Quick takes
LVS drops out of bid for Japanese casinos
Sheldon Adelson has announced that Las Vegas Sands has decided not to pursue a bid for the right to develop an integrated resort (IR) in Japan. The Japanese government has been accepting bids for IRs in areas including Yokohama, Osaka and Hokkaido. Reportedly, Caesars and Wynn Resorts have also dropped out. It is unclear if that reveals more about the financial health of the casino companies or something about how this bidding process is being managed.
Macau, HK and Mainland China edge towards opening border
Step-by-step, parts of Asia are moving in a positive direction. The Hong Kong government is currently in talks with authorities in Macau and Mainland China with a view towards lifting some of the travel restrictions between the three territories.
McKinsey on the recovery of travel in China
An interesting, well-researched and mostly hopeful take on the likely path to recovery of travel in China. McKinsey predicts that “travel will return in other countries much as it has in China. The young will go first. Travel will involve nearby destinations. Economy travel will recover more quickly. And outdoor and nature-related destinations will be more popular than congested cities.”
Alibaba moves to challenge the Tencent-Canton Fair alliance
Perhaps in a sign that the e-commerce giant does not want to see its rival, Tencent, move into its turf of B2B sourcing, Alibaba has quickly unveiled an online exhibition offering. The details are thin, but it could be interesting if Alibaba throws resources and money at this initiative.
Lazada helps find buyers for excess produce
A good article from Bloomberg on an often overlooked corner of the Alibaba empire. Lazada is an Alibaba subsidiary that focuses on Southeast Asia. The e-commerce platform is helping Southeast Asian farmers to sell produce during the COVID-19 outbreak.