IGamiX Managing Partner Ben Lee sat down with AGB Nippon Executive Editor Michael Penn to discuss the prospects for the oft-considered theme of the diversification of the Macau economy.
Lee explains that he has been a skeptic about the Macanese government and society’s true degree of commitment to tackle this issue effectively, and that has included its seemingly far-fetched notions of becoming a financial center sitting right next to Hong Kong.
In this podcast, however, Lee relates that he has now become a convert to the scheme’s possibilities with the realization that Macau might switch over its local economy, including its massive casinos, away from the Pataca or Hong Kong Dollar to the Digital Yuan. He sees this as an “elegant solution” for many of Macau’s economic challenges, and one that still leaves important roles for the junket industry as well.
This Dossier results from the “Life After POGOs” editorial project by Asia Gaming Brief which culminated with a pop-up digital forum on 9th December to discuss potentials ramifications in the industry.
Construction work on the main structure of the Macau International Airport (MIA) Passenger Terminal Building South Extension has been completed and the entire project is estimated to be finished in the last quarter of 2021. After its completion, the annual passenger handling capacity of MIA is expected to increase from 7.8 million to 10 million.
The world is bouncing back, or at least coming to grips with the fact that going forward not much will be the same as before. Commendably, this industry quickly understood the need to adapt to a new normal, and that the days of targeting the low hanging fruit of the VIP sector are gone.
Over the years, many of the answers have been remarkably prescient in their forecasts for the near-term direction of Asia’s gaming industry. However, we can safely say that no one came anywhere close to guessing what 2020 may have had in store.
While nowhere in the world has escaped the economic fallout from the Covid-19 crisis, Macau has been hit harder than most, with forecasts for gross domestic product to shrink more than 50 percent this year.