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Macau has seen improved visitation since the easing of travel restrictions with Mainland China, though progress is slow and a V-shaped recovery is not expected, Bernstein Research said in a note.
Leisure & Resorts World Corp, which operates bingo parlours and online gaming in the Philippines, reported a drop of 18.9 percent in gross profit in the first quarter, due to Covid-19 mandated lockdowns.
Macau’s gross gambling revenue tumbled 80 percent in March, in line with expectations, with April likely to see an even greater drop due to tighter travel restrictions.
The Coronavirus, now renamed as Covid-19, has devastated the near-term outlook for Asia’s casino operators, though analysts still expect demand to snap back sharply once the outbreak is under control. The big question is when that might be.
Melco Resorts & Entertainment said it’s dropping its plans to buy a second tranche of shares in Australia’s Crown Resorts, citing the economic impact of the Coronavirus on the region.
Looking at the Chinese New Year visitation figures for Macau, it’s difficult not to be pessimistic about the near-term outlook for gaming in Asia, though analysts say underlying demand remains strong and there is likely to be a snap back once the situation improves.
Melco Resorts & Entertainment reported a 16 percent gain in Q3 revenue helped by a strong performance at City of Dreams Macau and a record performance from the mass market and slots.
Tourism arrivals showed strong growth into Macau in September, though government data shows the biggest gains were in the lower spending day tripper category.
Donaco International said it swung to a profit in the September quarter, helped by a strong performance from its property in Vietnam and reduced costs.
VIP play was tepid through the key Golden Week holiday in Macau and is likely to remain so for the rest of the month as trade tensions pressure Mainland China’s economy, analysts at Bernstein said.
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