Good Morning. The empire of the sun is finding it hard to shed light on its casino aspirations, as politics overshadow the possibilities. Industry expert and author Daniel Cheng points out the current hindrances in the political sphere, highlighted by the aging proponents of the project. Meanwhile, in Vietnam the proposal for an IR in Van Don appears to be taking shape, with plans submitted for a $2.1 billion resort. And analysts at Maybank have raised their earnings estimates for Genting Berhad on the back of its 3Q23 results.
What you need to know
- Japan’s politics and dwindling casino legislation proponents are weighing down the possibilities for success, notes expert and author Daniel Cheng.
- Vietnam’s Ministry of Planning and Investment has submitted a report to the Prime Minister for a $2.18 billion resort, featuring a casino, in Van Don.
- Maybank has raised Genting Berhad’s current-year earnings estimates by 37 percent, reflecting strong performance in 3Q23.
On the radar
- The Philippines gaming industry generated $1.24 billion GGR in 3Q23.
- Gaming workers in Macau down 3.1 percent in August to October.
- Century Entertainment’s Chairman bankrolls stalled Cambodia casino.
- MGM extends partnership for consultancy services with Occasions Group.
- China expands visa-free access for Malaysians, starting from December.
AGB Intelligence
JAPAN
Political misfiring tapering casino winds in Japan
Japan’s political landscape continues to be a quagmire, which is hindering the development of the nation’s casino industry, despite recent hopes surrounding the Osaka development. Author and expert Daniel Cheng points out the aging political support for the movement, and ongoing opposition, with political inertia likely to drag on, as investor sentiment further cools amongst the decades-long process.
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