Despite recent economic turmoil caused by the outbreak of the coronavirus, Chinese outbound tourists are expected to remain as the main-stay market key to Asia integrated resort growth, with Chinese border crossings expected to reach 400 million by 2030. This week, the team at Asia Gaming Brief is pleased to release a whitepaper about the future […]
Following a highly successful first installment of the AGB Webinar Series on April 9th, featuring Earle Hall on “Life After COVID-19”, Asia Gaming Brief is pleased to announce the second AGB Webinar. This time, we take a look at the roadmap to tourism recovery in Asia, particularly with the important Chinese tourism segment. Our panel […]
Mainland Chinese are still keen to travel despite the Covid-19 pandemic and Macau and Vietnam are likely to be the first destinations to benefit once travel restrictions are lifted and flights resume.
Hong Kong, Macau and Guangdong authorities are in discussions aimed at easing border requirements that would allow residents to be exempted from a 14-day quarantine period when travelling across borders.
As China’s outbound tourism market continues to balloon, a growing number of destinations are easing visa requirements to woo the mainland traveller, with casinos in those countries likely to be among the key beneficiaries. With research suggesting that most Chinese overseas tourists will visit a casino, relaxed visa restrictions could be a key driver for GGR.
As China prepared to celebrate the year of the monkey in early February, there were many who wondered if the celebrations would be muted because of the effects of the perceived economic slowdown as Q4 GDP growth came in at 6.8 percent. That was lower than expected and came as industrial production slowed, exports and imports remained sluggish and prices fell, highlighting deflationary pressures in the economy.On the face of it, the sluggish economy, coupled with a weaker Renminbi making overseas travel more expensive, might bode ill for the regional and indeed global casinos. However, the consumer sector has shown surprising strength.
China’s outbound tourism market, already the largest in the world, is driving trends in luxury and leisure across the globe but, as this market continues to expand, the demographic is also changing with the millennial Chinese seeking different experiences from their parents. In 2014, Chinese outbound travellers spent a record $164 billion. By 2019 this number is expected to balloon to 174 million tourists spending $264 billion annually on outbound tourism, making understanding the preferences of the younger generation key.
It’s difficult to enter a tourist hotspot in Asia without observing signs written in Chinese, or a street vendor shouting greetings in Mandarin - a testament to the influence of Chinese outbound tourism.
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.