Home Authors Posts by Sharon Singleton
Behind the sea of red in Genting Malaysia’s Q3 results, analysts found reason for cheer in the performance of its domestic operations, which generated a positive EBITDA of RM541 million ($133 million) in the quarter.
Vicky Melbourne, head of industrials, property and consumer for South Asia and Southeast Asia at Fitch Ratings, talks with Asia Gaming Brief managing editor Sharon Singleton about the impact of Covid-19 on the credit profile of the region’s operators.
There have been some positive reports this week, talking about optimism over Macau’s medium-term future, led by the premium mass and mass markets.
Jurisdictions benefiting from local support will continue to outperform in the first half of next year, with destination markets such as Singapore, Macau and Las Vegas, likely to begin a faster pace of recovery in the second half once vaccines become more widely available, Fitch Ratings said.
Singapore’s two integrated resorts surprised analysts with the strength of their most recent results, despite higher entry fees for locals and a lack of international travel.
A “heightened risk of severe regulatory action” has prompted Fitch Ratings to put Crown Resorts on credit watch negative for a potential ratings downgrade.
In early July, the Mazhilis of the Parliament of Kazakhstan made amendments to the current gambling law. The new legislation was signed by the President of the Republic of Kazakhstan Kassym-Zhomart Tokayev.
The indicators are lining up and pointing to a positive future for Macau, however, without the improvement of visa processing in China, the recovery is likely to continue at its current steady pace.
India’s online gaming revenue is expected to jump by 45 percent this year as players turned to their mobiles during Covid-19 mandated lockdowns, with the esports one of the fast growing stars of the segment.
After the vaccine-induced stock euphoria earlier this month, Covid-19 has returned to dampen investor enthusiasm.