Your Daily Asia Gaming eBrief: HK Covid crisis pointing towards another lost year for Macau GGR

Good Morning. As Hong Kong’s Covid crisis escalates, with panic buying in the supermarkets and overflowing hospitals, prospects for a reopening of its borders with China and Macau have disappeared in the rear view mirror. Some casino executives are conceding 2022 may be another difficult year for top line revenue growth. Ben Lee, managing partner for IGamiX Management & Consulting, says that as the pandemic lumbers on there is little more operators can do to reduce their costs and boost the bottom line given the rigidity of the Macau labor market.

What you need to know

• Gross gambling revenue from all forms of gambling in the Philippines rose 14.4 percent in 2021, with 4Q21 showing the strongest performance of the year as operating restrictions eased.
• ASIC is being criticized for deciding not to pursue charges against ten former Crown Resorts executives for their role in the company’s misconduct.

On the radar

• RWM shareholder to provide $151.3 million capital injection.
• IPI again faces cash-flow crunch, delays wage payments.
• Accor opens Philippines’ first Swissotel brand property at Hann Casino.
• Paradise Co. reported a 5.7% YOY fall in casino sales in February 2022. 
• MGM Resorts International to buy back $2 billion in shares.

What the papers say

• Meghalaya CM to lead committee of ministers studying GST on gambling industry.
• RWLV was 75% cash flow positive following the 2021 opening.

AGB Intelligence

DEEP DIVE

H.K. Covid crisis pointing towards another lost year for Macau GGR

Industry Updates

• MOA Gaming to make its debut at SIGMA Dubai.
• Galaxy joins vaccines push with paid leave to accompany family members
• LVS launches Sands Cares Accelerator in Macau.

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