Casino operators optimistic about Macau’s future
The Macao Gaming Summit 2021 heard optimistic opinions about the Macau casino industry’s recovery after the Covid-19 pandemic.
Macau.- The Macao Gaming Summit 2021 was held on Wednesday after a year of absence due to the Covid-19 pandemic and Macau’s six casino operators expressed optimism on the future of the industry. In a panel discussion, the operators voiced positive outlooks for Macau’s mid-to-long-term future, but emphasised cost control, maintaining staff and Macau’s low vaccination rate as ongoing challenges.
Kenneth Feng, CFO of MGM China Holdings noted that Macau’s daily tourist rate had plummeted from 100,000 to around 20,000 to 30,000 over the last two years but that the company had tried to keep its team intact.
Ben Toh, COO of SJM Holdings, said the casino operator had cust staff costs after losing MOP2.7 bn in the first nine months of the year. However, he said the recently opened Grand Lisboa Palace had generated more than 1,500 jobs, 600 of which are in the new premises.
Raymond Lo, Melco Resorts SVP and general manager of Altira Macau and Mocha Clubs, emphasised that despite the challenges of the past two years, the group still maintains its long-term investment expectations in the SAR.
He said: “Our views on Macau and the industry are positive, we will continue to increase our investment. We continue to be involved in more international level projects, two days ago our chairman announced Studio City Phase II will cover US$1.3 bn.”
Melco Resorts’ operating loss for the third quarter of 2021 was US$182.2m, while operating income fell 21 per cent from the previous quarter to US$446.4m.
Buddy Lam, Galaxy Entertainment Group’s SVP of public relations, was also optimistic about Macau’s future and predicted the city could return to pre-pandemic visitor levels once the pandemic is under control.
Macau casino operators report vaccination rates of over 90%
Casino operators have announced a rise in vaccination rates among workers in Macau with the majority reaching rates of over 90 per cent. The Ministry of Health recently reported that 55.8 per cent of Macau’s population had been fully vaccinated against Covid-19.
MGM Resorts told GGRAsia that 94 per cent of its staff have been fully vaccinated as part of its Outreach Vaccination Program. While sharing its financial results for the third quarter of the year, Galaxy Entertainment reported a vaccination rate of 92 per cent. The company hopes to achieve 95 per cent in the short term.
SJM Resorts Ltd has reported a staff vaccination rate of 90 per cent, while Melco Resorts and Entertainment Ltd has reached a 95 per cent vaccination rate. Sands China is close to 92 per cent. Wynn Macau Ltd told GGRAsia it has also reached a 92 per cent vaccination rate.
