Inside Asian Gaming

IAG JUN 2020年6月 亞博匯 81 專欄 APAC-SPECIFIC CONSIDERATIONS Taking advantage of prohibitions and restrictions in the most populated countries in the region, casino gaming throughout Asia-Pacific has traditionally relied on foreign customers to a large degree. Therefore, in addition to the demand and supply considerations, factors related to international travel in the region can also have significant impacts on gaming performance. What we observed in some Asian markets in February suggests that a stronger recovery is likely to be led by the VIP segment, due to factors such as higher gaming budgets, smaller number of travelers and more flexible itineraries and arrangements. Nevertheless, the potential possibility of new outbreaks, especially by “imported” cases of infection, as well as the associated precautionary measures and public concerns, may hinder or slow down the recovery process. Entry/Immigration requirements (including mandatory health quarantine): Re-opening of the casinos in Macau did not realize a quick comeback, although the first few weeks in March saw the VIP segment stronger than Mass with high hold. Later in the month through present, however, Macau’s tightened entry controls, due to an increased number of imported cases of infection, as well as neighboring Guangdong Province’s mandatory quarantine for visitors returning from Macau, contributed largely to the year-over-year slump of GGR. Travel and visa restrictions: In a similar manner, reliance on foreign visitors implies the significant impacts of travel and visa restrictions on Asian gaming during the pandemic period. While Macau (along with many other Asian gaming jurisdictions) has imposed bans on visitors from many foreign countries for the time being, it is worth noting that industry professionals believe the restrictions may begin to be gradually eased over the following few weeks, and Mainland China’s Individual Visit Scheme (IVS) program is anticipated to be resumed – and even 樂場很有可能會實施關於社交距離及座位密度的措施，以限制座 位供應。這將會令到招待能力受限，特別是在高額娛樂場市場。因 此，我們相信除了對需求的回應之外，在娛樂場範圍內的空間及 人群限制將導致的供應量受限。 可是，我們亦注意到這些關於限制社交距離的政策並非對每 個地方都有相同影響，如果一間賭場的角子機在過去的繁忙時間 中都是每三部只有一部被佔用的話，那麼它所受的影響就會比那 些在繁忙時間座無虛席的娛樂場來得小。 新發展及設施維護方面的資金投放： 我們相信如果信貸市場 變得緊拙的話，潛在的影響可能會令到在亞洲博彩市場內全新的 開發計劃以及已有定案的的物業擴張計劃受到限制。另外，沒有 得到妥善維修的設施亦可能會導致玩家轉移至其他他們喜愛的 物業，雖然這並不會導致他們用於耍樂的數額出現下降。 潛在的關閉可能： 我們意識到新冠疫情可能會令到一些娛樂 場永遠停運，這可能是由於那些賭場缺乏流動資金，並且位於一 個比較差的地點，令到這些物業即使在現在或新的擁有人也不能 重開。 可是這對於展望方面的影響卻比較中性，因為在出現供應減 少的市場中，其失去的收入都會由餘下的設施所吸收。 亞太區的特別考量 考慮到在亞太地區內大部分多人口的國家所實施的禁令或 限制措施，區內的娛樂場博彩傳統上都都在很大程度上依賴外國 客人。因此，除了供求方面的考量之外，與區內國際旅遊相關的因 素一般都對於博彩表現有重大影響。 我們在二月時於一些亞洲市場所觀察到的情況，顯示出強勁 的復甦有可能會由貴賓板塊帶動，原因包括更高的博彩預算、更 少的旅客及更有彈性的行程和安排。可是，依然有可能發生的疫 情爆發，特別是由「輸入」個案引起的感染，加上和其相關的防護 措施和公眾憂慮，都可能阻礙或減慢復甦進程。 入境/移民要求(包括強制隔離措施)： 在澳門的娛樂場重開並 沒有導致一個迅速的復甦，雖然在三月頭幾個星期貴賓廳板塊的 表現由於高贏率而比中場強勁。但在該月的後期直至現在，澳門 由於輸入病例數目增加而收緊了入境政策，加上鄰近的廣東省對