![]() The $14.9 billion investment caveat was reportedly part of a renewal of their licenses for 2023 by the Macau government. Macau could be again holding a big opportunity for these sectors if it recovers anywhere close to its former glory. Hopes are high for Chinese traveler rebound as well as China’s luxury market in 2023, with Barclays predicting 15 percent growth. Instead, money will pour into industries such as entertainment, theme parks, trade conventions and exhibition venues, in further indication of Macau’s aspirations to diversify. Surprisingly, 90 percent of this will be spent on non-gaming/gambling developments. ![]() With the territory slowly opening up, news breaks that six hospitality and gambling giants - MGM China, Galaxy Entertainment, Melco Resorts, Sands China, Wynn Macau and SJM Holdings - have promised a total $14.9 billion investment into the city over 10 years. However, the former Portuguese colony’s economy has suffered immensely over the past three years with travel restricted with mainland China and the rest of the world. Accompanying this was a luxury, retail and hospitality boom that boosted brands’ balance sheets mainly due to mainland Chinese consumer spending. In 2019, monthly gaming revenues hovered around $3 billion - six times that of Las Vegas. Macau was once known as the world’s most profitable gambling mecca before the pandemic. ![]()
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