Lack of detail in the proposed amendments to Macau’s gaming legislation left the market to speculate on the government’s intentions, with disastrous effects. The subsequent round of public consultation came and went leaving the industry with even more questions and few answers.
The focus of this August edition of the AGBriefings magazine is Australia, where there is certainly a lot to talk about. The country has shown strong resilience in the past few months. It has a strong local market that has been stimulated by government support, resulting in solid numbers, even up until the most recent state lockdowns.
For this edition of our magazine, we focus on Southeast Asia, with a particular look at the Philippines. The country’s casino industry has been among the hardest hit in Asia, with the integrated resorts in Manila’s Entertainment City having remained mostly closed to the general public since the beginning of the crisis last year.
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.
The industry is facing its darkest days. Properties have shut down, manufacturing supply chains have been shattered, F&B and retailers have no one to service. For the first time in modern history Macau’s casinos were shut down - something that not even the wildest storm accomplished.