Good Morning. According to recent research by Microsoft, more than 40 percent of the global workforce are considering leaving their employers this year. It’s called “The Great Resignation”, and its impacts have been felt in Australia, home to thousands of pubs, clubs, casinos, and one of the largest collections of slot machines in the world. Today, we hear from Sudhir Kale of GamePlan Consultants and Brett Jones of Bullseye CX, who’s interviewed several club CEOs in Australia about what they’ve been doing about staff shortages that have plagued the industry for the last two years.
What you need to know
- Suncity Group Holding warns that a company owned by former CEO Alvin Chau needs to repay a US$38.4 million loan that was secured with his 75 percent stake in the company, which may result in a change in control.
- Suncity Group’s junket operations in Macau were officially wound up as of Friday and its systems have been frozen for legal reasons.
- Beijing will finally be dropping quarantine requirements for travelers from Hong Kong from December 19, though this will be subject to them meeting certain requirements.
- Crown Resorts says it is hoping to launch gaming operations at its Sydney casino in early 2022.
The year ahead
- Small and local casinos and clubs across the region are likely to be the winners next year as large IRs struggle with the loss of VIP, says Fortuna Investments’ Tim Shepherd.
On the radar
- International entertainment chairman cuts stake to 18.75%, raises $5.2m.
- AGA said Oct. gaming revenue second-best on record.
- A majority of Thai are not in support of casinos in the country.
What the papers say
- Mohegan Sun’s Inspire Korea set for opening in 4Q23: Soper
AGB Intelligence
DEEP DIVE
“The Great Resignation” is being felt Down Under
After months of the shutdown, the global hospitality industry is finally starting to show signs of a rebound, with hundreds of thousands of hotels, restaurants, pubs, and clubs reopening for the first time after a very long hibernation. The rebound, however, is nowhere near as smooth as the industry had hoped for, with many businesses realizing that recovering lockdown losses isn’t something that can be achieved in a matter of months, let alone years.
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