Good Morning. The non-gaming push in Macau could be starting to yield some results, as large-scale concerts have driven spend in both gaming and non-gaming – notes Morningstar analyst Jennifer Song. As summer approaches, Macau, Singapore and Korea are all set to benefit from record-high interest in travel, as booking sites see demand surge. And in Australia, Crown has been leveled with a $294 million penalty for non-compliance with AML/CFT laws.
What you need to know
- Morningstar analyst Jennifer Song notes Macau’s non-gaming push is beginning to work, even as operators saw record 1Q23 earnings.
- Crown Resorts has been hit with a $294 million fine for non-compliance with AML/CFT regulations at its Perth and Melbourne properties.
- Summer travel bookings are surging, with strong interest in regional travel within Asia – set to benefit Macau, Seoul and Singapore.
On the radar
- PAGCOR cancels CGC POGO license and ends Sun Valley Clark hub.
- Apple says “legal requirement” needed to take betting apps from store.
- RGB International reports profit of $2.3 million for 1Q23.
- Macau ranks within the top 10 cities for traveler spend: WTTC.
- Macau’s hotel employee figures drop in 1Q23, to 46k.
AGB Intelligence
MACAU
Morningstar analyst says non-gaming performance encouraging
Macau’s non-gaming push could be starting to bear fruit, with recent large-scale concerts in the gaming hub promoting synergy in both non-gaming and gaming spend. Morningstar analyst Jennifer Song notes that concessionaires’ revenues are on the rebound, despite initial per-capita spend being depressed, with some operators recording record-high daily earnings.
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