Good Morning. Booming South East Asia economies will help curb the industry’s reliance on Mainland leisure spending, Bloomberg Intelligence Angela HanLee suggests. Macau’s performance has not been as strong as that of the Philippines, Singapore, and even Cambodia, opening up opportunities for IR projects across ASEAN markets. Macau Government data show a shift in the curve, much too late for this quarter’s earnings.
What you need to know
- Macau gaming tax begins upward curve, Financial Services data shows, reflecting an 11 percent MoM improvement to July 2022, at $1.7b collected by the six gaming concessionaires.
- Paradise Entertainment 2Q22 earnings felt the full impact of Covid-19 restrictions, with Macau contributing 88 percent of net revenues, widening the quarter’s loss three-fold to $12m.
On the radar
- SkyCity posts $21m net loss for FY22 on expenditure and taxes
AGB Intelligence
G2E ASIA 2022
Macau not coming back; opportunity lies in ASEAN: Angela HanLee, Bloomberg Intelligence
With Macau steadily dropping and not expecting to make a return above 30 percent of pre-pandemic figures before the end of 2023, other IR opportunities are picking up across the ASEAN region, Bloomberg Intelligence Angela HanLee argues. Macau’s performance, though coming from the premium mass, has not been as strong as that of the Philippines, Singapore, and even Cambodia. The outlook opens up opportunities for integrated resort projects likely for operations to kick-start across ASEAN markets.
Industry Updates
- Colossus Bets announces new leadership, hails new era.
- Sands China touring Macau’s ‘Little Europe’ through GBA.
- Genius Sports clinched live streaming partnership with Bally.
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