The recovery has been slower and more gradual than the group expected, according to Goldman Sachs analysts.<\/p>\n\n\n\n\n\n\n\n
Macau.- Suncity Group has recovered up to 20 per cent of its pre-pandemic rolling chip volume in Macau, according to analysts at Goldman Sachs Asia.<\/p>\n\n\n\n
Simon Cheung, Alpha Wang, and Carrie Jiang said a source close to the Hong Kong-listed gaming group had recognised that the pace of recovery was behind expectations and that the firm had closed select VIP rooms in Australia, South Korea and Macau.<\/p>\n\n\n\n
Goldman Sachs Asia suggested that VIP gross gaming revenue (GGR) in Macau had only recovered to about 20 per cent of the pre-Covid-19 levels in December. That would be less than the average recovery of GGR in Macau.<\/p>\n\n\n\n
The group accepts a more gradual recovery than expected but has hopes for the Chinese New Year holiday period.<\/p>\n\n\n\n
That said, travel restrictions have dissuaded Chinese visitors from entering Macau even after the reinstatement of the Individual Visit Scheme (IVS). Self-service kiosks for IVS applications remain suspended, while the city demands a negative Covid-19 test result to avoid quarantine.<\/p>\n\n\n\n
Goldman Sachs does not anticipate a change in strategy and believes Suncity will continue to expand into Asian markets outside of Macau.<\/p>\n\n\n\n
The opening of its Vietnam casino<\/a><\/em><\/strong> and resort, Hoiana, in 2021 will be a major step in that direction, as well as the start of work on Phase II at Tigre de Cristal<\/a><\/em><\/strong> in Russia.<\/p>\n","protected":false},"excerpt":{"rendered":" The recovery has been slower and more gradual than the group expected, according to Goldman Sachs analysts.<\/p>\n","protected":false},"author":2,"featured_media":13280,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Suncity Group's VIP gaming recovery in Macau has been slower than anticipated, reaching only 20% of pre-pandemic rolling chip volume and VIP GGR, according to Goldman Sachs analysts. This underperformance, attributed to persistent travel restrictions, has led to the closure of select VIP rooms across multiple jurisdictions. Despite the Macau challenges, Suncity is strategically pivoting towards expansion in other Asian markets, notably with its Hoiana resort in Vietnam and the Tigre de Cristal Phase II project in Russia.","focusai_entities":"Suncity Group, Goldman Sachs, Goldman Sachs Asia, Simon Cheung, Alpha Wang, Carrie Jiang","focusai_location":"Macau, Australia, South Korea, Vietnam, Russia","focusai_target_profile":"ceo_executive (1.0), regulator (0.7), compliance_legal (0.7), operator_casino (1.0), investor_analyst (1.0), supplier_vendor (0.8), journalist_researcher (1.0)","focusai_suggestions":[{"label":"Macau Recovery Outlook","query":"What is Suncity Group's revised GGR and rolling chip volume recovery forecast for Macau, considering the persistent IVS and COVID-19 testing impediments, and what specific operational adjustments are being implemented to mitigate these headwinds?"},{"label":"International Expansion Strategy","query":"Beyond Hoiana and Tigre de Cristal Phase II, what are Suncity Group's long-term capital allocation plans and market entry strategies for further diversification across Asian gaming verticals, and how will these impact its overall risk profile?"}],"footnotes":""},"categories":[157,16338],"tags":[8232,23906,23702],"class_list":["post-13278","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-east-asia-news","tag-hoiana","tag-macau-casinos","tag-suncity-group"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/13278","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=13278"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/13278\/revisions"}],"predecessor-version":[{"id":13295,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/13278\/revisions\/13295"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/13280"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=13278"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=13278"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=13278"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}