Good Morning: Vroom vroom. That’s the sound of gamblers leaving the room. Macau’s Grand Prix, despite bringing in a swath of tourists, mostly from Hong Kong, is actually driving away punters. Congestion and limited access to casinos means that higher-end gamblers are choosing to stay away, notes expert Ben Lee. Meanwhile, the Asian Racing Federation says that increased taxation on sports bets is likely to drive gamblers to illegal alternatives.
What you need to know
- Macau Grand Prix drives away gaming patrons, with extended event causing double-digit drops in gaming revenue compared to October.
- Asian Racing Federation report argues that higher sports betting taxes lead to increased prices for gamers and ‘inevitably’ drive gamblers to illegal betting markets.
On the radar
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- Former Canidrome to be transformed into “Snowy Wonderland” in December.
- China’s outbound travel has rebounded to 80 percent of pre-COVID levels.
- MGM China quells rumors of Pansy Ho share sales.
AGB Intelligence
UNDER THE SCOPE
Macau Grand Prix drives away punters
One of Macau’s top events of the year, the Macau Grand Prix, which this year celebrated its 70th anniversary via a two-weekend affair, is actually driving punters away from the territory, notes expert Ben Lee in this week’s Under the Scope. The increased congestion and foot traffic repelled potential gamblers, even as the city celebrated non-gaming clients who came for the event.
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