Good morning. Luxury may be falling out of fashion. At least in Macau, despite the expansion of the Individual Visit Scheme (IVS) and increased duty-free limits, luxury spending continues to decline, with retailers worried about how to now face a demographic increasingly focused on discounts and frugality. The slowing Chinese economy is not helping matters, forcing retailers to target foreign customers. Meanwhile, Wynn Resorts has been handed a historic fine by US authorities over unlicensed money transfers which facilitated liquidity for VIPs.
What you need to know
- Luxury spending is dropping in Macau, despite the expansion of the Individual Visit Scheme, prompting businesses in Macau to adapt.
- Wynn Resorts ordered to pay record fine over unlicensed money transfer business linked to overseas clients.
On the radar
- The Star to sell Treasury Brisbane Casino building for $45.5M.
- Five-day mandated closure of SkyCity Auckland casino commences.
- Former Crown exec appointed as CEO of The Star Gold Coast.
- Universal Entertainment completes early redemption of $760M notes.
- 75 Chinese POGO employees deported from the Philippines.
- 16 foreigners face charges in the Philippines following Cebu POGO raid.
AGB Intelligence
MACAU
Luxury retail declines as consumer demographics shift
Macau’s former do-si-do of gaming and luxury retail has fallen out of step, as consumer desires within the world’s largest gaming hub are shifting away from opulence to a more frugal and practical paradigm. Companies within the SAR are now forced to refocus their efforts, as the slowdown in China’s economy weighs on spending, despite the increase in Individual Visit Scheme (IVS) source markets.
Corporate Spotlight
Altenar brings premium sportsbook solution to Asia
Altenar, a leading sportsbook provider is bringing its global expertise to Asia, looking to expand its operations. Since 2011, Altenar has powered hundreds of online sports betting sites worldwide and is a major B2B provider in Europe and Latin America licensed markets.
1xBet: The most popular gambling games and slots in Asia
For global betting company 1xBet, Asia is a key market for several reasons. This is why 1xBet pays special attention to the Asian market and actively promotes its sports betting platform and the most popular gambling games on the continent.
Industry Updates
- Pronet Gaming teams up with Phoenix 7 to elevate the online gaming experience.
- RG24seven Virtual Training to host two webinars on responsible gaming.
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