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☆ Macau's May casino revenue soars 366% year on year on visitor influx
▼ + stars: | 2023-06-01 | by ( ) www.reuters.com time to read: +2 min

China lifted strict COVID-19 restrictions in January, allowing visitors to swarm into Macau for the first time in more than three years. A general view shows casinos and hotels in Macau, China February 5, 2020. Sands last week officially opened its "Londoner" casino resort which includes a 6,000 seat arena and attractions like a replica of London's Big Ben clock tower. It was the first big casino opening since the COVID pandemic and was attended by former England football captain David Beckham who drew scores of fans to the property. ($1 = 8.0840 patacas)Reporting by Farah Master; Editing by Tom Hogue & Simon Cameron-MooreOur Standards: The Thomson Reuters Trust Principles.

Persons: Tyrone Siu, David Beckham, Farah Master, Tom Hogue, Simon Cameron, Moore Organizations: Labour, REUTERS, Sands, HK, Wynn, MGM, SJM Holdings, Galaxy Entertainment, Melco, England, Thomson Locations: HONG KONG, Macau, China, Sands China, Wynn Macau, MGM China, Sands

In Shanghai, over seven million tourists arrived in the city for the weekend, according to Shanghai Travel Data. Also known as the May Day holiday, the Labor Day break is one of three major annual holidays in China. Tourists visit Nanjing Confucius Temple ahead of the May Day holiday on April 27, 2023 in Nanjing, Jiangsu Province of China. Visitors walk past the Casino Lisboa, operated by SJM Holdings, during Labour Day holiday in Macau, China, April 30, 2023. “The unscrupulous practice of these bed-and-breakfasts is ugly,” said an opinion piece posted on the social media platform by state media People’s Daily.

☆ Macau casino revenues surge in Jan after COVID rules lifted
▼ + stars: | 2023-02-01 | by ( Farah Master | ) www.reuters.com time to read: +3 min

Still investors took cheer, sending shares in Macau casinos up between 3% to 5%, while executives and analysts said it was an encouraging sign of a solid recovery to come. A special administrative region of China, Macau has seen a resurgence of tourists from the mainland since Jan. 8 after the territory dropped all COVID-19 testing requirements for inbound travellers from the mainland, Hong Kong and Taiwan. January's revenues were the first for Sands China (1928.HK), Wynn Macau (1128.HK), MGM China (2282.HK), Galaxy Entertainment (0027.HK), MGM China (2282.HK) and SJM Holdings (0880.HK) under new 10-year contracts. Visitors pose for photos outside the Grand Lisboa casino operated by SJM Holdings during Lunar New Year in Macau, China, January 24, 2023. REUTERS/Lam Yik/File PhotoThe new contracts, with more government oversight and control, were struck after COVID-19 restrictions decimated Macau's gambling revenues and sent net debt soaring.

☆ Macau court sentences junket mogul to 18 years in jail
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: +2 min

Alvin Chau was chairman of Macau's Suncity junket operator - which brokered the gambling activity of Chinese high rollers - until December 2021, a month after his arrest. Macau is the only city in China where citizens are permitted to gamble in casinos. Junket operators help facilitate gambling for wealthy Chinese in Macau, extending them credit and collecting on their debt on behalf of casino operators. That year, Macau casinos generated $36 billion in revenue. The junket industry has collapsed in the former Portuguese colony since Chau's arrest, with all of Suncity's VIP rooms shuttered.

☆ Analysis: Macau casinos deal themselves a tough hand with big non-gaming investment pledges
▼ + stars: | 2023-01-03 | by ( Farah Master | ) www.reuters.com time to read: +5 min

But their 10-year, shortened contracts come at a time when COVID-19 restrictions have decimated Macau’s gambling revenues, with 2022 the worst annual performance on record. Non-gaming revenues, which averaged around 5% of overall gaming revenues pre-COVID, must grow to more than 30% in the next decade, said Ben Lee, founder of Macau gaming consultancy IGamiX. Macau, a densely packed territory located on China’s southern coast, is the only place in the country where gambling in casinos is legal. Increased regulatory oversight comes as Macau casinos face much higher debt levels versus 2019. Macau has few direct flights from potential markets outside China, while transport within the city is limited to move large groups of people around, said David Green, head of Macau gaming consultancy Newpage.

☆ Casinos in Macau, the Vegas of the East, have managed to renew crucial gaming licenses. But there's a hefty catch — they need to pump in $15 billion into non-gaming sectors.
▼ + stars: | 2022-12-19 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Macau's six casino operators pledged to invest nearly $15 billion in non-gaming sectors. In return for the investments, Macau's government has renewed their gaming licenses. Gaming licenses for the six major casino operators had expired back in June, throwing into question Macau's future as a gambling hub. The new 10-year gaming licenses come into effect on January 1, 2023. Among the six gaming companies, Sands China has committed to spending the most in non-gaming projects — about 27.8 billion patacas, or $3.5 billion.

☆ Concession awards mark a reset for Macao casinos
▼ + stars: | 2022-12-18 | by ( Contessa Brewer | ) www.cnbc.com time to read: +4 min

With mandatory quarantines lifted, ferry and airline service resuming, and licenses renewed, casinos hope 2023 marks a new beginning for the world's preeminent gambling destination, Macao. The Macao government awarded six companies new 10-year concessions to operate their integrated casino resorts. This month, Macao has seen an increase in tourism from mainland China from visitors trying to get an mRNA Covid vaccine. A rise in Covid infections around China caused November gaming revenue in Macao to fall 23% from October and plummet 99% from November 2019 pre-pandemic levels, according to government data. Fitch estimates Singapore will achieve 80% of its pre-pandemic gaming revenue in 2022, and 95% in 2023.

☆ Macau casinos' new contracts to sharpen focus on non-gaming activities
▼ + stars: | 2022-12-15 | by ( ) www.reuters.com time to read: +3 min

The operators are expected to focus on non-gaming activities in the new term, particularly as Beijing is keen for Macau to diversify away from gambling and attract foreign tourists. Some analysts expect them to make non-gaming investments of up to $15 billion cumulatively over the next decade. Genting, with its strong non-gaming track record and mass market appeal, was a credible threat for the Macau operators, many executives and analysts have said. Previous attempts by Macau to diversify have been unsuccessful, with casino operators shying away from investing in non-gaming due to the high costs, particularly as the gambling industry was far more lucrative. Macau's gambling industry currently accounts for more than 80% of government revenues.

☆ Chinese stocks rally on reopening hopes; Morgan Stanley upgrades to overweight
▼ + stars: | 2022-12-05 | by ( Jihye Lee | ) www.cnbc.com time to read: +2 min

The Hang Seng TECH Index, which represents the 30 largest technology companies listed in Hong Kong, surged 8% in Asia's trade. Electronic vehicle-maker Xpeng gained 24%, leading gains for the broader index, Li Auto jumped 12% and Nio climbed more than 15%. The Hang Seng index rose 4% while China's CSI 300 index, which tracks the largest largest mainland-listed stocks, rose almost 2%. Hong Kong-listed casino operators also saw significant gains, with MGM China rising 19%, Wynn Macau climbing 16% and Sands China adding 13%. Morgan Stanley upgrades to overweight

☆ American Casino Giants Win 10-Year Macau License Renewals
▼ + stars: | 2022-11-26 | by ( Elaine Yu | Katherine Sayre | ) www.wsj.com time to read: 1 min

HONG KONG—Six casino operators in Macau won provisional licenses to continue operating in the Chinese gambling hub for the next 10 years, the local government said, while rejecting a bid from an outsider to enter the market. The winning companies include affiliates of three American casino giants, Las Vegas Sands Corp., MGM Resorts International and Wynn Resorts Ltd. The licenses of three local rivals were also renewed. They are held by Galaxy Entertainment Group , SJM Holdings Ltd. and Melco Resorts & Entertainment Ltd.

☆ Six Macau Casino Operators Win New 10-Year Licenses
▼ + stars: | 2022-11-26 | by ( Elaine Yu | Katherine Sayre | ) www.wsj.com time to read: 1 min

Six casino operators in Macau won provisional licenses to continue operating in the Chinese gambling hub for the next 10 years, the local government said, while rejecting a bid from an outsider to enter the market. The winning companies include affiliates of three American casino giants, Las Vegas Sands Corp., MGM Resorts International and Wynn Resorts Ltd. The licenses of three local rivals were also renewed. They are held by Galaxy Entertainment Group , SJM Holdings Ltd. and Melco Resorts & Entertainment Ltd.

☆ Macau's 6 casino operators get new licences, Malaysia's Genting out
▼ + stars: | 2022-11-26 | by ( ) www.reuters.com time to read: +2 min

Nov 26 (Reuters) - Macau's government said on Saturday its six incumbent casino operators would be given new licences to operate in the world's biggest gambling hub from January, with Malaysian operator Genting missing out on a spot. The highly anticipated announcement signals stability and continuity for the Macau operators who have invested more than $50 billion in the Chinese special administrative region in the past 20 years. Officials in Macau, the world's biggest casino hub, told a news briefing the main considerations for granting licences included ensuring local employment, developing overseas tourist markets and developing non-gaming projects. Sands China (1928.HK), Wynn Macau (WYNN.O), Galaxy Entertainment (0027.HK), MGM China (2282.HK), Melco Resorts (MPEy.F), and SJM Holdings (0880.HK), have operated in the Chinese special administrative region since 2002. "We are committed to Macau and its development as Asia's premier tourist destination," Lawrence Ho, chairman and chief executive of Melco, said in a statement.

☆ Macau casinos expected to invest around $12 bln over next 10 years -media
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: +1 min

HONG KONG, Nov 14 (Reuters) - Macau casino operators, vying for a licence in the world's biggest gambling hub, are expected to invest a total of around 100 billion patacas ($12.4 billion) over the next 10 years, local broadcaster TDM reported. Galaxy and Sands may invest more than 20 billion patacas each, while the others will invest less than 20 billion patacas. Altogether the total will be around 100 billion, TDM said. Negotiations with the Macau government are almost complete the broadcaster said, with the bidders having reached agreement about what each of them proposes to do over new 10-year licence term which begins in 2023. The six Macau incumbents have operated in the Chinese special administrative region since 2002, with their current concessions expiring at the end of this year.

☆ China residents able to travel to Macau using e-visa from Nov 1
▼ + stars: | 2022-10-31 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, Oct 31 (Reuters) - China's immigration bureau said mainland residents will be able to travel to Macau from Nov. 1 using an online visa system rather than in-person applications, a move that could increase travel to the world's largest gambling hub. Authorities locked down the MGM Cotai casino resort owned by MGM China (2282.HK) on Sunday with staff and guests ordered to stay inside until Nov 1. All of Macau's 700,000 residents are mandated to take rapid antigen tests daily during the period, the government said. Macau's six casino operators - Sands China (1928.HK), Wynn Macau (WYNN.O), Galaxy Entertainment (0027.HK), MGM China, Melco Resorts and SJM Holdings (0880.HK) - are currently awaiting a government decision on whether they will be granted new licenses. Reporting by Farah Master and Beijing newsroom; Editing by Kim Coghill and Kenneth MaxwellOur Standards: The Thomson Reuters Trust Principles.

☆ Macau reimposes COVID curbs with casino lockdown as infections creep up
▼ + stars: | 2022-10-31 | by ( ) www.reuters.com time to read: +2 min

Authorities locked down the MGM Cotai casino resort owned by MGM China (2282.HK) on Sunday with staff and guests ordered to stay inside until Nov 1. All of Macau's 700,000 residents are mandated to take rapid antigen tests daily during the period, the government said. The casino closure deals a blow to operators who have already been grappling with China's "zero COVID" restrictions for more than two and a half years, losing millions of dollars monthly. Shares in Hong Kong-listed Galaxy Entertainment (0027.HK) and Wynn Macau (1128.HK) dropped more than 3% early in Monday's session but later reversed course to trade in positive territory. Macau casino executives also said a decision on new licences could come as early as this week.

☆ Macau's MGM Cotai casino locked down after dealer COVID case - media
▼ + stars: | 2022-10-30 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, Oct 30 (Reuters) - Macau's MGM Cotai casino, operated by MGM China (2282.HK), was locked down on Sunday morning after a dealer was found to be infected with COVID-19 in the world's biggest gambling hub, local publication Inside Asian Gaming reported. The closure deals a blow to casino operators who have already been grappling with COVID restrictions for more than two and a half years. Government health workers were at the MGM Cotai site with noone allowed to enter or exit the building, Inside Asian Gaming said. All of Macau's 700,000 residents must take a rapid antigen test for COVID daily from Oct. 30 to Nov. 1, Macau's government said in a statement that made no mention of the MGM closure. Macau's six casino operators - Sands China (1928.HK), Wynn Macau (WYNN.O), Galaxy Entertainment (0027.HK), MGM China, Melco Resorts and SJM Holdings (0880.HK) - are currently awaiting a government decision on whether they will be granted new licenses.

They accounted for 71% of arrivals before the pandemic, with another 19% coming from Hong Kong, according to the tourism board. Register now for FREE unlimited access to Reuters.com RegisterCasinos have supported heady growth since 2002 when Macau opened the market to multiple operators. Macau’s tiny population of 680,000 was nearly 70% richer on a per capita basis than their peers in Hong Kong, per the International Monetary Fund. But their collective enthusiasm masks an awkward reality: Macau’s dependence on the gambling industry looks increasingly fraught. Gaming revenue, which peaked at $45 billion in 2013, has never recovered from the blow to VIP business, sinking to $36 billion by 2019, per Macau’s Gaming Inspection and Coordination Bureau.

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