Good Morning. Rising from the ashes. That’s the latest chapter for Macau’s phoenix-like junkets, as strong revenues drive demand by investors to set up shop within the space. An insider notes that concessionaires are looking to partner with more gaming promoters, as supply isn’t keeping pace with demand. Macau’s former top junket operator – now redefined as the LET Group, meanwhile saw strong results from its Hoiana property pad out a rise to profit. And in South Korea, Shin Hwa World sees gaming revenue drop in 1H23.
What you need to know
- Macau junket sector attracting new investors, as an industry association head predicts licensees could increase in coming months.
- Shin Hwa World records a 27 percent decrease in gaming revenue during 1H23, with gaming losses expanding to $13.9 million.
- Hoiana sees strong EBITDA results in 1H23, driving LET Group to profit of $74.5 million – who still notes that its best bet is on the Philippines.
On the radar
- The Star implemented 22 out of 30 Bell Review recommendations.
- Hotel occupancy in Macau nears 90 percent in July.
- Paradise Ent. returns to profit in 1H23 due to increase in patrons.
- Crane NXT appoints new Head of Investor Relations.
New investors are preparing to enter the junket sphere in Macau, as strong VIP results this year have encouraged a resurgence in the sector. An industry insider notes that junket numbers could increase in coming months, as applicants undergo scrutiny by the SAR’s gaming watchdog. Concessionaires are also seeking more junket partners, as the current amount is “not enough to meet demand”. The insider also said that high-rollers will continue to frequent the territory, despite Chinese border control measures.
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