A Bloomberg analysis contrasted the resurgence of various Asian gambling sectors, uncovering some unexpected findings regarding the ongoing recovery of casinos and integrated resorts within the area.
The information, showcased at G2E Asia, displayed the Philippines rebounding vigorously. While gross gambling revenue (GGR) experienced a 39% decline in 2020 compared to the pre-pandemic year of 2019, it rallied to 47% in 2021. By the middle of 2022, GGR had already attained 79% of 2019 levels.
Singapore similarly exhibited a strong comeback. Following a 41% plunge in GGR during 2020, it ascended back to 45% of pre-pandemic figures in 2021. Nevertheless, the initial six months of 2022 witnessed a substantial surge, with GGR hitting 68% of 2019 numbers. Bloomberg anticipates Singapore’s gambling sector will completely revert to pre-pandemic levels by 2024.
Conversely, the outlook is less optimistic in Macau and Phnom Penh, where the recuperation has been more erratic. Macau’s GGR achieved 21% of 2019 levels in 2020 and rose to 30% in 2021. Regrettably, it receded to a mere 18% during the first half of 2022. This downturn is probably attributable to China’s stringent “zero-COVID” approach and the consequent effects on travel and tourism.
Although 2022 began with a decline in Phnom Penh’s VIP gaming revenue, which sharply fell to a mere 13% and only recovered to 27% by the middle of the year, it’s crucial to note that this number was at a robust 51% in 2020. These variations clearly demonstrate the influence of the Covid-19 outbreak on Cambodia’s gaming sector.
Examining tax policies across various areas also sheds light on their resurgence. Macau, for example, levies a substantial 40% tax on high-stakes gaming income. Conversely, nations like the Philippines, Singapore, and Cambodia have adopted more advantageous and adaptable tax frameworks for both recreational and high-roller players, presumably aiding their recovery in the industry.