Good Morning. Las Vegas Sands’ comments that it may be closing in on a major investment in a new Asian market have sent a ripple of excitement through an industry in need of some good news. Industry observers have pinpointed Thailand as the most likely candidate. Ben Lee, managing partner of IGamiX Management & Consulting, tells us that it’s an elephant-sized opportunity and runs through some of the numbers, although he cautions against getting too excited yet.
What you need to know
- Stocks in Macau’s gaming operators suffered another day of double-digit losses in Hong Kong trading as China’s Covid outbreak spread, forcing the lockdown of at least 37 million people.
- Summit Ascent said it expects to post a 26% increase in 2021 revenue and turn adjusted-EBITDA positive. It’s monitoring the impact of sanctions against Russia on Tigre de Cristal.
- Gaming concessionaires will be required to inform the Macau chief executive about any “major financial decision” involving amounts higher than what is proposed in their concession contracts, or else face a fine of up to MOP5 million or even possible license revocation.
On the radar
- Success Universe Group flags return to profit in 2021.
- AGTech says key conditions for US$100m Macau Pass purchase met.
- Macau widens quarantine net to include some areas of Zhuhai.
- Inside The Pocket teams with ESPNcricinfo in India DFS venture.
- Philippines reinstates visa-free travel for Macau/Hong Kong up to 14 days.
- Vietnam resumes visa exemption with 13 countries.
What the papers say
- Man dies after plunge from top of Macau’s Treasure Island Resort.
- Cambodia release eight union leaders in Nagacorp employee dispute.
- IPI delays payroll again on funding challenges, Eric Poon resigns.
When Las Vegas Sands CEO Rob Goldstein said that the company may have an interesting opportunity in a top-tier Asian country, it didn’t take long for industry observers to begin pointing to Thailand. The country has long-been viewed as one of the most promising destinations for an integrated resort due to its well established tourist industry and infrastructure. It also has a large domestic market of nearly 70 million people, many of whom have shown a propensity to gamble. “Thailand is the elephant in the room,” said Ben Lee, managing partner of IGamiX Management & Consulting. “You can forget all the others.”
- SJM’s Grand Lisboa Palace Targets wedding market with two-day fair.
- Soft2Bet beefs up management with appointment of Gilad Naim as CCO.
- White Hat Studios appoints Andy Whitworth as CEO.
- The Star recognized as employer of choice for gender equality.