More and more investment bank studies affirm the positive impact of non-gaming activities on financial results. This time, Citigroup says there is apparently a positive impact that the Jacky Cheung concerts bring to Macau's gaming operator Sands.

Singapore is expected to experience a slowdown in tourism and gaming in 2024 due to escalating competition in the region, says Tradeview Capital Sdn Bhd CEO Ng Zhu Hann.

Holding concerts has already become the main driver for tourist volume in Macau among all non-gaming elements, according to a scholar.

The ‘unprecedented lineup of events’ is expected to be the main driver of Macau’s gross gaming revenue in 4Q23, as Citigroup raises the quarter’s GGR forecast by 7.4 percent quarterly, from MOP51 billion ($6.3 billion) to MOP52.5 billion ($6.5 billion).

Citigroup noted that MGM's management is 'showing confidence in the market', MGM China's President and Chief Operating Officer Hubert Wang revealed that the company will double the headcount of its international sales and marketing team

Macau is on track to hold over 1,000 MICE events this year, as the local government expects to welcome over 170,000 professional visitors from mainland China, Southeast Asian countries, and Portuguese-speaking countries.

Macau gaming operator Sands China is "bullish on the Macau outlook", noting the exact timing of the full recovery is unclear but that it's "just a question of time".

Macau's six gaming operators are putting strong efforts into bringing prestigious concerts or shows to Macau, trying to rebrand Macau's image from a gaming hub to a city of entertainment. The move, notes gaming scholar Davis Fong, is laudable, and will further increase the city's attractiveness in 2H23.

Investment bank Citigroup said in a new research note that they maintain a bullish stance on Macau's gaming industry, anticipating Macau industry-wide EBITDA in 2Q23 to recover to 65 percent of the same period in 2019.