Genting Hong Kong, as part of its full year 2019, financial report, projected that the sectors it focuses on would suffer a “major setback” as a result of Covid-19.
“Hospitality, travel and tourism sector suffered a major setback resulting from widespread travel advisories, temporary closure of cruise ports and suspension of flights as part of the drastic measures implemented in many countries to curb the spread of the global pandemic. The Covid-19 outbreak has caused the group to cancel many sailings and suspend almost all of its cruise operations temporarily in the first quarter of 2020,” the company statement said.
They added, “With the rapid transmission of Covid-19, the group anticipates an operating loss in 2020, despite efforts and remedial measures taken to contain costs. The magnitude of the impact on the Group’s performance is difficult to quantify as the Covid-19 outbreak continues to spread globally.”
In its full year 2019 results, Genting HK noted that overall revenue reduced by 2.4 percent to US$1,561 million. The group’s consolidated net loss narrowed to about US$159 million in 2019.
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.
MGM Resorts has thrown its cards into the online gaming ring, with an attempt to buy U.K.-listed Entertain for GBP11.3 billion ($15.4 billion), which may reshape the group and reduce its focus on Asia in the longer term.
MGM Resorts has announced that Jonathan Halkyard will become Chief Financial Officer for the global gaming, hospitality, and entertainment organization. Halkyard is a senior corporate executive who spent 13 years in leadership roles at Caesars Entertainment and was more recently the President and Chief Executive Officer of Extended Stay America, Inc. and ESH Hospitality.
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.