The end of China’s Zero Covid policy and new concessions for Macau’s incumbents don’t signal the end of its problems. The once and future top global casino destination faces a Beijing regime that’s skeptical, if not downright hostile, toward gambling. Switching Macau betting to mainland China’s currency, the renminbi, might help assuage concerns over funds illegally leaving the mainland via casinos.
Even in extremely challenging times, Macau got seven bidders for its six casino concessions. Unfortunately, authorities didn’t use their leverage wisely to clean up a glaring conflict of interest and remove an underpeforming licensee.
Promised casino operator non-gaming investment will be most effective if targeted toward comprehensive efforts among all stakeholders to boost Macau’s destination appeal. But absent a government mandate, don’t bet on that happening.
Lisboeta in Cotai recreates highlights of casino mogul Stanley Ho’s salad days in1960s Macau. (Image provided by Lisboeta)
People go to Macau to see replicas of Venice, Paris and London. With Lisboeta, Angela Leong is betting tourists will come to see Macau, more specifically, the Macau of her late husband and casino kingpin Stanley Ho. The resort stakes her family’s claim as proud heirs to Ho’s gaming legacy.
“The Raffles brand and heritage is perfectly complementary to our strategy of delivering greater, elevated experiences, and true to our ‘World Class, Asian Heart’ mantra,” Galaxy vice chairman Francis Lui, who runs the business on behalf of father, says. Galaxy has been especially adept at landing Asian brands not yet present in the Hong Kong-Macau tourist area, starting with Okura and Banyan Tree in Galaxy Macau’s first phase.
The iconic Raffles brand in a spectacular architectural package fits Lui’s vision of making Galaxy Macau a travel destination with gaming, not just a casino. That vision coincides with Beijing’s goal to create a “world center for tourism and leisure” in Macau. With casino concessions due to expire next year, that convergence also bodes well for Galaxy’s future.
Totally globalized native New Yorker and former broadcast news producer Muhammad Cohen is editor at large for Inside Asian Gaming, a contributor to Forbes, columnist/correspondent for Asia Times, and author of Hong Kong On Air, a novel set in his adopted hometown during the 1997 handover about television news, love, betrayal, high finance, and cheap lingerie. See his bio, online archive and more at www.muhammadcohen.com; follow him on Facebook and Twitter @MuhammadCohen.
Totally globalized native New Yorker and former broadcast news producer Muhammad Cohen is a editor at large for Inside Asian Gaming, contributor to Forbes, columnist/correspondent for Asia Times, and author of Hong Kong On Air, a novel set in his adopted hometown during the 1997 handover about television news, love, betrayal, high finance, and cheap lingerie. See his bio, online archive and more at www.muhammadcohen.com; follow him on Facebook and Twitter @MuhammadCohen.
Beyond the virus headlines, integrated resorts in Macau are investing substantial resources to deliver sustainable luxury, as customers and government show greater in interest in environmental issues.
Totally globalized native New Yorker and former broadcast news producer Muhammad Cohen is a editor at large for Inside Asian Gaming, contributor to Forbes, columnist/correpsondent for Asia Times, and author of Hong Kong On Air, a novel set in his adopted hometown during the 1997 handover about television news, love, betrayal, high finance, and cheap lingerie. See his bio, online archive and more at www.muhammadcohen.com; follow him on Facebook and Twitter @MuhammadCohen.
Even though there’s little direct impact on tourism and gaming numbers, continuing Hong Kong protests make Beijing and Macau nervous. The world’s largest casino hub relies on mainland China for the vast majority of player revenue, and Beijing decisions regarding Hong Kong will make waves in Macau.
Totally globalized native New Yorker and former broadcast news producer Muhammad Cohen is a blogger for Forbes, editor at large for Inside Asian Gaming and author of Hong Kong On Air, a novel set in his adopted hometown during the 1997 handover about television news, love, betrayal, high finance, and cheap lingerie. See his bio, online archive and more at www.muhammadcohen.com; follow him on Facebook and Twitter @MuhammadCohen.
Casino shares rallied in the US and Hong Kong after Macau reported gaming revenue fell 0.4% in March, beating expectations of a much worse showing. But the real story remains behind the numbers.
Totally globalized native New Yorker and former broadcast news producer Muhammad Cohen is a blogger for Forbes, editor at large for Inside Asian Gaming and author of Hong Kong On Air, a novel set in his adopted hometown during the 1997 handover about television news, love, betrayal, high finance, and cheap lingerie. See his bio, online archive and more at www.muhammadcohen.com; follow him on Facebook and Twitter @MuhammadCohen.
Totally globalized native New Yorker and former broadcast news producer Muhammad Cohen is a blogger for Forbes, editor at large for Inside Asian Gaming and author of Hong Kong On Air, a novel set in his adopted hometown during the 1997 handover about television news, love, betrayal, high finance, and cheap lingerie. See his bio, online archive and more at www.muhammadcohen.com; follow him on Facebook and Twitter @MuhammadCohen.
Muhammad Cohen 