Your Daily Asia Gaming eBrief: The Bitcoin rally and gaming

Good morning, 

Bitcoin’s meteoric rise in the last three months has recaptured the news headlines as well as the imagination of speculators the world over, especially as it continues to set new highs almost daily. What does this mean for the gaming industry? You can find out in this morning’s newsletter. We also check in with the latest Bernstein analysis, which finds that Melco and Wynn are expected to outperform their Macau rivals in the next six months. Finally, we provide our latest update on the scarcely believable Imperial Pacific International saga in Saipan, in particular the plight of stranded foreign workers.

First, the news


What you need to know


Melco/Wynn named as top picks as premium mass leads recovery

Melco Resorts & Entertainment and Wynn Resorts are expected to outperform their Macau rivals in the next six months due to their larger exposure to the premium mass market, according to Bernstein Research. In its latest outlook for Macau, Bernstein analysts say recovery has been delayed to the second half due to ongoing travel restrictions, but sees a strong pick up from then. The firm predicts that overall gross gambling revenue will reach two thirds of its level in 2019, driven by the mass market, which will recover to 75 percent of its pre-pandemic levels. 

Morpheus

CNMI Representative appeals on behalf of stranded IPI workers

CNMI Representative Edwin K. Propst (D-Saipan) has taken up the cause of Imperial Pacific International’s stranded workers. He revealed in a Facebook post this week that he and a group of his legislative colleagues had personally gone to meet some of these workers to learn first-hand about their recent situation, which the US Department of Labor is contending amounts to a “humanitarian crisis.”

Insights


INDUSTRY VOICES

What does the bitcoin rally mean for gaming?

Bitcoin’s meteoric rise in the last three months has recaptured the news headlines and the imagination of speculators the world over, especially as it continues to set new highs almost daily. Pundits are now asking the obvious question: “How sustainable is it?,” considering bitcoin has slumped precipitously following previous rallies. And, of greater interest to readers of this newsletter: “What does this mean for the gaming industry?”

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