42.1 percent of total industry GGR. That segment’s revenue declined by PHP10.45 billion from a year earlier, according to the regulator’s announcement, which GGRAsia reported on 6 November 2026. Licensed commercial-sector casinos generated PHP45.38 billion, down 0.4 percent year-on-year, making them the largest contributor with circa 54.2 percent of total third-quarter GGR. PAGCOR-operated Casino Filipino venues generated PHP3.03 billion in the three months to 30 September, down 4.8 percent year-on-year, accounting for circa 3.6 percent of industry revenue. PAGCOR chairman and chief executive Alejandro Tengco said the regulator would continue working with licensees to strengthen performance while maintaining responsible gaming and regulatory standards.Market · Philippines
  6. Wynn Macau income falls as Enclave construction beginsWynn Macau Ltd’s third-quarter operating income declined 39.2 percent year-on-year to just below USD108.3 million, according to parent Wynn Resorts’ results reported by GGRAsia. For the three months to 30 September 2026, the Macau unit’s adjusted property EBITDAR decreased 17.2 percent year-on-year to just under USD255.3 million. Daily operational expenses for the Macau operation reached USD2.89 million during the third quarter, up 5.0 percent year-on-year, according to a separate company presentation. Construction began during the quarter on The Enclave, a 432-key, all-suite hotel tower planned adjacent to Wynn Palace’s eastern entrance in Macau’s Cotai district. The presentation gives an anticipated construction timeline of 2.5 years and an estimated opening in 2029, while management confirmed the previously announced entertainment projects’ timetable. The Theatre and Event Centre at Wynn Palace remain on track for 2028, management said during the earnings call discussing the third-quarter results. Wynn expects Macau capital expenditure of USD750 million to USD800 million in 2027, compared with its forecast of USD350 million to USD400 million for 2026.Market · Regional
  7. Week in reviewPhilippine gaming contracts as Okada Play grows, PAGCOR schedules bingo finale and Wynn buildsPhilippine gaming revenue contracted, but Okada Play reported its strongest month since launch and PAGCOR announced a nationwide linked bingo finale. Wynn Macau reported lower income while advancing construction, making campaign economics and the timing of new capacity central planning questions.This Week in Signal
  8. PAGCOR announces linked bingo finale with over PHP13 millionPAGCOR announced on 5 November 2026 that its nationwide linked bingo series will conclude with an event offering more than PHP13 million in tax-free cash prizes. Called “Big Time Bingo Milyonaryo”, the finale will be hosted by Casino Filipino Angeles on 6 December 2026, with simultaneous games at participating venues across the country. Participating Casino Filipino branches include Bacolod, Cebu, Grand Regal, Ilocos Norte, Iloilo, Olongapo and Tagaytay, alongside the Angeles host venue named in the announcement. PAGCOR-authorised bingo beneficiary venues joining the event include Okada Manila, Winford Resort and Casino, Bingo Bee Malabon Grand, and NUSTAR Resort and Casino. Each PHP3,000 ticket entitles a participant to four bingo cards per game across all 10 games, according to the ticket terms in PAGCOR’s announcement. Games 1 to 9 will each award PHP1 million, while the 10th game will feature a guaranteed PHP3 million jackpot described as “must-go”. PAGCOR directed ticket enquiries to its listed contact numbers and further event information to the Casino Filipino website and Facebook page.Regulatory · Philippines
  9. Okada Play passes PHP100 million in October gaming revenueOkada Play surpassed PHP100 million in gross gaming revenue in October, recording its best month since launch and an increase of circa 50 percent month-on-month, GGRAsia reported. The figures came from a joint statement by Okada Manila and PhilWeb Corp, the business-to-business service provider supporting the online platform, according to GGRAsia. Daily active users exceeded 100,000 in October, with Okada Manila president and chief operating officer Nobuki Sato describing both milestones as progress within six months of launch. The platform runs on PhilWeb’s Online Gaming Platform solution and offers more than 4,000 gaming titles from over 20 content providers, according to the companies’ update. PhilWeb also handles content aggregation, technical infrastructure and customer service for the brand, while both companies hold Philippine Amusement and Gaming Corporation licences, Asia Gaming Brief reported. The companies plan more spending on player acquisition, game content and engagement campaigns as the platform enters its next growth phase, according to Asia Gaming Brief. PhilWeb expects platforms it operates for other partner brands could also reach PHP100 million in monthly GGR before the end of 2026, the reports said.Market · Philippines
  10. POGOs owe PAGCOR PHP1.36B and counting36 billion in outstanding POGO receivables to PAGCOR is the financial arithmetic behind the regulator's 23% revenue contraction through nine months of 2026. These are not disputed invoices: they are audited receivables from operators who have already exited or been suspended, meaning recovery depends on legal enforcement against entities with shrinking Philippine footprints.…Regulatory · Philippines