Good Morning. Forward Fashion recently said it would be bringing a new retail offering to Macau through a collaboration with upcoming resort, the Treasure Island Hotel. In an interview with AGB, Executive and Regional Director Cyrus Fong tells us about how the group is seeking to fill a gap in the market for locals that will also excite visitors to the city. It will also be tapping into the one area of Macau’s economy that has shown significant growth over the past year.
What you need to know
- Macau posted its worst monthly GGR since September 2020 in March, with analysts predicting further declines in April as China continues to battle Covid.
- Emperor Entertainment said it was shuttering its satellite casino in Macau due to the “gloomy” outlook for the high-end gaming segment.
- Genting Group’s U.S. revenue picked up in February as Covid concerns eased, while the group is likely to start seeing growth in its Asian operations as borders reopen: Nomura.
- Light & Wonder confirmed that it has signed up as many as 450 casinos globally on its “Netflix of gaming” offering, three of which are in Asia.
- NagaCorp reported a significant increase in mass market and premium mass gaming revenue in 1Q22, aided by strong domestic travel and the reopening of international borders.
On the radar
- Several top Star executives to give evidence in inquiry this week.
- Star says O’Neill to take executive role, get $1.5m extra pay.
- Tabcorp shareholders to vote on proposed demerger of lottery business.
- Suncity terminates travel services business after loss of Chau support.
- Deutsche Bank analysts upbeat on Sportradar after 4Q21 earnings beat.
- Wynn, Melco confirm application for concession extension, to pay $5.8m.
- PH BIR clarifies that 5% franchise tax is separate to fees owed to PAGCOR.
- PH becomes first SEA country to access Starlink broadband services.
- Fitch assigns BB(EXP) IDR to Light & Wonder.
- Stanley Choi resigns as chairman of International Entertainment.
What the papers say
- Police detain 8 suspected of laundering $53.3m through crypto currencies.
- Gaming operators should shift their operations to direct VIP, association says.
Forward Fashion to tap new trends in Macau retail market
Forward Fashion (International) Holdings is seeking to take retail to the next level in Macau, with plans to introduce new concepts that will appeal both to the changing visitor profile and the domestic market. “Macau has always been focusing on things related to the casino, but we find that there are some elements that are missing, both for the locals and for the tourists and that’s why we’re trying to bring new projects,” Forward Fashion Executive and Regional Director Cyrus Fong told AGB in an interview.
- Pragmatic Play adds sportsbook to product offerings.
- GiG gets green light to complete $56.6m purchase of Sportnco Gaming.
- Macau operators honored in Black Pearl Restaurant Guide 2022.