Inside Asian Gaming

IAG JUN 2023年6月 亞博匯 78 COLUMNISTS end in sight. Twenty years ago, Macau had only one operator – the Stanley Ho founded STDM. The Philippines had a few run- down PAGCOR properties. There was no Singapore industry at all. Fast forward to today and look at Cotai in Macau, Entertainment City and Clark in Manila, and the MBS and RWS duopoly in Singapore. And don’t forget the additions of Crown in Sydney, Paradise City in Incheon, City of Dreams in Cyprus and NUSTAR in Cebu, all indisputably built to follow the modern IR model. Add to this the fact that most major IR companies are expanding: Phase 3 and 4 for Galaxy, numerous upcoming phases for the other Macau operators, Solaire North and Cavite plus Westside in Manila, the rise of Clark properties (particularly Hann Casino Resort), more properties on the books at Incheon in Korea, major expansions of both MBS and RWS in Singapore, MGM Osaka in Japan, hype about five new IRs in Thailand, and Naga 3 in Cambodia. It seems like every jurisdiction in Asia wants to join the party! All this represents an investment approaching US$100 billion, a stupendous amount in anyone’s language. Do we really think smart investors continue to pour this kind of cash into an industry on the way out? While some may proclaim a setting sun on the bricks and mortar version of our industry, I don’t see it. All I see is a series of dawns. May the sun continue to rise!