Good Morning. Lost casino revenue due to Covid nudged the Philippines into allowing online gambling at home and as the crisis drags on other Asian jurisdictions may be tempted to follow. In this week’s Face-to-Face, Spectrum Gaming Group Managing Director Fred Gushin says one of the key questions the industry will need to grapple with is getting that online regulatory model right.
What you need to know
Genting group companies are insulated from their sister company in Hong Kong and investors should focus on the upside from reopenings and the ramp up of Resorts World Las Vegas, J.P. Morgan said. Genting H.K. said creditors have not yet called in debts.
Blackstone’s decision to come back for a fourth time with a higher bid for Crown Resorts may help to ease lingering doubts about further potential negative news buried within the operator.
Macau mass market GGR is likely to be 15 percent higher than its 2019 levels by 2023 on a strong rebound in visitation and helped by capacity increases, Bernstein Research said.
On the radar
- NSW implements interim arrangements for casino oversight.
- Australia’s Gaming Technologies Association appoints Rinesh Patel as CEO.
- Hengqin economic zone offering hefty cash incentives to Macau workers/business.
- Macau tightens testing requirements for entry after Guangdong Covid case.
- Okada Manila 4Q21 GGR jumps 68% from prior quarter as restrictions eased.
What the papers say
- Former Macau public works boss accused of money laundering, corruption.
The Philippines has chosen to allow online gaming at home to recoup lost revenue from its casinos as a result of Covid and as the crisis drags on more countries around the globe are expected to follow suit. However, that’s going to increasingly throw the spotlight on how to regulate the industry. In this week’s Face-to-Face interview, Spectrum Group Managing Director Fred Gushin argues that jurisdictions that issue companies with a gaming license to offer their services elsewhere may find themselves on the wrong side of history.
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