Daily Asia Gaming eBrief: Sands China with lower mass market share

Tuesday 23rd of April 2024

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Good Morning. Sands China appears to have lost a bit of market share in the mass segment, despite dominating about a quarter of the market, with renovations cutting into the group's potential offerings, according to Morgan Stanley. In the Philippines, Premium Leisure Corp says that drops in VIP contributed to a 44 percent fall in gaming revenue from City of Dreams Manila in the first quarter. And further abroad, Imperial Pacific has filed for Chapter 11 bankruptcy, effectively halting its bid to retain its casino license in Saipan.

What you need to know

Morgan Stanley revises Sands China's 2024 EBIT D A forecast down by 8 percent to $2.4 billion due to a loss in mass market share.
Premium Leisure Corp says drops in VIP triggered a 44 percent fall in gaming revenue for City of Dreams Manila in 1Q24.
Imperial Pacific International filed for Chapter 11 bankr u ptcy protection, halting negotiations with the Commonwealth Casino Commission.

On the radar

Suntrust secures $38M loan for development of Westside City project.
The Star remediation “too ambitious”, fraud could happen again: executives.
Macau government gaming tax revenue tops $882M in March.
Far East gaming subsidiary aiming to raise $2M in new share allotment
Macau international visitors recovered to 68% of 2019 levels in 1Q24.
President Marcos: Filipino hospitality a pillar of Philippine tourism.

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