Colliers: Asia Pacific Hospitality Sector Expected to Hit 2019 baseline by 2023, Cambodia to Lead in Casino Segment

Colliers: Asia Pacific Hospitality Sector Expected to Hit 2019 baseline by 2023, Cambodia to Lead in Casino Segment

The Asia-Pacific hospitality sector is projected to recover steadily from the last quarter of 2021 onward, and to hit the 2019 baseline by 2023, according to a recent report by an investment management company Colliers International.

The report, entitled Colliers Hotel Insights Q1 2021, also predicted that Cambodia and Macau will lead the way in the casino segment, with Singapore, the Philippines and Vietnam lagging behind.

“Premium mass will drive the recovery in Macau, whilst the VIP segment will lead Cambodia’s. Overall, we expect Gross Gaming Revenue in Macau to be circa 50-60% of 2019 levels in 2021. For Singapore, this will possibly be circa 45% of 2019 levels, with Cambodia circa 60%,” said the report.

Colliers also added many casinos across the region are transforming themselves into integrated resorts that offer inclusive services such as hotels, restaurants, theme parks, bars, and clubs, among others. This shift is a smart move and will be a trend to capture more market share in the future.

The casino sector has been growing steadily in Cambodia during the pre-COVID-19 period. By the end of 2019, Cambodia hosted at least 195 casinos nationwide, according to the number of casino licenses issued by the Ministry of Economy and Finance. However, the sector was hit hard by the pandemic. (Read more)

One of the largest casinos in Cambodia is Naga World, with two branches operating in Phnom Penh. The third one is under construction and is scheduled to be completed by 2025. Besides, NagaCorp is also expanding its business in Siem Reap and Sihanoukville. (Read more)

Regarding the new Naga resort project in Siem Reap, the Ministry of Culture and Fine Arts just recently dismissed the project as it could affect the Angkor Archaeological Park. However, the firm is re-studying the plans to make the project possible. (Read more)

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