Inside Asian Gaming

IAG AUG 2019年8月 亞博匯 14 亞博匯早報 BREAKFAST BRIEFS GENTING TO LOSE ASEAN MARKET SHARE TO PHILIPPINES, CAMBODIA 雲頂將因菲律賓和柬埔寨崛起而失去東盟的市場份額 THE long-standing reputation of Genting Singapore and Genting Malaysia as ASEAN’s market leaders is set to come to an end, with the rapid growth of the Philippines and Cambodia marking them as the region’s top gaming destinations. The inevitable ceding of ASEAN market share is highlighted in a recent research note from JP Morgan which points to tougher operating conditions in Singapore and Malaysia versus a less restrictive regulatory landscape, higher incremental supply with lower non-gaming investment, significant cost advantages and increasing connectivity to China enjoyed by their rivals. “For the last 25 years, ASEAN investors have viewed the Genting family of stocks as preeminent gaming exposure,” the investment bank said. “Now, we see demand dynamics in the region moving against the group. In particular, we see 2019 marking an inflection as Genting home markets Singapore and Malaysia cede their position as the largest ASEAN gambling locations to the Philippines and Cambodia.” Of particular concern to analysts are recent increases in Singapore’s entry levy and gaming tax, while Genting Malaysia faces a tax hike of its own and a delay to its Fox theme park amid litigation involving its US partners. The Philippines and Cambodia, meanwhile, have enjoyed 2.4x growth between 2014 and 2019 with supply and demand continuing to grow at a faster pace than any of their regional counterparts. “We think Genting Singapore and Genting Malaysia stand at a disadvantage, and market share loss to regional competition will accelerate over the next few years,” JP Morgan said. 雲頂 新加坡和雲頂馬來西亞長期作為東盟市場領導者的地位或 將終結。隨著菲律賓和柬埔寨的迅速增長，這兩者將成為該地區 頂級博彩目的地。 摩根大通在一份研究報告中強調，雲頂將不可避免地放棄 東盟的部分市場份額，該報告指出，新加坡和馬來西亞的經營狀 況較為嚴峻，而菲律賓和柬埔寨的監管環境限制較少，隨著前者 不斷增加的供應和減少非博彩投資，競爭對手的成本優勢將更明 顯，更有利促對手與中國打好關係。 投行摩根大通表示：「過去25年，東盟投資者一直將雲頂集團 的股票視為卓越的博彩投資。」 「現在，我們看到該地區的需求不利於雲頂集團。特別是，我 們認為2019年雲頂集團的本地市場如新加坡和馬來西亞，均將把 東盟博彩市場領導者的地位讓給菲律賓和柬埔寨。」 分析人士擔心，新加坡最近提高了入境稅和博彩稅，而雲頂 馬來西亞也面臨著增稅的處境，其福斯主題樂園也因涉及與美國 合作夥伴的訴訟而延期。 與此同時，菲律賓和柬埔寨預計2014至2019年的經濟增長 將達至2.4倍，供需增長速度將繼續超越同地區的其他國家。 摩根大通表示：「我們認為雲頂新加坡和雲頂馬來西亞正處 於不利位置，在未來數年，區域競爭將加速市場份額的流失。」