A note issued by Maybank at the end of last week predicted that US Department of Justice and Casino Regulatory Authority investigation of Marina Bay Sands over money laundering suspicions could lead to Genting Singapore seizing a larger share of the local market.
The note explained, “We do not presume that either MBS, Sands China, or LVS was or is guilty or innocent of any charges. Which company has never had to deal with disgruntled ex-employees? What we gather is VIPs tend to avoid casinos which are under investigation, especially by the DOJ.”
“Learning from history, we gather that GENS could benefit from a higher share of VIP volume. All it needs to do now is just reopen,” they added.
The note also mentioned that, on average, Resorts World Sentosa’s VIP market share has been 47 percent, overall.
It emerged last week that Marina Bay Sands is under investigation by the US Department of Justice over concerns that anti-money laundering regulations may have been breached on behalf of some VIP customers.
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.
Macau Chief Executive Ho Iat Seng said Sunday that the Covid-19 pandemic has further delayed legislative works for revising the local gaming law and extending the current gaming concessions was just one of many options being considered.
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.