News on Saturday that Singapore and Hong Kong will not be launching their anticipated travel bubble due to a spike of new Covid-19 cases in the Chinese territory has highlighted once again the fragile nature of business planning in the era of the pandemic.
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Almost as soon as the world was plunged into the Covid-19 pandemic, many voices within the Asian gaming industry began talking about “recovery” and mapping exit strategies back to financial health.
The revenues of local governments in South Korea are being heavily impacted by the long-term suspension of operations at Kangwon Land, triggered by the Covid-19 pandemic, as well as a running dispute over the calculation of how much money the resort is obligated to pay to the abandoned mine fund.
Bloomberry Foundation and the Philippine Amusement and Gaming Corp said they have completed the capital region’s largest quarantine facility for Covid-19 patients.
Ha Tien Vegas is the latest of Cambodia’s casinos to restart, with plans to open its doors from Friday, September 18th.
MGM Resorts began laying off 18,000 furloughed workers on Monday as the impact of the pandemic drags on.
Casinos and clubs are reopening their doors to the public and so far, for most businesses, the comeback has been far more difficult than anticipated. The situation is analogous to learning to walk again after a horrific automobile accident.
Genting Singapore is expected to post a loss for this year as the recovery is taking longer than expected, according to analysts at Maybank Kim Eng.
Morgan Stanley said it now expects Macau's 2020 gross gambling revenue (GGR) to fall 60 percent, compared with its earlier forecast for a 55 percent decline, though has raised its forecasts for recovery for the next two years.