The Macao government has awarded 10-year concessions to six casino operators. In return, they have committed to invest nearly $15 billion in the destination.
announced the return of its House of Dancing Water extravaganza, which has been suspended since the beginning of the pandemic. It will also build an indoor water park. The company also plans to focus on medical tourism by building a clinic with MRI and other advanced imaging technology.will renovate its defunct floating casino to offer non-gaming entertainment options.
As the government works to usher in a new era, the days of junkets bringing in high rollers to the island is all but finished. Crackdowns had curtailed that segment of the gaming business, even before the pandemic began. This week, the Macao secretary of finance and the gaming enforcement agencyA 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.
Even with the resumption of the e-visa program, where Chinese travelers can apply electronically for travel documents, and the easing of quarantine requirements, the Macao government said it anticipates gross gaming revenue, or GGR, in 2023 to mirror 2022's GGR of roughly $16 billion, as Macao struggles with continuing Covid overhang.
But Macao's loss may be Singapore's gain. Sands reported third-quarter results that showed a stunning jump in visitation and spending after Singapore lifted Covid travel restrictions. Fitch estimates Singapore will achieve 80% of its pre-pandemic gaming revenue in 2022, and 95% in 2023.
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