Good morning. Happy Friday the 13th! Good omens are on the horizon, as Macau’s top official says that gross gaming revenue this year should reach government estimates of $16.17 billion, with monthly revenue not allowed to drop below a $1.24 billion threshold. This comes as Macau and mainland Chinese authorities busted a $3.69 billion betting ring. And Las Vegas Sands is aiming to re-enter the US market, with a bid for a New York casino in Long Island, pledging a multi-billion-dollar property as it leases an 80-acre venue.
What you need to know
- Macau’s top official is estimating that gross gaming revenue in 2023 will reach $16.17 billion, with monthly figures to not fall below $1.24 billion.
- Las Vegas Sands is re-entering the US market, with plans to develop a multi-billion-dollar casino in New York’s Long Island.
- Macau and mainland China authorities bust an online gambling ring worth $3.69 billion, arresting dozens.
On the radar
- South Korea’s Kangwon Land enters Philippines market with EGMs.
- Macau re-establishing flights to South Korea and Thailand.
- Thailand to adopt tourism tax starting in June.
Macau’s top official has reaffirmed the SAR’s faith in the return of its gaming industry, stating that gross gaming revenues in 2023 will top $16.17 billion. The official also pressured gaming operators to up their game, as he noted that the government was expecting the gaming sector to churn out at least $1.24 billion in monthly GGR. Ahead of the CNY holiday, visitation is expected to reach 50k daily, far short of the 170k registered before the pandemic.