Good morning. Fitch expects Singapore and Malaysia’s recovery by 2023, while Macau’s recovery remains distant. Genting didn’t get a membership to Macau’s most exclusive club of six, but that doesn’t seem to have slowed it down. GEM is still brokerages’ top pick. If you missed it on Tuesday, senior gaming executive Daniel Cheng expects Lim Kok Thay to toast the new year with a glass half-full.
Meanwhile, back home in Macau, Covid 19 policies remain a mystery as red codes can exit but PRC-tested visitors endure a 5+3 quarantine, still.
What you need to know
- Fitch expects Singapore and Malaysia to reach pre-pandemic levels by next year, whereas Macau’s outlook remains challenging, the firm’s Global Gaming Outlook 2023 shows.
- Hong Leong Research favors Genting Malaysia arguing Resorts World Genting is a prime beneficiary of tourism recovery from the borders’ reopening.
On the radar
- Resorts World Hudson Valley scheduled to open Dec. 28.
AGB Intelligence
OUTLOOK 2023
Fitch estimates Singapore, Malaysia 2023 recovery, Macau revenues remain a shadow of its former self
Fitch expects Singapore and Malaysia to reach pre-pandemic levels by 2023, whereas Macau’s outlook remains challenging, the firm’s Global Gaming Outlook from senior director Colin Mansfield, finds. Fitch anticipates gaming revenues in Singapore and Malaysia to ramp up to around 80% of pre-pandemic levels in 2022, and then to around 95 percent in 2023. For Macau, the ratings firm forecasts gross gaming revenue to be 50 percent of 2019 levels by 2023, before improving to 70 percent in 2024. Continued relaxation of strict coronavirus policies could result in a materially faster rebound in visitation and revenues, Colin Mansfield writes in Fitch Global Gaming Outlook 2023.
Industry Updates
- Playtech develops research into online responsible gambling.
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