With Alvin Chau’s official resignation from Hong Kong-listed Suncity Group, Macau’s VIP junket business has almost reached on the verge of its end as a junket operator. Just days after being taken into custody in Macau on allegations of conducting illegal cross-border gaming operations throughout China, Chau announced he would resign as chairman as well as executive director of Suncity Group. He officially resigned on December 1, 2021.
Sands China Limited, one of the largest casino operators in Chinese gambling hub of Macau, suffered a net loss of $423 million in the three months to the end of September (Q3) as business conditioned remained harsh due to turmoil caused by recurrence of Covid-19 health crisis.
Macau’s pandemic-hit casinos have started seeing a ray of hope for their recovery as the world’s leading casino hub is slowly but surely easing some of its quarantine requirements on visitors.
The Macau Gaming Inspection & Coordination Bureau (DICJ) is reportedly going to increase the number of inspectors to regulate the gaming properties in the world’s richest casino hub. The Executive Council of Macau recently approved an amendment designed to allocate more funding to DICJ and improve its operational structure. The change will take effect in the near future.
Macau, the world’s leading casino hub, has reported a jump of more than 13 per cent in aggregated gross gaming revenue (GGR) for the month of March this year, dropping a strong a hint that the casino hub is slowly recovering from last year’s COVID-19 pandemic-related slump.
The world-famous gambling hub Macau’s Covid-19 pandemic-hit gaming market will rebound quicker than those of Singapore and Las Vegas, credit rating agency Fitch Ratings Inc. predicted in its latest report.
Macau has been the highest gaming revenue generating region in the world in the recent years and COVID-19 lockdowns have left casinos in Macau with massive revenue loss. When Macau casino operators will release their second quarter (Q2) results, the figures will most likely be in the red, and analysts with the multinational financial firm Morgan Stanley foresee an EBITDA (earnings before interest, taxes, depreciation & amortization) loss of more than $1 billion for the quarter.
Wynn Macau Limited, one of Macau’s leading operators of luxury integrated resort casinos, has proclaimed that it has no involvement in a new hotel project that is being developed by an auxiliary unit of Genting Hong Kong Limited.
The massive hotel project in question is being developed by China’s state-owned real estate contractor China Civil Engineering Construction Corp (CCECC) on a waterfront site at Macau peninsula's Nam Van area.
Continuing to struggle in the wake of the COVID-19 shutdown, Wynn Resorts’ Macau hotel and casino business is suffering a loss of nearly $2 million per day with revenue down 97.6 per cent in the first two months of the second quarter of the current fiscal year.
Hong Kong and Macau authorities are working on a “travel bubble” that would allow residents of the Chinese Special Administrative Regions (SARs) to travel freely between the two territories without the need for a fourteen-day quarantine on both ends.