Good morning. Macau’s six operators have all now reported their 3Q21 earnings, revealing the impact of the latest Covid outbreaks in August and September. In this week’s Face-to-Face, Morningstar analyst Jennifer Song tells us that although not pretty, the results weren’t quite as bad as had been anticipated and she still expects strong pent-up demand when travel restrictions are finally lifted.
What you need to know
- Hong Kong travellers will be able to cross into Mainland China without quarantine from the first week of December, earlier than initially expected, the South China Morning Post reports.
- Playtech, has confirmed that it has a potential third suitor after JKO Play asked the company for due diligence information to assess the terms of a takeover offer.
- Sportradar announced 3Q21 revenue, beating analysts expectations, with strong growth across all geographies and business segments.
- Fitch Ratings expects Aristocrat to fully recover its legacy gaming revenues to pre-pandemic levels by 2022, aided by its robust gaming business in North America.
- Crown Resorts has received a renewed takeover offer from U.S. private equity firm Blackstone, which is looking to acquire all shares in Crown at a price of A$12.50 cash per share.
On the radar
- IPI inventory accurate and assets in good shape, receiver says
- Grand Lisboa Palace’s Karl Lagerfeld Hotel taking bookings, to open Dec. 3
- Macau 3Q21 non-gaming visitor spend up 374%, majority on shopping
- Century Entertainment warns interim loss to expand to US$2.7m
- Banning gambling in Kedah will only force the industry to go underground
What the papers say
- Macau’s casino industries have heightened inequalities, led to rising crime.
- Macau’s economy to recover in Nov & Dec on opening of large scale events.
- Crown’s new compliance chief out of the loop in Perth casino AML decision.
- Ho Chi Minh city again orders closures of bars/spas amidst virus spike.
- Four companies sign MOU to help to turn Sihanoukville into fintech hub.
AGB Intelligence
FACE TO FACE
Operators confident of pent-up demand when restrictions lift
Macau’s six operators have just finalized another earnings round, with the figures badly affected by Covid travel restrictions in 3Q21. Despite predictions that the quarter would be a washout, Morningstar analyst Jennifer Song tells us they weren’t as bad as she had expected. In this week’s Face-to-Face interview she tells us about the highlights from the results and discusses the tone of senior management on the accompanying analyst conference calls and expresses confidence there is still significant pent-up demand.
Industry Updates
- NBA and Sportradar announced long-term partnership.
- Play’n GO releases adds new game to Rich Wilde series.
- SBC Summit NA releases huge speaker line up.
- The jewel of Ezugi now launched – exclusive Blackjack Salon Privé.
- Limelight launches new solution in $4.4 billion web CDN and security market.
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