Good Morning. Bernstein’s senior gaming analyst Vitaly Umansky argued that MICE is not the answer to Macau’s ailing prospects at an industry panel hosted by Macau Business and the French Chamber of Commerce. Going forward, the discussion should not be about how much revenue but what it looks like in terms of profitability. Next door, authorities just slashed Golden Week travel, extinguishing the dim light at the end of the tunnel that Macau has so dearly been holding on to.
On a more festive note, Asia Gaming Brief wishes you a Happy Mid-Autumn Festival! We return to your inbox on Tuesday.
What you need to know
- Bernstein’s senior gaming analyst Vitaly Umansky argued that MICE is not the answer to Macau’s ailing prospects at an industry panel hosted by Macau Business. Going forward, the discussion should not be about how much revenue but instead what it looks like in terms of profitability.
- Chinese authorities slash Golden Week travel plans as the National Health Commission advised citizens to avoid traveling during the National Day holiday on a higher risk of an outbreak.
On the radar
- MGM China bullish over Macau despite adversities.
- Crane, Konami drag AGEM Index down 3.7 percent.
AGB Intelligence
INDUSTRY VOICE
Junkets’ gone, MICE not the answer, what else for Macau?
Bernstein’s senior gaming analyst Vitaly Umansky argued that MICE is not the answer to Macau’s ailing prospects at an industry panel hosted by Macau Business. Going forward, the discussion should not be about how much revenue but what it looks like in terms of profitability, the analyst suggests. In turn, industry insider Alidad Tash commented that junkets, while important to the Government, provided only the shortest of margins to operators and that, when Covid dissipates, mass and premium mass will be making a comeback. Jorge Oliveira, who directed the drafting of the original Macau gaming law liberalizing the industry, fears that half of the local business will be lost to Thailand. Oliveira suggests that MICE can grow – with government support – and while non-gaming revenues may never be like Las Vegas, then what is the option with Macau?
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