MACAU BUSINESS
Casino operators win recognitions at PATA Gold Awards 2023
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epresentatives of Macau’s travel industry and the Macao Government Tourism Office (MGTO) recently gathered in New Delhi, India for the Pacific Asia
Travel Association (PATA) Travel Mart 2023. According to a government statement, their
purpose was to promote the city’s tourism offerings at the event, which encompassed the PATA Gold Awards 2023 sponsored by MGTO. Several local entities emerged as winners
this year, securing a total of five accolades. PATA honoured outstanding
accomplishments in the tourism industry this year by presenting two Grand Awards and 21 Gold Awards in different marketing categories,
as well as for sustainability and social responsibility in tourism. Among the winners selected from 108
entries, MGM China Holdings received a Grand Title for their marketing strategies centered around Chinese lion dances, which earned them a Gold Award in Heritage as well. Melco Resorts & Entertainment secured a
Gold Award in Marketing – Hospitality thanks to their successful Melco Style x B. Duck @ Studio City campaign. Galaxy Entertainment Group was honoured with a Gold Award for Climate Change Initiative for their sustainability practices. Sands China also garnered a Gold Award in
Human Capital Development Initiative for their Sands Retail Academy.
Gov’t estimates 2024 to end with MOP216 bln in GGR
he Macau Government predicts that the local casino sector will be able to generate a total of MOP216 billion (US$26.8 billion) in gross gaming revenue in 2024,
a recovery that should allow the Macau SAR to once again record a financial surplus. Citing the expansion in the number of
tourists from the interior of China and other regions and countries, the Macau SAR authorities expect the Macau Government to record around MOP107 billion patacas in public revenue and MOP105.9 billion in expenditure next year, generating a surplus of MOP1.1 billion. Between January and October, gaming
20 DECEMBER 2023
revenue in the SAR reached MOP148.45 billion, or about 60 per cent compared to 2019.
This amount already exceeds the GGR
foreseen in government estimates for 2023, of MOP130 billion patacas. The document of the proposed law for the
2024 budget published in the Legislative Assembly, foresees that the SAR coffers must collect 75.6 billion patacas in gambling taxes next year. According to the authorities, thanks to this
positive budgetary recovery it will not be necessary to resort to the city’s financial reserve to fill financial gaps, as was repeatedly done during the pandemic years.
Macau market could grow back to US$ 35-40 billion GGR – Rob Goldstein
ob Goldstein, chairman and CEO of Las Vegas Sands (LVS), holds an optimistic view regarding Macau’s market recovery, envisioning a return to its glory days.
During an earnings call following the announcement of the operator’s third-quarter results, Goldstein addressed the speculation concerning the potential growth of the city’s gross gaming revenue (GGR). Goldstein, who also serves as chairman and CEO of LVS’s Macau subsidiary, Sands China, stated, “There is speculation about future growth in Macau. The relevant question is, can the market grow to $30 billion, US$35 billion, US$40 billion of GGR and beyond? We are firm believers that it will and may occur at a much shorter timetable than anyone realizes.” Macau’s gaming market reached its peak at MOP360 billion (US$45 billion) in 2013, with the now greatly diminished VIP/junket segment dominating. Back then, VIP baccarat revenue constituted two-thirds of the total GGR. Sands China’s adjusted property earnings
before interest, taxes, depreciation, and amortisation (EBITDA) reached US$631 million in the third quarter, marking a 16.6% increase from the US$541 million recorded in the previous three-month period, according to a stock filing.
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MGM China included in Hang Seng Corporate Sustainability Benchmark Index for ESG practices
GM China Holdings has been selected as a constituent of the Hang Seng Corporate Sustainability Benchmark Index (HSSUSB), according to a press
release from the gaming operator. The inclusion in the HSSUSB has already taken
effect, MGM China said. The move sought to recognise its “outstanding performance” in environmental, social, and governance (ESG) practices. The HSSUSB is a benchmark for sustainability
investments, and only the top 20 per cent of companies with the highest scores in that regard are chosen as index constituents. MGM China says it stands out as one of the
“best-in-class ESG performers” among the 517 listed companies evaluated this year.
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