Black Spade Acquisition III Co, a special purpose acquisition company (SPAC) sponsored by an affiliate of Black Spade Capital — the family office and private investment vehicle tied to Melco Resorts & Entertainment’s Chairman and CEO Lawrence Ho — has priced its initial public offering (IPO), aiming for a New York Stock Exchange (NYSE) debut on 6 January 2026. The offering consists of 15 million units priced at US$10 each, targeting gross proceeds of about US$150 million. Each unit includes one Class A ordinary share and one-third of a redeemable warrant, with whole warrants exercisable at US$11.50 per share once trading separately.
Vietnam’s Grand Ho Tram integrated resort has officially opened its casino to qualified Vietnamese citizens as of Monday, 5 January 2026, marking a major shift in the country’s tightly controlled gaming landscape. The resort confirmed that eligible local guests can now access the gaming floor in compliance with a refreshed five-year pilot programme authorised by the Vietnamese government, a move that broadens regulated domestic participation beyond foreign visitors.
SJM Holdings Ltd has moved to proactively manage its balance sheet by offering to repurchase a portion of its senior notes due in January 2026, while simultaneously proposing the issuance of new US-dollar-denominated senior notes as part of a broader debt refinancing exercise. The move underscores the Macau concessionaire’s intention to smooth near-term maturities and extend its debt profile at a time when financing conditions remain selective for gaming operators. The proposal is aimed at bondholders of the existing notes, offering liquidity and flexibility ahead of the upcoming maturity window.
South Korea’s Grand Korea Leisure Co Ltd (GKL), a state-affiliated operator of foreigner-only casinos, posted KRW 36.30 billion (about US$25.1 million) in casino sales for December 2025, a 6.4 % decrease compared with the same month a year earlier, according to the company’s filing to the Korea Exchange. The result also marked a 13 % sequential drop from November, reflecting softer year-end demand in some segments of the gaming business. Table-game revenue, which accounts for the majority of sales at GKL’s three Seven Luck casinos, fell 7.4 % annual, while **machine-game sales rose **5.6 % year-on-year yet slipped month-on-month compared with November.
South Korea-based Paradise Co Ltd, a leading operator of foreigner-only casinos, revealed that its December 2025 casino sales reached approximately KRW 75.42 billion (US$52.1 million), marking a 7.6 % year-on-year increase, according to a regulatory filing with the Korea Exchange. While the December figure declined slightly 5.4 % sequentially from November, the overall annual performance remained strong. Paradise Co’s full-year 2025 casino sales climbed about 9.9 % over 2024, demonstrating sustained growth in a competitive market environment.
Author: Janice Chew • Tuesday, 06/01/2026
