China’s VIPs are once again driving gross gambling revenue across the region, with the Philippines tipped as being one of the best-placed jurisdictions to take a slice of the high-roller pie.
A small change to Australian gambling law in 2015 is now having an impact on the wider industry. The amendment highlights why many are concerned about the market’s ability to support some of the multi-billion dollar IR projects being planned. With Australian's gambling preferences still focused on pokies and VIP revenue declining, who will fill these properties?
Crown has recently re-focused its efforts on expanding its Australian business in the wake of the Chinese VIP crackdown and the arrest of 18 of its employees on “gambling related” charges. Crown Resorts has bucked the trend of going global, selling down 155 million ordinary shares in its Melco Crown Entertainment (MCE) joint-venture back to the Macau-based gaming company to refocus on its Australian business. However, the move comes as the market at home stagnates and a crackdown on marketing to VIPs reverberates through the industry.