#Ho Iat Seng

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Macau forecasts robust casino business growth, projects $27 billion revenue in 2024

Macau's Secretary for Economy and Finance, Lei Wai Nong, has conveyed an optimistic outlook for the gaming sector, expressing confidence in achieving the target of MOP216 billion ($26.8 billion) in gaming revenue for fiscal year 20242024. Addressing lawmakers' concerns post his presentation of the 2024 action plan, Lei noted that the government's…
Industry
Review Journal

Macao casino revenue rebounding as analysts expect continued growth

Gaming industry analysts expect casino revenue to continue rising in Macao after back-to-back months of growth. The region's Gaming Inspection and Coordination Bureau on Wednesday reported a 33.1 percent increase in gross gaming revenue to $1.3 billion in February compared with a year earlier. While February figures were down from January, John…
Industry
Macao casino revenue rebounding as analysts expect continued growth
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Macau Casinos Pledge to Invest $15 Billion

Macau's six casino operators pledged to invest nearly $15 billion as part of new 10-year contracts they signed to operate in the world's biggest gambling hub, with the spending on non-gaming activities to exceed gaming spend by more than 10 times. The signing of the contracts eases fears of investors and executives after a lengthy bidding process…
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Macau Casinos Pledge to Invest $15 Billion
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Macao awards casino licenses to MGM, Sands, Wynn, 3 others

BEIJING - Macao has tentatively renewed the casino licenses of MGM Resorts, Las Vegas Sands, Wynn Resorts and three Chinese rivals after they promised to help diversify its economy by investing in non-gambling attractions, the government said Saturday. The announcement is positive news for owners who have invested billions of dollars to build the…
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Macao awards casino licenses to MGM, Sands, Wynn, 3 others
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World Casino News

Minimum mandated marks established in Macau

As part of new casino concessionaire licensing legislation and the government of Macau has reportedly set minimum gross slot and gaming table revenue requirements in hopes of being able to better guarantee its annual tax receipts. According to a Friday report from Inside Asian Gaming, the move detailed by the Chief Executive for the former…
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Business Live

Casino stocks jump as Macau gets ready to welcome back Chinese tour groups

Macau casino stocks surged the most in six months on Monday after the city announced plans to welcome back tour groups from mainland China as soon as November, a breakthrough for the gaming hub's Covid-19-hammered, tourism-dependent economy. Wynn Resorts soared as much 15% on Monday to $68.89 in New York, the biggest intraday gain since November.…
Finance
Asia Financial

Macau Casino Shares Soar as China Allows Tour Groups to Return

Macau casino operators shot up to 13% on Monday after the city's leader gave some long overdue good news. Macau chief executive Ho Iat Seng said on Saturday that China would resume an internet visa scheme for travellers from the mainland and permit group tours. This was music to the ears of casino operators, who have suffered nearly three years of…
Covid
Macau Casino Shares Soar as China Allows Tour Groups to Return
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Macau Casino Shares Soar as China Tour Groups to Return

On the back of news Macau will welcome back tour groups from mainland China in November, shares in the Special Administrative Region's casinos have soared, including Sands China. [Image: Shutterstock.com] Sands China's shares have risen 13% after Macau CEO Ho Iat Seng announced mainland China tour groups can return to the gambling hub in November.…
Covid
Macau Casino Shares Soar as China Tour Groups to Return
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Barron's

Macau Casino Stocks Surge On Mainland Travel Hopes

Casino stocks soared in Macau on Monday after authorities announced plans to gradually welcome back tour groups from the Chinese mainland, the demographic that makes up the vast majority of punters. Macau is the only place in China where casinos are legal and the former Portuguese colony used to dwarf Las Vegas for the scale of bets placed each…
Travel
Macau Casino Stocks Surge On Mainland Travel Hopes
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Minimum table, slot revenue requirement of MOP$45.6 billion for 2023 reflects government’s lack of optimism: expert

The Macau government last week announced its limit on the total number of gaming tables and slot machines to be permitted citywide in 2023, as well as the minimum revenue levels they will be expected to provide. While these numbers are generally seen as reasonable given the current economic climate, industry experts also believe they reflect a…
Finance
Review Journal

Sands casinos among properties that will be allowed to reopen Saturday morning

Las Vegas Sands Corp., operators of casinos in Macao and Singapore, reported tepid second-quarter revenue results Wednesday as health restrictions in Macao continued to batter resort operators there. The Las Vegas-based casino company reported a loss of $440 million, 38 cents a share, on revenue of $1.045 billion for the quarter that ended June 30.…
Covid
Sands casinos among properties that will be allowed to reopen Saturday morning
World Casino News

Coronavirus consternation for Macau casinos

The large collection of casinos in the Asian city of Macau reportedly saw their aggregated gross gaming revenues for June plummet by over 62% year-on-year to hit a 21-month low of just over $306.47 million. According to a Friday report from Inside Asian Gaming citing official information from the enclave's Gaming Inspection and Coordination Bureau…
Covid
Coronavirus consternation for Macau casinos
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GGRAsia

Macau shuts leisure sites amid Covid, casinos can still run

Macau's Chief Executive, Ho Iat Seng, has used his powers to gazette the shutting of most leisure facilities in the city with effect from 5pm on Thursday. He affirmed at a 2.30pm press conference the latest round of "immediate prevention" steps to break the chain of transmission for the current outbreak of Covid-19, which saw the confirmed case…
Covid
Macau shuts leisure sites amid Covid, casinos can still run
The Nevada Independent

Indy Gaming: SCOTUS ruling favoring Texas tribal casinos has ‘wider implications’

Good morning, and welcome to the Indy Gaming newsletter, a weekly look at gaming matters nationally and internationally and how the events tie back to Nevada. If a colleague or associate emailed this newsletter to you, please to sign up and receive your own copy of Indy Gaming in your inbox. - Howard Stutz A U.S. Supreme Court ruling last week was…
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Indy Gaming: SCOTUS ruling favoring Texas tribal casinos has ‘wider implications’
Reuters

Macau shuts most businesses amid COVID outbreak, casinos stay open

HONG KONG, June 20 (Reuters) - The world's biggest gambling hub Macau began its second day of mass COVID-19 testing on Monday after dozens of locally transmitted cases were discovered over the weekend, with most businesses shut but casinos remaining open. The testing of Macau's roughly 600000 residents is expected to end on Tuesday as the…
Covid
Macau shuts most businesses amid COVID outbreak, casinos stay open
World Casino News

Macau ‘satellite’ casinos facing an uncertain future

In Macau and Economy and Finance Secretary Lei Wai Nong (pictured) has reportedly announced that some local'satellite' casino enterprises have officially applied for permission to'adjust their operations' in anticipation of coming regulatory changes. According to a report from Inside Asian Gaming, the legislator declared that a'small number' of…
Travel
Macau ‘satellite’ casinos facing an uncertain future
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The Nevada Independent

Indy Gaming: ‘Economic challenges’ keeping five Clark County casinos closed into 2023

Good morning, and welcome to the Indy Gaming newsletter, a weekly look at gaming matters nationally and internationally and how the events tie back to Nevada. If a colleague or associate emailed this newsletter to you, please to sign up and receive your own copy of Indy Gaming in your inbox. - Howard Stutz Five Southern Nevada casinos that never…
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Indy Gaming: ‘Economic challenges’ keeping five Clark County casinos closed into 2023
World Casino News

Annual aggregated gross gaming revenues rethink in Macau

In Macau and the government of Chief Executive Ho Iat Seng (pictured) has reportedly announced that it will be officially lowering the enclave's predicted aggregated gross gaming revenue tally for the entirety of 2022. According to a report from Inside Asian Gaming, the former Portuguese territory had earlier forecast that its aggregated gross…
Finance
Annual aggregated gross gaming revenues rethink in Macau
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VSO Analysis: 2022 Global Gambling Industry Predictions

VegasSlotsOnline News has provided its gambling industry predictions for 2022, including betting success in Canada and continued challenges in Macau. [Image: Shutterstock.com] We've now endured more than two years of the'new normal' after Wuhan officials first detected coronavirus. Since then, the global gambling industry has changed in many ways.…
Industry
VSO Analysis: 2022 Global Gambling Industry Predictions
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GGR at Macau Casinos Was up 44% Year-on-Year for 2021

Macau's casino sector had a much stronger performance in 2021 following a massively turbulent year in 2020 due to the COVID-19 pandemic. While there were still pandemic-related issues to deal with in 2021, Macau's casinos managed to generate gross gaming revenue (GGR) of MOP$86.86bn (US$10.8bn), a 44% year-on-year improvement. still 70% lower than…
Covid
GGR at Macau Casinos Was up 44% Year-on-Year for 2021
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Macau Casinos Start COVID Testing, Vaccination Measures

Macau has seen an increase in COVID-19 cases since the end of September, and its casino operators have now introduced vaccination proof and testing measures for employees. [Image: Shutterstock.com] After maintaining an impressively low rate of infections since the beginning of the pandemic, the Asian gambling hub of Macau has experienced a rise in…
Covid
Macau Casinos Start COVID Testing, Vaccination Measures
Vegas Slots Online

Return of COVID Will Hurt Macau Casinos' Q3, Analysts Say

Casinos in the Chinese gambling hub of Macau have seen some recovery from the COVID-19 pandemic in 2021 as a result of the easing of restrictions. However, new cases of the virus and fears of the fast-spreading delta variant have caused Macau officials to reintroduce health and safety measures. the first community case of coronavirus in 18…
Covid
Return of COVID Will Hurt Macau Casinos' Q3, Analysts Say
GGRAsia

Macau CE says casinos not being shut amid local Covid cases

Macau's Chief Executive, Ho Iat Seng (pictured), affirmed at a Wednesday lunchtime press conference that the government was not ordering the closure of the city's casinos, despite a variety of "entertainment venues" being shuttered from after the stroke of midnight on Thursday (August 5) under an executive order. The city has from Wednesday morning…
Covid
Macau CE says casinos not being shut amid local Covid cases
Cryptoslate

Macau’s high-rolling casino industry faces a digital currency threat

The island-nation of Macau is inching closer to the launch of its state-backed digital currency as it looks to shed off money launderers and fraudsters from the casinos and gambling dens that dot the city, as per a report today on Bloomberg. Dubbed the'Vegas of the East,' Macau sees billions of dollars flow through its high-profile casinos and…
Industry
Macau’s high-rolling casino industry faces a digital currency threat
Reuters

Macau's digital yuan plans deal fresh blow to casino junkets

Macau's plans to use China's future digital currency will help Beijing curb money laundering in the world's top gambling hub but could deal a fatal blow to casino junket operators. These companies, who help lure high rollers to Macau, have been on the ropes since Beijing identified the cross-border flow of funds for gambling as a national security…
Travel
Macau's digital yuan plans deal fresh blow to casino junkets
iGaming Business

Macau casino revenue plummets to new low in April

Revenue from Macau's casinos declined further in April, with operators taking in just MOP754m (£76.0m/€86.6m/$95.1m), a record low and 96.8% below takings from April 2019. Despite the fact that all casinos in Macau were forced to close for 14 days in February and many remained closed for significant parts of March, the total was down 85.7%…
Finance
Macau casino revenue plummets to new low in April