Good morning. Macau’s Chief Executive has delivered a hopeful message on the lifting of COVID restrictions next year, albeit absent of details or dates. The top official’s Policy Address placed the development of the city’s non-gaming sector squarely on the shoulders of the new gaming concession holders, with GGR to only make up 40 percent of the city’s GDP. Meanwhile Aristocrat saw a strong fiscal 2022, delivering $740 million in annual profits, driven by the Americas market.
What you need to know
- Macau’s Chief Executive says gaming operators can weather the downturn, expects to maintain but relax zero-COVID policy in 2023, with no details.
- Aristocrat delivers healthy results in its fiscal 2022, seeing annual profits reach $740 million, largely driven by the Americas market.
On the radar
- Third-quarter casino revenue in the Philippines topped $860 million.
- Paul Baker exiting role as President of Grand Lisboa Palace.
- ‘Illegal occupation’ of Okada Manila costs Universal Ent. $11.5mln in 3Q22.
- LET subsidiary Suntrust Resort Holdings reports $4.43mln loss in 3Q22.
AGB Intelligence
MACAU
Macau CE: better 2023, little sympathy for struggling operators
Macau’s Chief Executive has vague expectations for improvements in the city’s COVID restrictions next year, but with no details. The official showed little worry that operators could not survive the continued pressure, highlighting their responsibility to develop non-gaming under the new concessions, expecting gaming to only comprise 40 percent of the SAR’s GDP.
Industry Updates
- BMM Testlabs opens product testing laboratory in India.
- Evoplay launches Football Scratch ahead of World Cup.
