Good Morning. Global cruise industry association, the CLIA says it expects the global cruise industry to return to full service by August this year, due to climbing vaccination rates and the lifting of border closures around the world. The forecasts were made in its recently released “State of the Cruise Industry 2022”, where it also said it expected passenger volumes to return to pre-pandemic levels as early as 2023.
What you need to know
- Grand Korea Leisure has reported a wider 2021 loss as sales dropped by more than half from the already Covid-hit prior year.
- Genting H.K.’s Crystal Cruise unit has closed its U.S. headquarters and all staff have received termination letters, though crew aboard ships are still unclear about their future.
- Mohegan Gaming & Entertainment’s INSPIRE Entertainment Resort has teamed with the Luxury Business Institute Korea to develop a high-end retail strategy for the development.
- SkyCity Entertainment Group said it saw a 32.9 percent fall in normalized revenue in the six months ended December 31, 2022, owed to lengthy property closures.
On the radar
- Macau CE warns of unstable 2022, stresses diversification.
- Moody’s downgrades SJM on refinancing delay, Omicron uncertainties.
What the papers say
- Japan’s Shinjo City reportedly in talks for IR license tilt.
- Hong Kong rules out lockdown for now.
- Karnataka high court decision on online gambling ban expected today.
AGB Intelligence
DEEP DIVE
Cruise industry tipped for full recovery by 2023, millennials key
Looking into the industry’s recovery trajectory in 2022, CLIA said it projects 272 ships that will be in operation globally in 2022, while another sixteen new ships are set to make their debut this year. The cruise association was also optimistic about passenger volume recovery, with baseline projections pointing to pre-pandemic passenger volumes by 2023. Upside projections move this timeline to as early as the end of 2022.
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