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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.

☆ Macau casino operators soar as China allows tour groups after nearly 3 years
▼ + stars: | 2022-09-26 | by ( ) www.reuters.com time to read: +2 min

A woman rest next to the decoration inside the Wynn Palace casino resort in Macau, China December 20, 2019, on the 20th anniversary of the former Portuguese colony's return to China. Sands China (1928.HK) rose more than 13%, Wynn Macau (1128.HK) climbed 7%, Galaxy Entertainment (0027.HK) advanced 10% while shares of SJM (0880.HK) and MGM China (2282.HK) jumped 8% each. Currently, Chinese tourists to Macau need to book a visa appointment followed by a week-long approval process. The individual visa scheme accounted for around 50% of Chinese visitors to Macau in 2019 while tour groups accounted for around 25% of visitation. In the first phase, the resumption of tour groups will come from five provinces -- Guangdong, Shanghai, Zhejiang, Jiangsu and Fujian -- which represented almost 60% of mainland visits to Macau in 2019.

☆ General Mills raises full-year forecast on higher prices
▼ + stars: | 2022-09-21 | by ( ) www.reuters.com time to read: +2 min

Register now for FREE unlimited access to Reuters.com RegisterPackages of Cheerios, a brand owned by General Mills, are seen in a store in Manhattan, New York, U.S., November 12, 2021. REUTERS/Andrew KellySept 21 (Reuters) - Cheerios cereal maker General Mills Inc (GIS.N) raised its full-year forecast after beating quarterly profit estimates on Wednesday, banking on higher prices and resilient demand for its breakfast cereals, snack bars and pet food. The company now expects organic net sales to rise between 6% and 7% in fiscal 2023. Net earnings attributable to General Mills rose to $820 million, or $1.35 per share, in the three months ended August 28, from $627 million, or $1.02 per share, a year earlier. It also reported net sales of $4.72 billion in the first quarter, in line with analyst expectations, according to Refinitiv data.

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