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China Tourism Report Q1 2012
Business Monitor International, Nov 2011, Pages: 68
Business Monitor International's China Tourism Report provides industry professionals and strategists, corporate analysts, tourism associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on China's tourism industry.
Tourist Arrivals Point To Slowing Trend
Total arrivals to China continued to slow in July 2011, following a slower than expected first half of the year. In total, tourist arrivals reached 11.8mn, with foreign arrivals (defined as not from Hong Kong, Macau or Taiwan) reaching 236,720. This brought January-July 2011 arrivals to 78.03mn, growth of 1.32% year-on-year (y-o-y). While a slight improvement on the 1.15% growth in H111, it was well below the 6.3% growth level recorded for full-year 2010.
The slow level of growth suggests the increasingly uncertain global economic environment is weighing on tourism, particular arrivals from North America and the eurozone countries. This suggests arrival levels are falling back towards the lower levels of 2008-2009, negating much of the recovery achieved in 2010. BMI still expects arrivals to surpass those of 2010, although the risks are on the downside.
Macau’s Gaming Industry Remains Resilient
Hong Kong’s Galaxy Entertainment opened a five-star hotel and casino called the Galaxy Macau in May 2011. This new opening reflects Macau’s improving fortunes after a muted performance in 2010. Melco posted a loss of HKD209.5mn in 2010, although this was an improvement from a loss of HKD1.5bn in 2009. This demonstrated Macau’s sensitivity to global economic trends, with tourism and gaming falling sharply during the global economic downturn.
Despite increasing economic concerns in 2011, these do not appear to have affected Macau. Wynn Resorts posted an impressive 84% y-o-y increase on net profit for Q311, while Galaxy Entertainment’s earnings before interest, tax, depreciation and amortisation (EBITDA) rose by 191%. However, the outlook for Macau remains uncertain in 2012, with much depending on how resilient China’s economy is to the renewed bout of global weakness.
InterContinental Hotels To Launch New Chinese Brand
International hotel chain InterContinental Hotels (IHG) said in October 2011that it plans major expansion in China over the next two years. An unnamed brand will be launched in late 2012, with 12 hotel contracts signed initially. The new hotels will be in Beijing, Shanghai and a selection of smaller, tier-two cities.
IHG aims to capture Chinese rather than foreign business with these hotels and it plans to expand to other major business hubs in Asia in the next three years. The aim is to establish the brand in China and then make it the hotel of choice for Chinese business travellers abroad.
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