Visita de Xi Jinping

 jan25

December’s visit to Macau by China’s leader, Xi Jinping, probably helped to moderate the city’s gross gaming revenue (GGR) for that month, said several brokerages in Wednesday notes.

The commentary followed the issuance that day of Macau’s December and full-year GGR.

The year 2024 closed with December GGR of MOP18.20 billion (US$2.27 billion), down 1.3 percent compared with November’s tally of MOP18.44 billion. The December figure was also down 2.0 percent from a year earlier, the only month of 2024 to post a decline in year-on-year terms.

But Macau’s casino GGR for calendar year 2024 stood at MOP226.78 billion. The figure was up 23.9 percent year-on-year, according to data disclosed on Wednesday by the city’s casino regulator, the Gaming Inspection and Coordination Bureau.

December was an “80 percent recovery versus pre-Covid, to conclude 2024 with a 77 percent recovery for the full year,” said analysts DS Kim, Mufan Shi, and Selina Li of JP Morgan Securities (Asia Pacific) Ltd in a Wednesday note.

They added: “The print came in 2 to 3 percent below sell-side consensus (MOP18.5 billion to MOP18.8 billion), but we don’t think this would move the needle much as December was supposed to be a slow month anyway given President Xi’s visit.”

https://www.ggrasia.com/xi-visit-impacts-dec-ggr-strong-2024-finish-analysts/


 dec24

The year 2024 ended in Macau with a visit from China’s leader, President Xi Jinping.  The tour coincided with the 25th anniversary of Macau’s handover from Portuguese administration to that of China, meaning the city is at the halfway point of a 50-year period that will see Macau fully-absorbed into the mainland’s governmental system.

The visit was also a reminder of the Communist Party of China’s continued recognition of Macau’s role as the only place in China where casino gambling is legal. Mr Xi mentioned the industry specifically during his time in the city, saying it was developing in an “orderly and healthy manner, in accordance with the law”.

But China’s ongoing campaign against mainland residents engaging in “overseas gambling” showed no sign of abating during the year. Warnings were issued to Chinese citizens by the country’s diplomatic missions within a number of regional casino jurisdictions.

China’s amended criminal code, that outlaws anyone assisting in cross-border gambling, came into effect from March 1, 2021. A central government campaign against it has been consistently pursued since then.

https://www.ggrasia.com/2024-overseas-gambling-still-a-no-no-for-china/


dec24

Macau has made progress in the diversification of its economy, but it should “embrace a broader vision,” said China’s President Xi Jinping (pictured) on Friday. President Xi was in Macau from December 18 to 20 to take part in the celebrations for the 25th anniversary of the establishment of the Macau Special Administrative Region (MSAR).

On Friday, Mr Xi officiated at the inauguration ceremony of Macau’s new Chief Executive, Sam Hou Fai, formerly the city’s most senior judge.

In a speech on Friday, President Xi urged Macau “to keep in mind China’s strategic imperative of national rejuvenation and the ongoing global transformation”.

“With the [city’s] gaming industry developing in a healthy and orderly manner in accordance with the law, Macau, as a world-class tourism and leisure centre, continues to offer new services, and major emerging industries are booming,” stated Mr Xi.

The Chinese leader also called on Macau to “keep pace with the trends of the times”.

“Macau needs to adopt a scientific approach in its future development planning, and proactively align itself with national development strategies … and it could also seek to play a bigger role on the international stage,” said Mr Xi.

China’s President urged Macau to be more open and to “recruit talents from all over the world,” in order to deepen the development of economic sectors that are “competitive on the international stage”.

https://www.ggrasia.com/macau-gaming-industry-development-orderly-says-xi-jinping/

Comments

Post a Comment

Popular posts from this blog

RFID or smart chips (technology) smart gaming tables (AI)

Image
jan25 Galaxy is reportedly the second gaming operator in Macao to have completed its smart table rollout for mass baccarat, which is by far the  most popular form of gambling  in the SAR. That’s  according  to trade publication Inside Asian Gaming, which cited a note from Citigroup analysts sent on Monday. Analysts George Choi and Timothy Chau’s said an additional 74 smart tables were operating in Galaxy Macau’s “grind mass” area – using an industry term referring to low-stakes mass market gambling – while nine such new tables had appeared at StarWorld. “We believe Galaxy has become the second casino operator in Macao to have fully deployed smart tables for its mass baccarat operations,” they wrote. The concessionaire follows in the footsteps of MGM China, which has reportedly been the SAR’s most  proactive adopter  of radio frequency identification (RFID) technology. [ See more:   ‘Smart tables’ won’t mean less staff, Sands China’s vice chairman says ...
Read more

Macau faces unprecedented challenges in transitioning from gaming industry – University study

 jun23 Macau will face a complex and severe stress test in the future as it continues to transition away from a gaming industry supported by mainland Chinese high-rollers, a recent university study has pointed out. According to a paper jointly compiled by three scholars from the Shanghai Cooperation Organisation Research Institute, the Shandong University, and the University of Macau – Edmund Sheng Li, Zhang Anning, and Yin Yechang, the city will have to address a number of social issues “neglected because of the illusion of ongoing prosperity” brought about by the gaming industry that experienced explosive growth following the city’s return to Chinese rule. These issues, as the ‘A city profile of Macau—The rise and fall of a casino city’ scholars pointed out, are associated with political transformation, livelihoods, governance, and urban planning. The economic recession that accompanied the Covid-19 pandemic, as well as Beijing’s push for an overhaul of the gaming sector, have ma...
Read more

If Macau’s annual GGR reached or exceeded MOP180 billion...

Nov24  Gov’t predicts MOP240 bln in 2025 gross gaming revenue Macau’s government has forecast a total of MOP240 billion (US$29.7 billion) in gross gaming revenue for 2025, compared to MOP216 billion budgeted for the current year. According to the fiscal budget for next year presented to the Legislative Assembly, the authorities are looking to receive MOP121 billion in revenue next year, with expenditure expected to hit MOP113.38 billion – up about 7 per cent year on year. This will result in a surplus of MOP7.7 billion. Meanwhile, the government-initiated programme known as PIDDA is to cost about MOP19.78 billion. A higher GGR is expected to be achievable due to increased visitation amidst a transition in tourism and consumption modes, the budget says. There is an expected rise of 13 per cent from the initial budget for 2024. https://www.macaubusiness.com/govt-predicts-mop240-bln-in-2025-gross-gaming-revenue/ jun24  88.0 percent of the city’s pre-pandemic 2019 GGR Macau is lik...
Read more