Among the other effects of the prolonged Covid-19 pandemic is that it has often pushed government finances to the brink. Analysts at the SBC India digital conference projected that this could very well lead authorities in India to embrace the gaming industry in a way that otherwise may not have been possible. However, issues of regulation at both the national and state levels will need to be addressed in order for the full potential to be realized. And, speaking of dented public finances, PAGCOR has released its grim numbers for the full year 2020. We’ve got you covered on that. Finally, some more upbeat news flows out of Singapore, where the local market continues to perform above previous expectations in keeping its two IRs afloat while international air travel is constricted.
First, the news
- Singapore locals continue to support the market
- PAGCOR gaming revenues down 60.4% in full year 2020
- NSW regulator to receive Crown probe report February 1
- Crown Perth suspends gaming until February 5 over Covid lockdown
- Casino Canberra quarterly revenue strong, cash flow positive
- Donaco EBITDA positive, helped by Star Vegas
- Five operator consortiums competing for Nagasaki IR
- Wynn Resorts confirms it is out of Yokohama IR race
- Yokohama allocates US$3.5 million FY2021 budget for IR development
- Sega Sammy to reorganize its group structure
- Macau urges residents to stay home at CNY
- Maybank retains “buy” on Genting Singapore
- Lotte submits application to relocate casino to Jeju Dream Tower
- Pragmatic Play ramps up Asia presence with M88 live casino deal
- Punjabi police bust major gambling racket
What you need to know
Singapore’s local residents are continuing to support the island’s two integrated resorts, with Q4 results confirming a trend noted the prior quarter. In Q3, analysts were surprised by the strength of the local market, but were unsure how sustainable the rally would be. As the first results from the final quarter of the year are published, analysts have once again been pleasantly surprised. Las Vegas Sands’ Marina Bay Sands saw operating profit in the quarter surge 106 percent from the prior quarter to US$144 million, which analysts say bodes well for Genting Singapore.
The Philippine Amusement and Gaming Corporation (PAGCOR) has reported that its income from gaming operations in the full year 2020 fell to PHP30 billion (US$624 million), down 60.4 percent year-on-year. Meanwhile, PAGCOR’s annual profits fell by 83.8 percent to PHP1.57 billion. These represented the lowest figures since 2013. The primary reason for the sharp decline, of course, was the Covid-19 pandemic, which hit the country hard. Gaming operations were suspended last March until around the end of August, and even since then there have been various restrictions that have impacted revenues.
States in India may be more receptive to legalizing casinos and potentially considering hybrid models following the Covid-19 pandemic, however centralized regulation is key to developing the industry. That was the view of panellists at a recent SBC India digital conference focused on gambling in India. “If you had asked me this before March of 2020 I would have said absolutely no,” independent legal advisor Jay Sayta said, when asked whether authorities would consider allowing land-based companies to offer some kind of online gambling. “Government would not have been receptive to the industry as a whole, but after Covid, the world has changed in many ways.”
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