Your Daily Asia Gaming eBrief: Genting Malaysia seen rebounding strongly as the country opens

Good morning. In this week’s Face-to-Face, Tushar Mohata, head of Malaysian equity research at Nomura, explains what will be driving growth in Malaysia and discusses the Genting group’s prospects in its various operating markets. We also talk about plans for capital investment and why the group is unlikely to have given up on pursuing a license in Japan in the longer term. 

What you need to know

• The Royal Commission findings into Crown Resorts are to be handed to the government on Friday, which will release its response before the end of October.
• QC Ian Freckelton has cleared the Victorian gambling regulator of any wrongdoing or corruption in relation to the Crown Resorts’ AML failings. 
• NSW is set to fully open its borders to international tourists, who will no longer be required to serve quarantine upon arrival from November 1st.
• Melco Resort's credit rating has been downgraded by S&P Global due to the slow recovery in Macau and the Philippines and uncertainty due to the Delta variant.
• Macau’s casino operators have released internal guidelines asking employees to either get vaccinated, or present a negative Covid test every seven days.

On the radar

• PH to allow quarantine-free entry for vaccinated travellers from Oct. 14.
• The IMF has slashed its forecast for Macau’s 2021 GDP growth to 20.4%
• Singapore IRs restrict entry to fully vaccinated guests, or recovered patients.
• The number of online gamblers in Australia have doubled in the past decade. 
• Fitch has upgraded the IDR of Empire Resorts reflecting an improved credit profile.

What the papers say

• Seoul exhibition venue considers adding casino, hotels to compete with Japan/Singapore.
• Saipan government allows $1m of IPI’s license fee to be allocated to Tinian.
• India’s Nazara Technologies eyes U.S./Europe expansion after funding round.
• Third gaming law consultation canceled due to typhoon.

AGB Intelligence

FACE-TO-FACE

Genting Malaysia seen rebounding strongly as country opens

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