Tag Archives: China
China – Melco to develop Guangdong resort as ‘gateway for global tourism into China’
Although it won’t be offering a gaming element, Melco International has, in partnership with Agile Group, has successfully tendered for a mixed use site at Zhongshan, Guangdong province in China with a resort that will include hotels, theme parks and restaurants. The two companies plan to develop a premium residential, entertainment and hospitality mixed-use complex….
China – Macau casinos told to bring back covid countermeasures
Macau’s government has told its casino operators that they must reintroduce Covid-19 countermeasures including the compulsory wearing of masks, temperature checks and health status checks due to a rise in infections in Guangdong coupled with the low rate of vaccination. Anyone whose Macao Health Code is red or yellow will not be allowed into the…
China – Moody’s gives 2024 timeline for Macau’s full recovery
Moody’s Investors Service, believes Macau’s economy could rebound back to pre-Covid-19 levels by 2024. Analysts there said that although the SAR’s economy has been seriously hit by the Covid-19 pandemic, Macau maintains strong sovereign finances and fiscal reserves will allow it to deploy them to support the population. Moody’s said: “The growth volatility of Macao’s…
China – Macau’s May Golden Week bounces back to about half of 2019’s figures
Analysts at JP Morgan have said that Macau’s casinos enjoyed their most profitable week since before the pandemic with May’s Golden Week delivering GGR equating to half what the Macau casino sector generated pre-COVID. JP Morgan’s DS Kim, Derek Choi and Livy Lyu described GGR figures for the holiday period said May’s Golden Week figures…
China – MGM confirms commitment to Macau and sees 2021 as a year of growth
Despite the effects of the downturn in travel due to the pandemic and the promise of huge investment in Japan, MGM China has confirmed it is committed to Macau and will spend more money on its existing properties there to help boost both venues’ return to growth. Commenting on MGM China’s 2020 Annual Report, MGM…
China – Visitation to Macau up but spend per head falls
Visitor numbers to Macau are on the up in the first week of April, but as Sanford C Bernstein highlights GGR of MOP$1.5bn (US$187m) plateaued with lower spend per visitor. Bernstein analysts Vitaly Umansky, Kelsey Zhu and Louis Li said: “While visitation has been picking up, what is evidently relatively weak GGR clearly indicates lower…
China – Revenue fall of 84 per cent paints bleak picture of Grand Lisboa Palace’s 2020
The full impact of the coronavirus pandemic produced some startling figures in the annual report of Macau operator SJM holdings with its flagship property Casino Grand Lisboa seeing its revenue fall by 84 per cent with its hotel occupancy falling just below 18 per cent for the year. The operator said: “The group was severely…
China – Analysts hopeful of uptick in numbers towards the end of Chinese New Year holiday period
The President of the Macau Hotel Association, Rutger Verschuren, has said the Chinese New Year holiday period has shown signs of improvement compared to the last few months with hotel occupancy up to around 35 per cent due to special deals from the large resort operators. The critical Chinese New Year holiday, running until February…
China – China offers up April amnesty for individuals involved in illegal gambling
China’s Ministry of Public Security, the Supreme People’s Court, and the Supreme People’s Procuratorate have partnered to make an announcement regarding ‘Notice on the surrender of cross-border gambling-related criminal suspects’ that will allow individuals involved in illegal gambling operations to come forward and avoid serious punishment by the end of April. The Ministry, has promised…
