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.
AGB Intelligence
DEEP DIVE
Thailand’s golden opportunity
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.”
Industry Updates
- 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.
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