Good Morning. It’s just a week now until the first in-person industry conference returns in Asia, with the ASEAN Gaming Summit at the Shangri-la at the Fort in Manila. The event comes as the Philippines is seeing a strong rebound in gross gambling revenue, with the industry forecast to generate about PHP65 billion this year, according to PAGCOR’s Chair Andrea Domingo. In this final countdown to ASEAN series, we bring you a few highlights that you can expect from next week’s conference with some background and context as to the subjects on the table.
What you need to know
- Macau’s July GGR is likely to be down 98% as casinos remain shuttered, Bernstein expects, with reopening also unclear due to a planned “consolidation period.”
- NagaCorp swung back to profit in 2Q22 and posted a 39.4 percent improvement quarter-on-quarter as all main elements of its business improved.
- Genting Singapore said its executive chairman Tan Sri Lim Kok Thay confirmed he received an unsolicited takeover approach, but the offer was not pursued.
- Australian indigenous tribe is laying claim to a prized area of land on Queensland’s Gold Coast and is planning a resort that may potentially include a casino.
On the radar
- Suncity Group Holdings to change name to LET Group Holdings.
- Macau mass GGR down 49.7% from year earlier in 2Q22: DICJ.
- Macau new cases decline though cases rise again on the Mainland.
- Macau Slots nets 32% record profit in Y21 during COVID outbreak.
AGB Intelligence
COUNTDOWN TO ASEAN
ASEAN 2022 returns as Philippines poised for strong recovery
It’s just a week now until the ASEAN Gaming Summit returns to the Philippines, which is expected to be one of Asia’s top performing jurisdictions with forecast gross gambling revenue of PHP65 billion ($1.15 billion). The Philippines opened its borders to international tourism in February, and reported more than 300,000 arrivals in the first two months after opening. Some other regional markets seem to be enjoying a stronger bounce back, with Singapore for example expecting a strong second half to help boost tourism numbers to between four and six million in 2022. However, the Philippines is one of the few countries in Asia where locals are allowed to gamble and the industry has enjoyed strong support from domestic visitors while borders have been closed and travel restricted. Last year domestic trips surged 38.1 percent to more than 37 million.
Industry Updates
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