Travellers International Hotel Group, the owner and operator of Resorts World Manila has felt the effects of the temporary halt in casino gaming operations, recording a net loss of P3.7 billion in the first half of 2020.
The company was the hardest hit out of all the businesses under the Alliance Global Group – with gaming, theatre and meeting areas closed from mid-March.
Gaming net revenues fell 59 percent year-on-year to P4.4 billion, while non-gaming revenues fell 44 percent to P1.7 billion, due to foot traffic decline as well as the closure of the theatre, cinemas and retail outlets.
The hotel has been operating at limited capacity with occupancy ranging between 29% to 60% in the first half of the year.
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 Kerala state government in southern India has informed the Kerala High Court that it has proposed to remove the exemption given to online rummy by issuing a notification under the provisions of the Kerala Gaming Act of 1960.
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.