Hong Kong-listed Pioneer Entertainment said it expects to record an unaudited loss of approximately HK$4 million for the three months ending March 31, 2020, due to a slowdown caused by the coronavirus.
The group is expected to record a 70 percent decrease in revenue to HK$2.3 million, down from HK$7.9 million in the prior-year period due to a reduction in new orders from its major customers – the Macau casino operators.
The company explained that the temporary closure of casino operations during February has delayed and canceled orders.
This Dossier results from the “Life After POGOs” editorial project by Asia Gaming Brief which culminated with a pop-up digital forum on 9th December to discuss potentials ramifications in the industry.
CNMI Governor Ralph DLG Torres has signed into law a Senate local bill that clarifies the term in office of a commissioner of the Tinian Casino Gaming Control Commission and reduces commissioners’ compensation from US$75,000 annually to US$55,000.
The local authorities in Primorye are conducting an investigation of the recently opened Shambala casino on the grounds that some of its advertising may be deceptive in the sense that it didn’t note conditions for a series of discounts, etc.
The world is bouncing back, or at least coming to grips with the fact that going forward not much will be the same as before. Commendably, this industry quickly understood the need to adapt to a new normal, and that the days of targeting the low hanging fruit of the VIP sector are gone.
Over the years, many of the answers have been remarkably prescient in their forecasts for the near-term direction of Asia’s gaming industry. However, we can safely say that no one came anywhere close to guessing what 2020 may have had in store.
While nowhere in the world has escaped the economic fallout from the Covid-19 crisis, Macau has been hit harder than most, with forecasts for gross domestic product to shrink more than 50 percent this year.