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Asia round-up: Macau’s GGR malaise, Sands China restructures & Macau Legend

Macau has reported gross gaming revenue (GGR) of MOP 2.99bn (US$370m) for November 2022. 

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This represents a 23% decline from October 2022, when revenue totalled MOP 3.89bn. In year-on-year terms, the figure is also down by 56% when GGR stood at MOP 6.74bn.  

Most starkly, the figure is quite a way from Macau’s generated GGR in pre-pandemic November 2019, when the region made MOP 22.88bn. 

November’s results, issued by the Gaming Inspection and Coordination Bureau (DICJ), means GGR for the first 11 months of 2022 currently stands at MOP 38.71bn. This is down 51% from the prior-year period when revenue stood at MOP 78.9bn. 

February’s figure of MOP 7.75bn remains the highest total of 2022 so far, as well as representing the only month in which GGR grew year-on-year, with the total up 6% from February 2021. 

This latest slump in Macau comes despite the resumption of eVisas making entry into the region far easier than earlier on in the pandemic, particularly from Mainland China.  

Despite the actions of China’s National Immigration Administration to introduce this Individual Visit Scheme, Mainland China’s insistence on zero-Covid policies is keeping economic recovery firmly suppressed. 

Despite representing the third-highest total of the year, October 2022’s tally was still an 11% decline from October 2021. 

Sands China announces share capital restructure 

Sands China has announced the restructuring of its share capital following receipt of a new licence for Macau’s next concession period.  

Per Sands China’s new arrangement, its property, The Venetian Macau, will see its share capital increased by MOP 4.8bn ($596m). 

“Macau has reported gross gaming revenue (GGR) of MOP 2.99bn (US$370m) for November 2022. This represents a 23% decline from October 2022, when revenue totalled MOP 3.89bn.”

This is to align with Macau’s new gaming laws, which stipulate that all gaming concessionaires should have a minimum share capital of MOP 5bn.  

The laws also state that a managing director of a Macau company, who is a local resident, must hold at least 15% of the share capital in a concessionaire.  

As such, not only has Sands China raised its share capital dramatically, but it has also reclassified all shares held directly and indirectly by the company. 

This follows a similar move made earlier this week by Wynn Macau, which Gambling Insider covered here. 

Macau Legend appoints new secretary 

Macau Legend has appointed So Ka Man as a new company secretary and authorised representative. 

This comes after the company’s director, Tsang Ku Hung, stepped down in October this year, when it was revealed that Macau Legend had become non-compliant with the rules of the Hong Kong Stock Exchange. 

Man has 20 years of experience, and is currently the Director of corporate services firm Tricor Services.

Mohegan set to INSPIRE!

Mohegan Inspire Entertainment Resort is expected to unveil South Korea's first "multi-purpose arena built to enhance production qualities and event viewing experiences" in Q4 2023.

Ray Pineault, CEO and President of Mohegan, said: "Given the strong demand for K-pop and other live performances, Korea's performing art industry has long been facing a shortage of high quality that can support shows of top-tier artists from home and abroad, and various cultural events."

Missed a big gambling industry story in Asia? Don't worry, Gambling Insider has you covered with our Asia round-up.    

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