The future of the industry

The basic scenario is evolution without drastic liberalizations.

The regulator adjusts the requirements for licenses, reporting and AML/KYC, fixing the benchmark for offline IR and border clusters.

The focus of operators is to increase operational transparency (cashless/QR, eKYC), responsible play standards and ESG initiatives in resort areas.

Growth will depend on tourist flow and air traffic; priority investments - updating the slot park, VIP zones for the baccarat, hotel infrastructure and partnerships with tour operators.

Online games will remain banned, so marketing is shifting to resort product and event traffic.

Risks: regional competition (border casinos of neighbors), volatility in demand from foreign guests and the cost of capital.

KPIs on the horizon: GGR by segment (slots/tables/VIP), share of cashless transactions, IR number pool load, player returns, tax efficiency and share of tourists in visits.

The general vector is accurate growth through the quality of service, compliance and infrastructure.