As APAC Gaming and Hospitality Analyst Angela Han Lee took to the stage, she began to break down what Bloomberg’s Intelligence division has seen since the pandemic brought the region to a standstill, and the parts showing the most promising growth compared to the pre-pandemic level of 2019.
Starting with the Philippines, Han Lee presented Bloomberg’s findings that, in 2020, the country posted a 39% comparison with 2019; which rose to 47% in 2021; and, thus far, in H1 2022, has already reached 79%. This marks a strong recovery for the market.
Meanwhile, in Singapore, the island saw a 41% comparison in 2020, bumping up by four to 45% in 2021. But it was in H1 2022 that it recorded a big leap of 68% on 2019 – with Han Lee saying Bloomberg expected Singapore’s gaming market to reach pre-pandemic levels by 2024.
However, while the Philippines and Singapore were steady, Macau and Phnom Penh showed far more unbalanced figures of recovery.
In the Chinese gambling hub, Macau posted a 21% 2020 recovery on 2019, rising to 30% in 2021. But, for H1 2022, it shrunk back to a low of 18%, which can be attributed to the struggling Chinese economy and effect of Covid lockdowns.
Finally, Phnom Penh, the capital city of Cambodia, showed an initial percentage drive of 51% in 2020, though that number nosedived to 13% in 2022, and has so far only reached 27% in H1 2022. These figures, again, correspond to the effects of the Covid-19 pandemic in the country.
Some of the recovery rates can also be tracked by the tax limits set in each country, with Macau imposing a high 40% standard rate for VIPs. While the Philippines, Singapore and Cambodia have far reduced, and variable, rates of tax for mass gamers and VIPs.
