Good Morning. The horse is pawing the ground in anticipation. A slow start to the month in Macau is expected to gallop ahead in the peak of the Chinese New Year holiday, with analysts maintaining a February GGR estimate of $2.56 billion despite a 14 percent monthly drop in early volume. And CNY is expected to also boost Korea, given tensions with Japan, as outbound travellers find spots at foreigner-only casinos. Also in Korea, INSPIRE has appointed Hoiana’s former CEO as its new Chief Casino Officer, aiming to boost growth now that operations have stabilized.
What you need to know
- Macau recorded $623M in early-February gaming revenue, down 14% from January amid softer volumes ahead of the Chinese New Year.
- Chinese visitor surge and flight cancellations to Japan support South Korea’s casino performance and investor sentiment before Chinese New Year.
- INSPIRE Entertainment Resort appoints industry veteran Steven Wolstenholme as new Chief Casino Officer.
On the radar
- Corona Resort & Casino opens new premium mass segment.
- Aristocrat announces appointment of new CTO and CCO, EMEA.
- International Entertainment proposes issuing up to $205M in notes.
- PAGCOR to resume 5% revenue remittance to PSC after court ruling.
- MGM China bonds top pick among Macau gaming peers: CreditSights.
- Entain doubling down on upcoming online casino market in New Zealand.
AGB Intelligence
MACAU
Pre-CNY gaming volume slows to $623M
Chinese New Year is fast approaching, and operators in Macau are already experiencing the slow-down ahead of the holiday. Analysts at Citigroup say that GGR for the first eight days of the month slowed to $623 million, down by about 14 percent from January’s daily run rate. Volumes are expected to pick up towards the peak of the holiday, with estimates that February GGR could hit $2.56 billion.
Industry Updates
- MGM’s National Arts Fund project debuts showcase in Barra district.
- Immense Group names Marcus Adler as Nordic Director for DBET.
- Sportradar partners with NBC Sports RSNs to power NBA fan experiences.
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