MACAU BUSINESS Macau will always
have its place, attracting Chinese gamblers. But Thailand is a whole different matter
Rosalind Wade
copper — but the money moves. And if the Chinese government tightens control over Macau, gamblers will find outlets in places like Thailand. How much of this is controlled remains a permanent concern for the central government.”
Ben Lee also returned to a long-standing point of contention — the disconnect between Macau’s gaming growth and China’s expectations.
“Mainland authorities have been warning us since 2012 that our gaming industry should not grow faster than China’s GDP,” Lee said. “Yet in 2023, Macau posted a 334 percent growth in gaming revenue, followed by 24 percent in 2024 — far outpacing China’s 5 percent GDP growth.” He explained that mainland regulators have since moved to tighten control using big data and AI tools to monitor and restrict flagged individuals and adjust the player demographic.
“We started noticing this shift as early as late 2023,” Lee said. “By early 2024, we could predict monthly gross gaming revenue would be range-bound between MOP18.5 billion and MOP19.5 billion. And aside from two months, that prediction held.” Lee believes Macau is now in a rare window of opportunity to stabilize. “We’ve been playing a game of catch-up for two decades. But this year, we can
actually scale down, take a breath, and align with China’s goals. If the first and second quarters are flat, maybe we’ll ease up in the second half to achieve the 5 percent year-on-year target.”
MACAU’S STRUCTURAL CHALLENGES
As discussions turned to Macau’s long-term sustainability, Niall Murray stressed that the SAR continues to miss its original diversification targets.
“The model was supposed to be 75 percent non-gaming and 25 percent gaming — like Vegas. But we’re still sitting at 80–85 percent gaming,” he said. “We’ve not fundamentally changed.”
Murray argued that Macau’s infrastructure and price points limit its ability to retain tourists.
“Mainland Chinese can do everything better at home — except gamble. So they come here just for that. Hotels, restaurants, entertainment — they’re all more abundant and affordable back in China.”
With 70 percent of Macau’s 45,000 hotel rooms comped and most remaining options skewing toward high-end accommodation, the SAR lacks the mid-market offerings to extend tourist stays.
“Day-trippers dominate. There’s no incentive to stay overnight when rooms are pricey and in short supply,” Murray said. “Our daily rates are just too high. Event organisers don’t want to come here — it’s too expensive.”
He contrasted Macau’s limitations with developments elsewhere.
“Singapore’s Changi Airport Terminal 3 will handle 110 million passengers annually. Macau is aiming for 10 million by 2030 — it’s not enough,” Murray said. “Our new convention center is underutilized, and our new outdoor event space in Cotai lacks shelter and transport. It’s just not world- class.”
Spintec qp CI
Jun25.indd 1
16/5/25 11:50
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72
