LAST WORD 54
Is it time to rethink shutdowns? Sharon Singleton
Managing Editor, AGB
Eight months into the Covid-19 crisis and it’s starting to feel a bit like a game of whack-a-mole as reinfections continue to resurface around the world.
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opes for a V-shaped recovery are fading the international business any time soon with New fast as properties remain closed, or Zealand’s borders likely to remain shut for all of 2021. Similarly Australia, which had a good track record have been forced to shut their doors again due to new outbreaks. The hits to early on, put the state of Victoria on full lockdown the economy and bottom line keep on coming and again, complete with a nighttime curfew after new consumer demand is softening as jobs evaporate and cases were recorded. That shut down Crown Resort’s Crown Melbourne property for at least six weeks. the uncertainty about the future continues. Thailand had been considering opening up to In China for example, manufacturing production has returned to almost normal levels, though the tourism in select locations from October, but that consumer sector continues to struggle as people plan is now on likely to be put on hold after the first tighten the purse strings. Total Chinese spending on locally transmitted case in more than three months was discovered. imports of goods and services Similarly Vietnam, which in the second quarter was about also appeared to have the $530 billion, far short of the situation under control, has $606 billion in the same period The International closed down its Danang area a year earlier. Labour Organisation after a resurgence there. Asia’s mega-wealthy still The list goes on. South have cash to spend, though in April estimated Korea won widespread praise according to investment bank that the crisis had for its handling of the crisis DBS, they are keeping their in the early days, but has had powder dry to take advantage put some 15.3 several resurgences. Paradise of opportunities in financial million tourism Co.’s Paradise City was forced markets and private equity to close after cases amongst once the pandemic subsides. jobs at risk across staff, while Kangwon Land None of this makes pretty the Asia Pacific has repeatedly extended its reading for IR operators and closure to Sept. 21. raises the question of how region. It would be irresponsible long disease control measures to suggest governments throw can shut down economies and caution to the wind and declare peoples’ livelihoods? In Europe, governments appear to be taking a vastly different business as usual, though if new cases are mushrooming approach and whilst not a free-for-all as in the U.S., seemingly out of the blue after months of being in borders are mostly open and tourism has resumed. the clear, there perhaps needs to be a rethink about Outside of Macau, SkyCity Entertainment was the how to handle the crisis. The International Labour Organisation in April first to reopen its doors and had reported unexpectedly healthy demand. However, with more than 100 days estimated that the crisis had put some 15.3 million without a single case, an outbreak was reported in tourism jobs at risk across the Asia Pacific region. In Auckland and the city and casino were shut down addition, it points out that three in four workers are in informal positions, making them particularly vulnerable. again for a further two weeks. If we’re not careful the ongoing economic pain will As for international travel, the operators’ management has said they don’t expect a return of be felt long after the pandemic has passed.
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Asia Gaming Briefings | September 2020
