Even as Macau recovers – gambling revenue jumped by a third in February – its long-term challenges are coming into sharper focus. Read more at straitstimes.com.
MACAU – After three years of limping through the pandemic, the Chinese gambling hub of Macau is coming back to life.restaurants filled with diners digging into specialities such as poached codfish and pastel de nata, and the city’s dozens of casinos were packed.For the past few years, “we only needed one person to run things. Now we have five, and we’re still really busy.”
Even as Macau recovers – gambling revenue jumped by a third in February – its long-term challenges are coming into sharper focus. “They’re going to spend money promoting sports events, building gardens or whatever, but they’re never going to recover the money,” Mr Lee says. “The age of superprofit is a thing of the past.”Tourists swarm gambling hub Macau over Chinese New Year after Covid-19 curbs dropped
“We expect the pace of recovery will start to slow meaningfully,” Credit Suisse analysts wrote in a January note. One is lobbying the government to host poker tournaments to attract overseas visitors, according to a person familiar with the matter, who asked not to be identified because the plans are private and still preliminary.
The non-gambling investment commitments, he says, aren’t excessive when spread over 10 years. And given the enclave’s proximity to the mainland and shared culture, “there’s no competition for places where you can gamble”, Mr Choudhary says. “So Macau should do well.”Even after scrapping Covid-19 restrictions in January, Beijing has maintained an increased level of scrutiny of frequent travellers to the territory.
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