In a clear-cut reflection of the visitation decline to Macau, due to COVID19 outbreak and travel restrictions, total non-gaming visitor spending in 2Q22 dropped 46.3 percent to MOP3.85 billion ($49million), Information from the Statistics and Census Service (DSEC) reported.
Macau gaming sector revenues are much burnt than expected especially when Macau was aiming a recovery path in mid-June 2022, resulting, “Macau gaming is still waiting for the players,” Jefferies notes in its latest coverage report on the sector.
With challenges of COVID19 and travel restrictions as the relevant factor impacting, Melco Resorts and Entertainment 2Q22 numbers have not made much impact on the leading brokerage’s take for the company.
Despite the near-term sluggish outlook, the uncertainty of COVID-19 outbreaks throughout 2022 with travel bans or restrictions, visa restrictions, and quarantine requirements impacting performance, brokerages are bullish over Galaxy Entertainment and have revised the target price of the company shares.
Melco Resorts and Entertainment Ltd reported a net loss of $251.46 million, for the quarter ended on June 30 heavily impacted by the pandemic and the restrictions imposed across mainland China and Macau.
Galaxy Entertainment reported net loss of HK$850 million ($108 million) for the Jun 2022 quarter, as against the profit of HK$947 million ($122 million), as reported by the company during the same quarter in the previous year on travel restrictions.
China Foreign Ministry spokesperson Wang Wenbin reiterated the Mainland’s stance warning those suspected of cross-border gambling crimes to turn themselves in or face harsh...
Leading B2B esports odds feed, risk management and iFrame provider, Oddin.gg, raised $4.5m from current investors, as well as Velo Partners and Genting Ventures in a Series A financing round.
Philippines headquartered MJC Investments Corp reported net loss of PHP130 million ($2.33 million) for quarter ended on June 2022, cushioned by a five fold jump in gaming revenues.
Sportsbetting software developer Voxbet has developed technology that will allow punters to place a bet on horse racing through voice technology. Once perfected in Cantonese, Voxbet plans to tackle the rest of Asia.