Your Daily Asia Gaming eBrief: Racing insulated from the pandemic

Tuesday 1st of March 2022

Good Morning. Endless lockdowns and border closures saw casino GGR across Asia take a dive over the last two years, the same story, however, has not been witnessed in the racing industry. Australia and Hong Kong in fact saw record racing turnover in FY20 and FY21. Our infographic today looks at turnover across four racing regions in Asia. Looking at the graphs alone, you may not even realize a pandemic had occurred.

What you need to know

SJM Holdings saw revenue from its new Grand Lisboa Palace improve in 4Q21, but results were still below analysts' expectations.
Crown Resorts’ credit rating may be downgraded multiple notches as new owner Blackstone is more comfortable with higher debt levels: Fitch
International Entertainment said it’s still negotiating the terms of a provisional gaming license with PAGCOR and has yet to find suitable land for a resort.
MGM China and Wynn Resorts have confirmed through their latest annual reports that they have ended all cooperation agreements with gaming promoters in Macau since December 2021.

On the radar

Donaco swings to EBITDA loss in 1HFY22 on Covid-19 closures.
SG said Carnival Cow first game to meet Macau’s 2.0 standards.
Macau Jan. hotel occupancy down 10.8 points from prior month.
Hoiana appoints Jit Ng to lead marketing and expand brand awareness.
World Dream to become the last of Genting HK’s ships to sail.
Chinese Chamber in Cambodia wants more done to protect its nationals.

What the papers say

India’s Rajasthan plans law to regulate skill-based games, rather than a ban.
Macau unemployment rate rises on junket room closures.
China lottery sales fall 13.8 percent in January.
Shifts in Asia gaming landscape makes CNMI prime for investment: Yeom.

AGB Intelligence

DEEP DIVE

Racing insulated from the pandemic

Despite draconian curfews, never-ending lockdowns, and unabating travel bans that characterized much of the last two years, the Covid-19 pandemic appears to have done little to dampen the enthusiasm of racegoers and punters, with data showing that the racing industry was insulated from the pandemic. Last month, the Hong Kong Jockey Club managed to set a turnover record at its Lunar New Year Race at Sha Tin - this was despite the racecourse being closed to the public, allowing only race officials, jockeys, and key staff to be present. It follows a record turnover year for the jockey club in 2020-2021, with a 27.9 percent rise in turnover in the year to HK$279.7 billion (US$35.8 billion).