Optimism for Macau’s gaming future

By Violeta Prockyte

JP Morgan Securities (Asia Pacific) Ltd noted that the situation in Macau might not be as bad as it initially believed. The organization believes a post-pandemic industry recovery might bring Macau’s gross gaming revenue down by 39% in total, despite the 60% drop during the first quarter. The analysts stated, “We are increasingly hopeful that travel curbs could start to ease from next month.”

With travel restrictions easing, Macau might end up earning $22.11 billion for the year, compared to the $36.10 billion from 2019. Specialists predict that 2021 might be even more beneficial.

Melco International Development Ltd also confirmed they started a second phase of the Studio City casino resort. The opening date for the casino is set for May 31, 2022. But the company admits the pandemic might push back the date to some extent.

Studio City casino also received a new senior vice president for operations. Kevin Benning should start his position as soon as travel restrictions in Macau and the Philippines have been lifted.

While specialists are predicting future growth and recovery, Macau’s government is also taking precautions, reserving $3.2 billion as a boost for the economy while focusing on developing the tourism and hotel industry. Lei Wei Nong, the secretary for economy and finance, stated, “Our goal is [to have visitors] stay one more night, visit one more day.”

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