Good morning. There has been a disconnect between the number of incoming tourists and gross gambling revenue, signaling a changing demographic amongst the Mainland Chinese visitor to Macau, says Ben Lee, managing partner of iGamiX Management and Consulting. Analysts who follow the sector closely have also said that gains in visitation this year have not always translated into what they would have expected to see in terms of GGR. The big question is why?
What you need to know
- Macau will have to revise down its budget forecasts due to low GGR and says greater border opening won’t be possible without more vaccinations.
- Crown Resorts has continued to strengthen its board of directors with the announcement of a new group company secretary and a non-executive director.
- Fumio Kishida will be the new leader of Japan’s Liberal Democratic Party, ensuring no upsets for the IR industry at least at this stage.
- Caesars Entertainment has joined the consortium led by Clairvest Neem Venture, which is developing a seaside casino resort in Wakayama in Japan.
- China and Cambodia on Tuesday agreed to continue their existing cooperation to stamp out cross-border crimes, including illegal online gambling.
On the radar
- Macau Aug. hotel occupancy drops 25.3 percentage points from July
- Berjaya Sports Toto 4Q21 revenue jumps 137.2% on more draws
- Saipan’s casino regulator is taking another step to revoke IPI’s casino license.
What the papers say
- Mohegan now only an operating partner in Inspire Athens: Kathmerini
- Crown Perth cage boss missed red flags in international money transfers
- DICJ reminds operators to have Covid-19 contingency plans in place
Macau’s hopes for a Golden Week boost have been dashed by another outbreak of Covid, but even if visitors had come, questions remain as to how much they may have spent in the casinos. The gambling hub has been recovering at a snail’s pace from Covid due to ongoing travel restrictions and the failure to reinstate group visas or e-visas for individual visit schemes. However, observers also note a disconnect between the number of incoming tourists and gross gambling revenue. “There is a changing demographic amongst the Mainland Chinese visitor,” said gaming consultant Ben Lee, managing partner of iGamiX Management & Consulting. “They are younger and there are more females and they do not gamble,” he said.
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