Good morning. During the boom days for Macau gaming pre-2014 crackdown, the city’s gaming concessionaires were scrambling to meet unfettered gaming demand from Mainland China, but those days are over, says Lee Montana, managing director of Westar Architects International Macau Limited. Instead of building the “next big thing” Montaina says he expects operators to instead leverage their existing assets to address emerging and underserved market sectors and maximize existing customers.
What you need to know
- The Macau government says Suncity Holdings Chairman Alvin Chau is being investigated on suspicion of being in a criminal ring, running illegal gaming activities and money laundering.
- Macau’s VIP revenue is likely to contract 30-50 percent in coming weeks following the detention of Suncity’s Alvin Chau, whose arrest should send a chill down the spine of junkets: J.P. Morgan.
- Genting Malaysia’s earnings are likely to improve in 4Q21 and next year, after a “blip” in the third quarter, as its new theme park comes online and borders reopen, Nomura said.
- As much as A$1 billion is likely to have been laundered through pokie machines in Australia’s clubs, pubs, and casinos, according to chief NSW gaming investigator David Byrne.
- China’s authorities have investigated more than 30,000 cases of cross-border gambling since 2020 and arrested more than 160,000 suspects, according to a report in the Global Times.
On the radar
- Asia stocks took a tumble after investors got wind of a new covid-19 strain.
- Sands China becomes first Asia IR to join Dow Jones Sustainability Index
- Resorts World Las Vegas 3Q results dampened by mask mandate
- Melco looking to add 1,800 to COD Mediterranean workforce.
- Hong Kong, China move closer to restarting quarantine-free travel.
- China denied permission to board passengers on a Phnom Penh flight after quizzing them on the purpose of their visit to Cambodia.
What the papers say
- Macau’s economic diversification is inevitable, says Finance Secretary.
- Imperial Pacific asks court to dismiss second lawsuit from USA Fanter for contract breach.
A new $5 billion dollar property is “not likely on the cards anytime soon” for Macau, with properties instead looking to hone in on leveraging underserved markets using what they already have, says Lee Montaina, managing director of Westar Architects International Macau Limited.
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