Good Morning. Macau’s gaming operators will have to flex their collective muscles as they’re expected to do the “heavy lifting” in the city’s diversification efforts, notes an expert. Current non-gaming GDP expectations are unrealistic, barring more concrete efforts to bridge public and private interests. Also in Macau, the mass-led recovery continues, as Galaxy sees mass market table drop surpass 2019 levels in 2Q23.
What you need to know
- The Macau government is expecting gaming concessionaires to do the “heavy lifting” of economic diversification efforts: consultant.
- The mass-led recovery in Macau is persisting, with mass market table drop surpassing 2019 levels by 5.7 percent at Galaxy Macau in 2Q23.
On the radar
- The Star JV taken to court by Queen’s Wharf Brisbane contractor.
- PH lawmaker calls for money laundering watchdog to review POGOs.
- LET Group projects a profit of $58 million in 1H23.
- Grand Lisboa Palace launches Texas Hold’em Poker zone.
- Wynn Macau to allow some employees to subscribe to share capital.
- Int’l visitors just 4.2 percent of total Macau visitation in 1H23.
- Wynn Macau to start diversification trial run in Rua da Felicidade.
AGB Intelligence
MACAU DIVERSIFICATION
“Heavy lifting” expected from operators: consultant
Macau’s six gaming concessionaires will largely be expected to do the “heavy lifting” in diversifying the city’s economy, notes gaming executive Kevin Clayton. Current government expectations for non-gaming’s GDP contribution to reach 60 percent of GDP by 2028 are unrealistic, unless a new entity is created to help bridge public and private interests, such as a Macau Tourism Corporation, suggests the insider.
Corporate Spotlight
1xBet was founded in 2007 and started accepting bets online in 2010. Over the years, 1xBet has become a key player in the sports betting industry and is now one of the top three most visited betting websites.
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