iGaming Gossips: $1.2B City of Dreams Sri Lanka has finally launched
August brought another round of big moves and bold shifts in the global gaming scene. Billion-dollar deals, stake sales, new resort launches, and not only…Â
The industry once again proved it never stands still.
Let’s look through this month’s landscape and the way it, once again, reflects the constant balancing between growth ambitions, financial discipline, and regulatory realities that define today’s iGaming world.
And remember, we don’t gossip – we just listen carefully and forward responsibly.
Flutter takes full control of FanDuel in $1.755B dealFlutter Entertainment has completed its $1.755 billion acquisition of Boyd Gaming’s 5% stake in FanDuel, giving the U.S. sportsbook a staggering $31 billion valuation. Already the majority owner since 2018, Flutter now holds 100% ownership while extending its partnership with Boyd through 2038.
The move highlights FanDuel’s explosive growth, with Boyd securing nearly $2 billion for its minority slice. Meanwhile, Fox still retains an option to buy an 18.6% stake before 2030, keeping future ownership dynamics in play as FanDuel cements its status as a core growth driver for Flutter.
KKCG sells 4.27% of Allwyn and keeps long-term controlKKCG has offloaded a 4.27% stake in Allwyn International AG to J&T Aarch Investments, valuing the lottery operator at €11.2 billion. The divestment, executed via Allwyn AG, generated €500 million in proceeds while reinforcing ties between J&T Aarch and KKCG founder Karel Komárek.Â
Despite trimming its position, KKCG retains a dominant 95.7% holding and pledged to continue expanding Allwyn’s footprint across Europe and the Americas. With 2024 EBITDA reaching €1.5 billion and recent moves including the acquisition of Instant Win Gaming and plans to secure Novibet, Allwyn remains one of the sector’s most ambitious growth players.
Wynn stays profitable despite fewer Vegas visitorsWynn Resorts has weathered Las Vegas’s summer slowdown, with Q2 results showing resilience among its upscale clientele. While citywide visitor numbers fell 11% in June, Wynn lifted average daily rates to $548 and posted strong gaming and dining revenues. Net income dipped to $66.2 million, down from $111.9 million a year earlier, and Macau operations softened on weaker VIP play.Â
Still, Las Vegas revenue climbed to $638.6 million, with adjusted property EBITDA topping $234.8 million. CEO Craig Billings flagged robust forward bookings, particularly around November’s Formula 1 Grand Prix, while CFO Julie Mireille Cameron-Doe unveiled a $330 million Encore Tower remodel set to begin next spring.
Melco and John Keells finally open $1.2B City of Dreams Sri LankaSri Lanka has entered the global casino map with the $1.2 billion launch of City of Dreams Sri Lanka, its largest-ever private sector project. Developed by John Keells Holdings and Melco Resorts, the integrated resort in Colombo features two luxury hotels, a Melco-operated casino, 17 restaurants, retail, events space, and residences, positioning it as South Asia’s first development of its kind.Â
Melco CEO Lawrence Ho likened Sri Lanka’s potential to Macau’s role for China, citing its strategic location for Indian and regional tourism. John Keells Chairperson Krishan Balendra called the project a decade-long effort and a milestone in transforming Colombo into a premier hub for entertainment and tourism.
Star Entertainment Quits Queen’s Wharf CasinoStar Entertainment has agreed to exit as operator and co-owner of Brisbane’s A$3.6 billion Queen’s Wharf project, selling its 50% stake to consortium partners for A$53 million upfront and a potential A$225 million in 2030. The exit relieves Star of looming equity and refinancing obligations worth over A$1.6 billion, offering much-needed cash flow support amid regulatory scrutiny and a collapsing share price.Â
The agreement also secures Star ownership stakes in two Gold Coast hotels, strengthening its local footprint. A replacement operator has yet to be named, with regulatory approvals pending before the transition can be finalized.
Thinking Out Loud…
If there’s one thing this month highlights, it’s how differently operators are navigating today’s market. Some, like Flutter, are doubling down on growth by taking full control of their leading assets, while others, like Star, are stepping back to protect balance sheets and refocus on what they can sustain. Moves like KKCG’s partial Allwyn sale show that sometimes trimming just a little can still keep long-term ambitions intact.
On the other side, Wynn’s strong quarter proves that premium positioning can weather storms, while the City of Dreams launch in Sri Lanka reminds us that new regions are eager to step onto the global stage. Put together, these stories show an industry that’s constantly recalibrating, whether through consolidation, expansion, or careful retreat.
What’s certain is that iGaming never stays still, and the choices made today will shape the markets we’ll be gossiping about tomorrow!
The views expressed in this article represent the author’s personal observations and interpretations of recent events. They are not intended to influence or impose any particular perspective. Readers are encouraged to assess the information independently and form their own opinions.
