Good Morning. There are some early signs that the online gambling industry may be headed back to Manila, two years after the “mass exodus” of POGOs that happened during the pandemic of 2020. In today’s Deep Dive, we ask a number of people on-the-ground what they’re seeing in Manila, Dubai and their thoughts on future challenges facing the industry.
What you need to know
- Wynn Resorts said it saw encouraging signs amongst its direct-VIP and premium mass players during Chinese New Year, with mass drop and direct VIP rolling recovering to 60 percent and 88 percent of 2019 CNY levels respectively.
- Wynn Resorts CEO Craig Billings said he does not expect a multi-year process for the legalization of land-based gaming in Ras Al Khaimah, with regulations already “well advanced”.
- A Macau judge, examining what could be proved in a multi-billion dollar court case between Las Vegas Sands and Asian American Entertainment Corp (AAEC) appears to be leaning in favor of the U.S. operator.
- U.S. commercial gaming revenue hit a record $52.99 billion in 2021, as higher consumer spending offset lower visitation.
On the radar
- Moody’s places Crown Resorts Baa3 rating on review.
- Covid protocols used to crackdown on workers’ rights, says rights group.
- Lim amongst interested parties for Genting H.K.’s Global Mega Dream ship.
What the papers say
- Cambodia delays controversial plan for China-style internet firewall.
- China’s police chief urges more efforts to take down cross-border gambling.
- Metro Manila mayors call for Alert Level 2 extension to month’s end.
AGB Intelligence
DEEP DIVE
Rumblings of a return to Manila
After nearly 24 months of empty-office spaces and abandoned apartment blocks, there are signs of a resurgence of online gambling businesses in Manila, the city once seen as the igaming mecca of Asia. In 2020, Manila experienced a “mass exodus” of POGO operators and their employees, due to heightened border restrictions and uncertainty about changing tax and immigration laws. At the same time, China’s government turned up the heat on online gambling firms targeting its citizens, leading to raids and arrests throughout Asia. Fast forward to the present day, there have been some rumblings of a gradual return to Manila.
Industry Updates
- SJM supports Macau tourism development with launch of gastronomy series.
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