Looking at the Chinese New Year visitation figures for Macau, it’s difficult not to be pessimistic about the near-term outlook for gaming in Asia, though analysts say underlying demand remains strong and there is likely to be a snap back once the situation improves.
The Wuhan Coronavirus has killed 170 people, with almost 8000 confirmed cases as of Jan. 30. Cases have been reported worldwide, with the Philippines confirming its first outbreak on Thursday. Cambodia, Malaysia, Singapore, South Korea, Japan, Thailand and Australia are among the regional nations to have reported illness.
In an effort to curb the spread, the Macau government cancelled all Chinese New Year festivities and extended the closure of government services for a further two days.
Inbound package tours from China have been cancelled, while the individual visa scheme, under which the most valuable of the casinos’ clients travel, has also been stopped. According to witnesses, shops, restaurants...
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.
Crown Perth has been obliged to suspend its gaming and F&B operations until February 5 under guidance from the government of Western Australia. This action is in response to a new wave of Covid-19 infection in the Perth metropolitan area.
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.