Bloomberg highlighted the ongoing recovery of the Asian casino and resort market during its G2E presentation, which yielded some surprising results.
As APAC Gaming and Hospitality Analyst Angela Han Lee took the stage, she began to break down what Bloomberg’s Intelligence division has seen since the pandemic brought the region to a halt, as well as the parts of the region that are showing the most promising growth compared to the pre-pandemic level of 2019.
Starting with the Philippines, Han Lee presented Bloomberg’s findings that, in 2020, the country posted a 39% increase over 2019; this increased to 47% in 2021; and has now reached 79% in H1 2022. The market has made a strong comeback.
Meanwhile, the island of Singapore saw a 41% comparison in 2020, rising to 45% in 2021. However, it was in H1 2022 that it saw a 68% increase over the previous year, with Ha Llee stating that Bloomberg expected Singapore’s gaming market to reach pre-pandemic levels by 2024.
While the Philippines and Singapore remained stable, Macau and Phnom Penh showed far more unbalanced recovery figures.
Macau, China’s gambling capital, reported a 21% 2020 recovery over 2019, rising to 30% in 2021. However, it fell back to 18% in H1 2022, owing to the struggling Chinese economy and the impact of Covid lockdowns.
Finally, Phnom Penh, Cambodia’s capital city, showed an initial percentage drive of 51% in 2020, but that number dropped to 13% in 2022, and has only reached 27% in H1 2022. These figures, once again, correspond to the country’s effects of the Covid-19 pandemic.
The tax limits set in each country can also be used to track some of the recovery rates, with Macau imposing a high 40% standard rate for VIPs. While the Philippines, Singapore, and Cambodia have significantly lower and variable tax rates for mass gamers and VIPs.