Good morning. Melco Resorts & Entertainment CEO Lawrence Ho said he doesn’t believe China’s common prosperity drive will hurt Macau’s mass or premium mass market, but it’s likely a different picture for the once-dominant VIP sector. What will operators do with all those extra VIP rooms that are now sitting empty?
What you need to know
- Genting Singapore’s revenue is likely to continue to be affected by China’s zero-Covid policy in 2022, even as the island nation reopens to international travel, Nomura Research wrote.
- AGTech Holdings said its revenue in the 9 months to end-September gained 36.6 percent on the back of a rebound in the China lottery market.
- Marina Bay Sands says it’s targeting Australian tourists with new package deals and reveals refreshed resort offerings as Singapore reopens to international travel.
On the radar
- Vietnamese carrier seeks approval to bring South Korea tour group to Phu Quoc
- APE concerned about Covid, but pushes on with smart vending diversification
- Slow start expected for Empire Resorts NY sports betting venture
What the papers say
- Melbourne Cup sees record A$724m in bets over four-day event
- Karnataka High Court extends stay protecting Dream11 executives from arrest
AGB Intelligence
DEEP DIVE
Macau VIP “structurally impaired” – so what happens to the assets?
If VIP business is not coming back, it begs the question as to what the operators should do with the excess capacity that was targeted at the ultra-premium end of the market. The plush-carpeted, crystal-chandeliered VIP rooms aren’t large enough to accommodate large-scale non-gaming attractions, but they are surplus to gaming requirements in the new Macau. Ben Lee, managing partner of IGamix Management & Consulting, suggests that one potential idea to consider is that the facilities might be tailor-made to cater to China’s booming wedding market.
Industry Updates
- Pragmatic Play donates to Blondie Foundation to fund baby’s liver transplant
Supplier Special Report
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