Good Morning. The more the merrier. China has announced the expansion of the facilitated individual travel (FIT) scheme to include eight mainland cities, effective from May 27, 2024. While the SAR’s government focuses on non-gaming aspects of the industry, it remains unclear how the expansion will impact gaming, with analysts suggesting marginal short-term benefits. Meanwhile, SJM first quarter financial results showed slight improvements, but the slow ramp-up at Grand Lisboa Palace was considered a worrying sign for the gaming operator. Genting Singapore, on the other hand, experienced ‘robust growth’ in the same period, thanks to better visitation at the Resorts World Sentosa during the Chinese New Year and the relaxation of visa regulations between China and Singapore.
What you need to know
- Macau adding eight more mainland China cities to its Individual Visit Scheme, as it continues to focus on mass market/non-gaming.
- SJM’s first quarter results met analyst expectations, but the slow ramp-up at Grand Lisboa Palace was worrying for the gaming operator: Seaport.
- Genting Singapore sees robust 1Q24 growth, with revenue up 62% and adjusted EBITDA up 93% year-on-year.
On the radar
- Macau’s gaming tax revenue reaches $3.7B for January-April period.
- Sega Sammy set to sell Seagaia Resort to US-based Fortress: Report.
- Suntrust Resort swings to loss in 1Q24 as revenue and income plummet.
- Melco Resorts and Trip.com design one-stop ultra-luxury package for influencers.
AGB Intelligence
MACAU
China expands individual tourist visa covering Macau to 8 cities
The Chinese government has expanded the facilitated individual travel (FIT) scheme to include eight mainland cities for visits to Hong Kong and Macau, starting May 27, 2024. This move, approved by the State Council, aims to boost tourism and economic benefits, with the Macau Chief Executive anticipating a significant increase in mainland tourists. While the impact on the gaming industry remains uncertain, analysts suggest short-term benefits, and international arrivals are gradually increasing, as seen during the recent Golden Week holiday.
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