The Macau government has eased travel restrictions for the last two remaining Mainland China regions - Hebei and Heilongjiang Provinces, removing their need for a 14-day quarantine.
Macau's gross gambling revenue improved significantly in the third week of February, after a disappointing start to the Chinese New Year, Bernstein Research notes.
The world is bouncing back, or at least coming to grips with the fact that going forward not much will be the same as before. Commendably, this industry quickly understood the need to adapt to a new normal, and that the days of targeting the low hanging fruit of the VIP sector are gone.
Macau will face the biggest test of the mantra “if you build it, they will come,” as Sands China’s $2 billion “The Londoner” gets set to open its doors after the worst year in modern records for the world’s largest gambling hub.
Sheldon Adelson, whose vision for gaming in Asia helped reshape the skylines of both Macau and Singapore, died in January at age 87, though analysts expect the company to continue with its commitment to the region.
Lower operating costs and a better business mix are likely to have helped the bottom line of Macau’s operators in the fourth quarter, despite continued low revenues, Morgan Stanley says.
The Macau Government is working hard on the new casino license process. including reviewing all aspects of the existing gaming laws and regulations, as the landscape of the gaming industry has greatly changed since the grant of the previous concession back in 2002.
Macau Chief Executive Ho Iat Seng reaffirmed in his policy address this week that “promoting an adequate economic diversification” remained a key objective and a key way forward will be developing a financial industry.
The December edition of our Focus section gathers views from industry figures on the key events of the past year and asks them to gaze into a crystal ball to divine what the year ahead may hold.
As Macau celebrated the 20th anniversary since the handover to China last December, there was no indication of how the gambling hub’s fortunes were about to change so radically.