Sands China President Forecasts Macau Casino Revenue Soaring to €2.3 Billion in February
Anticipate a remarkable surge as Sands China President envisions Macau’s casino revenue reaching an impressive €2.3 billion this February. Driven by a flourishing local tourism scene, the gaming sector stands poised for substantial growth.
Sands China President, Wilfredo Wong, projects that Macau has the potential to generate up to MOP20 billion (2.3 billion Euros) in gross gaming revenue (GRR) for February. Wong attributes this optimistic outlook to a surge in local tourism, identified as the primary driver of the revenue growth in the gaming sector.
As reported by Macao Daily News, Wong highlighted the significant demand by stating that all hotels under Sands China were fully booked during the initial days of the Lunar New Year celebration. This surge in bookings further bolsters Wong’s confidence in the revenue projection.
Wong’s estimation is grounded in the Macau Government Tourist Office’s (MGTO) forecast, suggesting that the city could welcome over 960,000 visitors throughout the holiday period, averaging around 120,000 visitors daily. This influx of visitors is expected to contribute substantially to the gaming revenue during this period.
Sands China, known as a developer, owner, and operator of multi-use integrated resorts and casinos in Macau, stands to benefit from this positive trend in the local tourism sector.
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Macau’s GRR is predicted to increase this year
Macau’s gross gaming revenue (GRR) is anticipated to experience growth this year, with JP Morgan projecting a GRR of approximately US$27.3 billion last year, indicating a positive trend. This trajectory is particularly significant as Macau’s six casino firms commit to increasing non-gaming and overseas marketing spending by a minimum of 20 percent.
According to the January report from Macau’s Gaming Inspection and Coordination Bureau (DICJ), the casino GRR in 2023 reached MOP183.06 billion (21.2 billion Euros). The year concluded on a high note, with December GRR witnessing an impressive 16 percent month-on-month increase and a remarkable year-on-year surge of 433 percent. This robust performance exceeded market consensus, reaching MOP18.6 billion and boasting a daily run-rate of MOP599 million.
The positive trends in Macau’s gaming sector are essential for the industry’s sustained growth and align with the casino firms’ commitment to enhancing their non-gaming offerings and expanding their reach through increased marketing expenditure.
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SiGMA Eurasia & SiGMA Africa—less than a month away
With just under a month remaining until the eagerly awaited SiGMA Africa event commences in Cape Town, South Africa on March 11th, the gaming industry is buzzing with anticipation. Building on the success of its inaugural edition in Nairobi, Kenya, in January 2023, SiGMA Africa strategically situates itself as a leading force in Africa’s thriving gaming landscape. Recognizing the continent’s potential for exponential growth, driven by a swiftly evolving digital ecosystem and increasing mobile connectivity, SiGMA Group acknowledges the necessity to nurture collaboration and innovation within the industry. Through the gathering of key stakeholders and visionaries in gaming, SiGMA aims to catalyze progress and propel Africa towards a new era of prosperity and opportunity. As the countdown to the event begins, excitement mounts for what promises to be a groundbreaking assembly of gaming enthusiasts and innovators in the vibrant city of Cape Town.
Simultaneously, the fourth edition of SiGMA Eurasia is scheduled to take place at the InterContinental Dubai Festival City from February 25 to 27, 2024. This summit offers attendees invaluable opportunities to network with industry professionals, gain exposure to the latest technology and innovations in the sector, meet key decision-makers, and acquire insights into emerging markets. The event serves as a focal point for industry players to engage with the latest trends and developments, fostering collaboration and knowledge exchange within the dynamic gaming landscape.
