Asia’s gaming stocks have been pummelled by the outbreak of the coronavirus, but with signs China may be bringing the disease under control, is it nearing the time to re-enter the market?
The Association of Gaming Equipment Manufacturers Index showed a greater than 13 percent decline in February from the prior month, with every single member in the red as investors sought to assess the fallout from the outbreak.
Stocks in the operators have also taken a beating, with Wynn Resorts down more than 22 percent since its January highs, Melco Resorts & Entertainment is down about 38 percent, while Genting Singapore is off 26 percent and South Korea’s Paradise Co. down 34 percent to name but a few.
Gross gambling revenue in Macau dropped 87 percent in February, after a 15-day closure of the casinos, and is forecast to decline a further 80 percent this month. In a worst-case scenario, under...
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Consolidation of the bases and advancement in adversity was the thrust of Macau Chief Executive’s policy address for 2021, though it gave little away when it came to the current pillar of the economy - the gaming industry.
Gaming suppliers, like all areas of the industry, have felt the pinch from the Covid-19 crisis, though their growing digital businesses have proved a bright spot and helped offset the impact of the crisis.
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.