Good morning. Macau has been pulling itself out of the hole in 2023, but stark reminders of the economic shock the city suffered continue to appear. Sands China reported a $1.58 billion loss in 2022, as entry restrictions slashed visitation, even as the operator continued investing and building in the city. But this investment, particularly in non-gaming, could be seeing fruition this year, as non-gaming visitor spend is expected to rebound, with higher per-capita spend and longer stays by visitors.
What you need to know
- Sands China suffered from Macau restrictions in 2022, recording a $1.58 billion loss, even as it continued building and investing.
- Non-gaming visitor spending in Macau is expected to rebound this year, as visitation improves, with more diverse sources, says an expert.
On the radar
- Macau gaming tax revenue in 2022: $2.39 billion, half of estimates.
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- World Poker Tour Prime returns to Cambodia this March.
- Sega Sammy announces a 30 percent pay raise.
Sands China records $1.58bln loss in 2022
Sands China saw another dismal year in 2022, recording a $1.58 billion loss, as it suffered the impacts of strict border control measures and numerous casino shutdowns as the SAR took a hard stance on COVID. Despite the losses, the group says that it is still well positioned to fulfill its commitments, both in ongoing projects and as part of its new gaming concession contract, boosted by a $1 billion loan from its parent company.
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- Gamzix releases a new slot: Sunny Coin 2.
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