Good morning. Happy Friday! A lawmaker in Hong Kong has aspirations to increase the city’s sports betting offerings, proposing to allow betting on basketball and Formula 1 racing, and up the tax on soccer bets currently operated by monopoly-holder HKJC. And in neighboring Macau, sources say that Galaxy’s latest non-gaming offerings are soon coming online, with the Raffles hotel to open in April and the arena and convention center to follow soon after.
What you need to know
- Hong Kong lawmaker proposes increasing sports betting and taxation to raise gov’t revenue by $765mln annually.
- Galaxy’s Raffles hotel to open as soon as April, with arena and convention center following soon after, as it ramps up non-gaming.
On the radar
- Macau visitation in 4Q22 fell 31.5 percent yearly.
- Tenders of $506mln for Wynn Resorts’ $600mln in outstanding notes.
- Macau 4Q22 non-gaming visitor spend drops, focused on shopping.
- Caesars to expand rewards program to New York in bid for casino license.
AGB Intelligence
SPORTS BETTING
HK lawmaker proposes expanding sports betting, more tax
Hong Kong lawmaker Adrian Ho has proposed that the government should expand its sports betting options, increasing the number of soccer betting licenses, as well as expanding betting options to NBA basketball and Formula 1. The lawmaker says the possible $765 million in additional tax revenues could support low-income families. However, the legislator is against introducing online gambling to the city.
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