Genting Bhd Chairman Lim Kok Thay says he expects global economic conditions to continue to recover and said the group will assess any business opportunities that arise that could complement existing operations or provide new growth.
In his letter to shareholders in the group’s annual report, he also said Genting will continue to take proactive measures to improve productivity and efficiency.
Although he says there have been signs of nascent recovery in the regional gaming markets, the outlook remains highly uncertain. The company has casino operations in Malaysia, Singapore, the U.S., U.K., Cairo and the Bahamas and is seeking a license in Japan.
With continued and future disruptions on land-based casino revenues, industry executives are asking whether online casino platforms, which have seen rapid growth rates, can play a role in assisting stalled revenue lines and help them move beyond these difficult times.
Hong Kong-listed R&F Properties is seeking new financing and a casino operator partner for the Midan City development in Incheon, attempting to recover from Caesars Entertainment’s abandonment of the partnership.
The world is bouncing back, or at least coming to grips with the fact that going forward not much will be the same as before. Commendably, this industry quickly understood the need to adapt to a new normal, and that the days of targeting the low hanging fruit of the VIP sector are gone.
Over the years, many of the answers have been remarkably prescient in their forecasts for the near-term direction of Asia’s gaming industry. However, we can safely say that no one came anywhere close to guessing what 2020 may have had in store.