Macau casinos likely to be required increase non-gaming investment in 2024
The companies are required to increase the investment if Macau’s annual GGR reaches MOP180bn before by 2027.
Macau.- The Gaming Inspection and Coordination Bureau has reported that Macau’s six gaming operators are to increase their pledged non-gaming investment by 20 per cent as early as next year.
The six Macau casino operators have collectively pledged to invest a minimum of MOP108.7bn (US$13.48bn) in non-gaming initiatives and explore overseas markets. The companies are required to increase that investment by around 20 per cent if Macau’s annual gross gaming revenue (GGR) reaches MOP180bn (US$22.45bn) by 2027.
According to the regulator, Macau has accumulated up to MOP164.49bn (US$20.44bn) in GGR over the past 11 months. The figure is about MOP15.51bn short of the MOP180bn threshold.
Macau’s GGR for November was MOP16.04bn (US$1.99bn). That’s a drop of 17.7 per cent month-on-month but up 435 per cent when compared to last November. Despite this, industry experts like Alidad Tash of 2NT8 have noted that December traditionally outperforms November and this week has five weekends.
Macau MICE events up 231% in Q3
The number of MICE events in Macau in the third quarter of the year was up by 231 per cent compared to Q3 2022, reaching 245. As reported by Macau’s Statistics and Census Bureau (DSEC), there was a 59.9 per cent increase in the number of participants and attendees, reaching 545,000 people.
The number of meetings and conferences rose 262.3 per cent, with 221 events and 48,000 participants. There were eight exhibitions, attracting 493,000 attendees, and four incentives events attended by 5,035 people. There was a 279 per cent increase in revenue and a 155.5 per cent increase in expenditures for exhibition organisers.
For the first three quarters of 2023, there were 757 MICE events, up 187.8 per cent from 2022. There were 703 meetings and conferences and 44 exhibitions. The rise is because of Covid-19 countermeasures last year.
