Gross gambling revenue over the Chinese New Year period was disappointing, despite higher visitation to Macau, according to Bernstein analysis.
According to the firm’s channel checks GGR from Feb. 1 to 19 was MOP13.5 billion, making an average daily rate of MOP710 million. The ADR is 16 percent less than January and down 3 percent from December.
Bernstein says assuming ADR remains in the range of MOP1.05 billion to MOP1.25 billion for the rest of the month, February’s GGR will be flat to up 8 percent. The weak figures come despite strong visitation with total arrivals up 10 percent and Chinese arrivals up 18.5 percent.
“While visitation was robust during the first few days of the long holiday, many large players in both VIP and Premium Mass have stayed away (as is sometimes the case). If the remaining nine days of the month are weaker than we expect, February can easily wind up being y/y negative,” the note said.
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.
The US Department of Labor has filed a notice with the US District Court for the NMI informing the court of Imperial Pacific International’s failure to comply with a court judgement that dates back to 2019. According to the notice, IPI cannot continue to disregard the federal court judgment, its employees, and the Fair Labor Standards Act or FLSA.
On 3 April 2020, the Ministry of Home Affairs of Singapore (MHA) announced that it will be reconstituting the Casino Regulatory Authority (CRA) to establish the Gambling Regulatory Authority (GRA) by 2021. The GRA will have an expanded mandate to regulate the entire gambling landscape in Singapore and aims to consolidate and optimize gambling regulatory resources within a single agency.
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.