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If it strikes a more reasonable balance that encourages economic development, “you will see the world’s best casino operators submit proposals”, he says. The government, he adds, must show it is prepared to give developers enough room to manage the risks of committing billions of dollars in capital.
Klebanow remains cautious about the commercial prospects of Japan’s emerging IR market, particularly given the tight limits on gaming capacity. With only five casinos ultimately envisaged, he argues that the number of gaming machines and tables will be modest relative to Japan’s population, making it “very safe to assume” that gambling will be socially and physically contained.
The bigger question, therefore, is whether such constraints will leave operators enough capacity to generate the returns needed to justify their investment.
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The company reported approximately £3.6 billion of net debt at the end of June, with reported leverage of 3.1x underlying EBITDA. Online underlying EBITDA fell 5% in the first half despite 7% growth in online net gaming revenue. The tax impact has been substantial.
The UK government increased Remote Gaming Duty (RGD) from 21% to 40% from 1 April. Then from April 2027, a new 25% General Betting Duty rate for remote betting will apply, although remote bets on UK horse racing are excluded from the new rate.
Entain said the higher RGD had a £56 million negative impact on first-half EBITDA. In Britain, operators are dealing with government policy and higher taxes. In America, the main threat is competition. The problems are different, but they hit the same group of stocks.
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For an experienced slots reader, that pattern is the real story. The release reflects how Spinomenal keeps volume high by iterating on established formats rather than reinventing its core proposition with each launch.
The “3” prefix is not incidental. Spinomenal’s catalog already includes titles such as 3 Chinese Charms and 3 Volcano Power, alongside 3 Fortune Mummies. That points to a deliberate naming convention, one that groups slots into a recognizable line.
This numbered structure works as a soft branding device. It signals to players that a title belongs to a familiar mechanical or presentational family, which can shorten the time it takes a returning player to feel oriented in a new game.
