Your Daily Asia Gaming eBrief: Casinos facing down recession

Good Morning. The Great Recession beginning in 2007 squashed a widely held belief that casinos are largely immune to economic downturns. Now, just as the industry is looking towards better times as it reopens from Covid, recession is once again looming. Andrew Klebanow of C3 Gaming looks at how the 2007 recession affected casino projects across the globe and assesses what the impact might be this time around. It’s early days, with plenty of unknown variables, but data from the U.S. holds hope that we’re not looking at a repeat of the dark days of 15 years ago.

What you need to know

• The Macau government has ordered the closure of all non-essential businesses from July 11th, shuttering its casinos for the second time in three years.
• The Thai public has shown overwhelming support for a proposal for legal casinos, seemingly clearing a potential stumbling block to gambling regulation.
• S&P expects Macau Y22 gaming revenue at 20% of Y19, draws worst case scenario for 2023, as the Covid outbreak clouds recovery prospects - downgrades Melco, SC.
• Lotte Tour Development said it expects the Jeju Dream Tower property to generate $69.2 million in revenue for 3Q22, up 72% from 2Q22 as tourists return to the island.

On the radar

• Macau new Covid infections rise, but pace of growth slows.
• Grand Hyatt, Grand Lisboa Palace added to Macau quarantine hotels.

AGB Intelligence

INDUSTRY VOICE: Andrew Klebanow

Inflation, recession and the impact on gaming in Asia

Industry Updates

• iGaming Group nets exclusive distribution with Play’n GO.

MEMBERSHIP | MAGAZINE | ASEAN | CAREERS