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

3 April 2021
Local News
2950 Views

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)

- Video Advertisement -

Cambodia Faces Mounting Debt Challenges in the Real Estate Sector

16 December 2024

The real estate sector in Cambodia is grappling with mounting financial concerns, as total housing debt nears USD 1 billion, according to insights shared during the recent roundtable discussion, The Debt Situation in Cambodia, organised by the Real Estate and Mortgage Regulatory Authority. Mr Chou Vannak, Director General of the authority, revealed that homebuyers owe […]

Expert: Dual-Pronged Strategy to Navigate Post-Pandemic Challenges in the ASEAN+3 Property Market

15 December 2024

The ASEAN+3 property markets, encompassing ASEAN nations along with China, Hong Kong, Japan, and Korea, are grappling with declining prices and transaction volumes, compounded by financial constraints, surplus inventory, and at-risk developers. These challenges, exacerbated in the Plus-3 economies by stricter financial conditions and diminished buyer confidence, underscore the pressing need for stabilization measures in […]

Critical Analysis of Cambodia’s Stamp Duty Exemption Policy for Properties Valued at USD70K or Less

2 December 2024

The Cambodian government’s decision to introduce a stamp duty exemption for properties valued at USD 70,000 or less is a policy aimed at alleviating the financial burden on property buyers and stimulating the real estate market. However, while this policy appears beneficial, a deeper analysis reveals both advantages and disadvantages that raise questions about its […]

Thai office space vacancy rate rises 26.3%, Yet Thailand’s richest billionaire optimistic about market demand growth

19 November 2024

Bangkok’s office vacancy rate in prime Grade A buildings has soared to 26.3%, reflecting a growing oversupply, but Frasers Property Limited, led by Thailand’s wealthiest scion, is betting on the US-China trade feud to drive demand for office and industrial spaces across Southeast Asia, according to bangkokpost on 19 September 2024. With a US$3.6 billion […]

Thailand’s USD 6.5 Billion EV Industry Set to Power Commercial Real Estate Growth

10 November 2024

Thailand’s fast-growing electric vehicle (EV) industry is projected to generate a real estate market worth at least USD 6.5 billion by 2030, driven by government policies and strong foreign investments. As the country aims to solidify its position as Southeast Asia’s leading hub for EV manufacturing, this growth will fuel demand for specialised real estate […]

Cambodia Maintains the World’s Highest Central Bank Interest Rates, Defying Global Trends

5 November 2024

In the third quarter of 2024, Cambodia continues to lead global markets, with central bank interest rates soaring between 10% and 12%, starkly contrasting with the 0% to 6% range maintained by most major economies. This divergence, detailed in a report by CBRE Cambodia published on 17 October 2024, spans from December 2021 to December […]