Macau has had an interesting year. For the first several months of 2019, gambling revenue in this popular gambling city dropped. Finally, that trend appears to be changing. Pansy Ho, one of the top gambling executives in Asia, recently spoke to the media about the future of Macau.
Ho has many ideas to increase revenue in this city. Now is the perfect time to look at some of the changes come here and talk about what Pansy Ho has in mind moving forward. Let’s get into it!
Macau’s Revenue Fluctuations, Explained
It’s well-known that Macau is the biggest and most profitable gambling destination in the world. Most of the biggest gambling companies in the world operate here, including Las Vegas Sands and MGM Resorts. Unfortunately, revenue figures have been dipping here for the majority of 2019. There are a few key reasons why.
First, the US and China are engaged in a major trade dispute. As a result, China’s economy is slowing down considerably. Macau relies heavily on Chinese gamblers to help bring in revenue to the city. With a worsening economy, more people in China are choosing not to gamble.
There is also the issue of outside competition. A number of Asian countries have recently begun to invest in their casino industries. The Philippines, in particular, is seeing a massive increase in its casino gambling revenue. Even Japan, which held some of the strictest gambling laws in the world, have recently legalized casino gambling.
For the first four months of this year, Macau’s revenue dropped. Finally, in May, things took a turn. Gambling revenue in this city increased by 1.8%. That’s obviously not a huge increase, but it’s an improvement. Now, one of the most powerful gambling officials is working on plans for the future of Macau.
Pansy Ho Details Plans for the Future of Macau
Pansy Ho, daughter of famous gambling businessman Stanley Ho, recently spoke about Macau’s plans for gambling expansion in a recent interview. Much of the conversation centered around the upcoming licensing renewal process. In case you’re unaware, Macau is set to review its gambling licenses in 2022.
Ho believes that new gambling companies in Macau need to offer the city more if they wish to obtain a gambling license. She also believes that the companies that currently hold a license here should see their licenses renewed without any issues. Ho states that the companies currently operating here have proven they can run a successful gambling venue.
The billionaire gambling mogul believes that an “abrupt stop” to any of these casino licenses in 2022 would be both Macau. A replacement, she argues, could be worse than any company forced to leave this city.
Pansy Ho is certainly optimistic about the future of Macau. She claims that the recent changes to the city’s regulatory restructure will help things in the future. Several companies will soon begin to work for a gambling license here.
New and Old Companies Investing in Macau
Macau’s recent revenue figures haven’t been great, yet many of the world’s top gambling companies are continuing to invest here. Las Vegas Sands is working on a massive $2 billion renovation of its Macau casino. Company heads believe this market will continue to grow over the next decade.
With the current trade war between the US and China, some speculated whether or not Macau would offer new gaming licenses to companies based in the United States. According to Pansy Ho, this is not the case. She claims that all potential companies will be given a fair chance to break into this city.
She also states that government officials in Mainland China will have no power to ban US casino companies from operating in Macau. It’s great news for the casino operators that are hoping to enter here.
The future of Macau is still looking great. Concerns that this city may fall to the wayside seem to be dying down. Companies are continuing to invest here, and revenue is finally beginning to increase. Stay tuned for more news on Macau’s revenue figures for the rest of the year!