Asia round-up: Global Gaming Awards hit Asia & mixed bag for Macau
The Global Gaming Awards are heading to Asia
Following the success of the Global Gaming Awards in Las Vegas and London, Gambling Insider is delighted to announce a dedicated event for the Asian gaming market.
With new integrated resorts being developed and many suppliers launching products for the Asia region, there certainly are plenty of companies that deserve to be recognised and rewarded.
“Asia is already one of the largest gambling markets in the world and we expect this expansion to continue,” said Julian Perry, Editor-in-Chief of Gambling Insider.
“The Global Gaming Awards Asia have been in the works for a while now and we are certainly excited to officially announce this event taking place later in 2022."
To enter the Global Gaming Awards Asia, companies operating in Asia should simply fill in the short form on globalgamingawards.com/asia/ and tell us what they have achieved in the past 12 months.
This year’s winners will be announced at a virtual event on 22 August, due to travel restrictions still in place across Asia.
The Global Gaming Awards Asia will have nine categories:
Casino Operator of the Year
Casino Supplier of the Year
Integrated Resort of the Year
Casino Product of the Year
Table Game of the Year
Corporate Social Responsibility of the Year
Digital Supplier of the Year
Digital Operator of the Year
Executive of the Year
Morgan Stanley: Macau estimates cut after poor Q1, down 77%
Financial analyst Morgan Stanley has tempered its expectations for Macau's revenue growth, with the latest estimates on Macau’s recovery now lowered.
Morgan Stanley’s research cites persistently low visitation levels, with figures far down on pre-pandemic numbers in 2019, as cause for its cut estimates.
“The Global Gaming Awards Asia have been in the works for a while now and we are certainly excited to officially announce this event taking place later in 2022”Julian Perry, Editor-in-Chief of Gambling Insider
Macau’s gross gaming revenue (GGR) for the first quarter of 2022 is down 77% from Q1 of 2019. Furthermore, March 2022 has seen GGR figures slump 86% from the same period in 2019.
The company notes an increase in Covid cases across Macau and in wider Chinese regions as having a distinctly negative impact on local travel and industry revenue.
This has not been helped by increased restrictions put in place by the Chinese Government, which persists with a Covid-zero policy across all regions of the country.
With China’s restriction policies showing no signs of changing, Morgan Stanley has taken the view that no major ease to travel restrictions will occur in 2022.
Therefore, it has lowered its forecasts with China’s cautious Covid approach continuing across all of the mainland, Hong Kong and Macau.
Macau’s weekly gaming revenue grows 11%
Macau’s weekly gaming revenue grew 11% to $50m, according to the latest data from the region. This is despite Macau’s visitation figures remaining significantly low, as mentioned above.
The figures come somewhat as a surprise, with China’s zero-Covid policy continuing to plague hopes of a sustained period of increased tourist visitations.
The wider figures paint a more expectedly gloomy picture, however. Macau’s latest month-to-date revenue of $260m is down 89% compared to 2019, and down 69% from the same period last year.
Furthermore, month-to-date VIP revenues declined by over 20% in March, and mass-market figures dropped 30% in the same period.
Bernstein analyst Vitaly Umansky has projected that Macau’s April GGR will fall even further, and drop by 88%.
Umansky’s expectations don’t seem to marry with those of Macau’s Government Tourism Office Director, Maria Helena de Senna Fernandes, who believes average hotel bookings could reach 60% during the Labour Day holiday from 30 April to 4 May.
Fernandes expects to see more than 25,000 daily visitor arrivals across the long weekend, up from the 17,000 daily average visitation figures during March. This was a low point compared to February, where average visitation figures stood at a daily average of 23,400.
Despite Fernandes’ optimism, an expected 25,000 Macau visitors are still far below the region's pre-pandemic numbers. A lot depends on Covid cases in China, and the continuing zero-Covid policy of the Chinese Government.
Missed a big gambling industry story in Asia? Don't worry, Gambling Insider has you covered with our Asia round-up.