Your Daily Asia Gaming eBrief: Demand outstrips casino supply/IRs too expensive

Wednesday 12th of July 2023

Good Morning. Operators are bullish on the potential of the Asian land-based casino market, saying that demand is far higher than supply, even as more regions open up to the activity. But the cost of setting up IRs is prohibitive, leading operators to be cautious in decision-making. And in Macau, Sands China's president says the company is focusing its marketing efforts overseas, to attract foreign visitors. Meanwhile, the city's tourism head says expectations are for 24 million visitors to Macau this year. And in the Philippines, the nation's president has urged PAGCOR to push for greater achievements, as the group celebrates its 40th anniversary and launches a new logo.

ASEAN Gaming Summit, asia gaming ebrief, Philippines

What you need to know

Demand for gaming in Asia still far surpasses supply, say top gaming operators, noting that IRs are getting too expensive to build.
Wilfred Wong says that Sands China has developed a comprehensive overseas marketing strategy to attract international tourists.
PH President Marcos urges PAGCOR to be a catalyst for greater achievements as it celebrates 40th anniversary.
Macau welcomed 11.6 million visitors in 1H23, and the city's tourism head expects 24 million tourists this year.

On the radar

Citigroup: Macau gaming EBITDA to reach 65% pre-pandemic levels in 2Q23.
Australian Federal Court signs off on $300m Crown fine.
City of Dreams Mediterranean officially opens.
Australian Government may end online gambling trailing commissions.
New Delhi online gaming companies hit with new 28 percent tax.

AGB Intelligence

ASIA

Demand far outstrips supply, IRs getting too expensive: operators

The demand for land-based casino gaming in Asia is far higher than the supply, despite regional shifts towards legalization and increased offerings. A panel of top operators within the region noted that IRs are the future of the industry's success, providing full-fledged experiences. But the cost of setting up multi-billion-dollar properties limits where they can be placed, leading companies to cautiously pursue opportunities within new markets.