Asia Casino Market Set To Pull In More Than $65bn In Investments
Despite being buffeted by tough competition and a slowdown of the Chinese economy, the casino industry in Asia is expected to invest around $65 billion in the next few years in its efforts to expand and attract more foreign gamblers to their doors.
Asia’s casino business is spurred largely by Chinese gamblers, but with the downshift of Beijing’s economy and Japan also preparing to jump into the gaming industry, the competition is going to get a lot tougher.
In the race to entice Chinese high rollers, casino operators in Macao and Singapore have decided to spend heavily in expanding and developing larger and more extravagant casino resorts. The two casino operators in Singapore are putting in a combined $6 billion in their thrust for expansion.
Despite the fact that all Macao gambling licenses are slated to expire in 2022, operators in Asia’s top gaming destination are also revamping their casinos, betting that the government will renew their licenses with the persuasion of their multi-million dollar investments. Melco Resorts & Entertainment, Wynn Macau, Galaxy Entertainment, and Sands China are confident that their licenses will be renewed after they expire in 2022.
Benefitting from a monopoly in Phnom Penh, with no other casinos within a 200-km radius of the Cambodian capital, NagaCorp has announced a $3.5-billion plan to establish a third resort casino in the city. The Hong Kong-listed company has exclusive rights to the gambling industry of the area until 2035.
Across the Mekong River, in Vietnam, a liberalization of the gambling market in 2017 has paved the way for foreign operators to set up shop in the once recluse country. Corona Resort and Casino, the first legal gambling establishment for locals in the country, first opened in January on Phu Quoc island. The $4-billion the Hoiana, a major integrated casino resort on Vietnam’s Central Coast, is set to follow suit later this year. Holding equals stakes on the Hoiana are Hong Kong’s VMS Investment Group, Macao junket operator SunCity, and VinaCapital.
Japan Expected To Join Gambling Race In The Next Decade
Japan is expected to get its casino industry up and running within the next 5 years and billions will be invested by international casino operators for the three inaugural integrated resorts. MGM, Melco, and Las Vegas Sands are all interested in getting a license and are set to invest over $10 billion each to win a license.
Research firm Union Gaming reports that the Asian gambling market will witness upwards of $65 billion being poured in to complete expansion endeavours and new projects in the next few years.
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