Macau is expecting recovery on a few factors, including the mass gaming vertical, the VIP segment, and family-friendly tourism. To recover the lost gambling revenue, Macau is trying in many ways as the revenue is severely affected by the invasion of the novel coronavirus in 2020. After the city came was halted, the revenues from casino businesses dropped, the number of tourists reduced because of the border restrictions, and all these things, together provoked a gradual change in the appearances of the authorities.
Macau Is Planning
The chief executive named Ho Iat Seng, in a press release, said that Macau would search for introducing more alternative streams for earning revenues lest the entire city remained vulnerable to the upcoming repercussions in the field of gambling. The area was planning to host around 12 sports events to boost tourism once again, and they were planning to organize it throughout the next year.
To spur the recovery, the authorities may have to learn a few but newer tricks, and it seems that the city may recover quite soon, and the authorities may run an ambitious experiment to determine how fast the recovery can be achieved. Some properties, including Melco Resorts and Entertainment and Wynn Resorts, seem glad to have a place in this recovery experiment.
Melco and Wynn were only for the VIPs, but these two resorts claimed that the premium customers and players were returning again from various destinations, and they are responding to suppress the demand with their actions.
It is being anticipated that VIP gambling may continue to bring more positive results because Macau is preparing to bank on the non-gaming industries, providing close attention to the Cotai as well as to the tourism in that area. Firmly, the city is focusing on the family-friendly approach for tourism purposes instead of the casino sectors.
However, it is a matter of the fact that tourism is very low in Macau city, and the number seems to drop around 87.9% year after year, and at the same time, the economy is quite far from anywhere close to the pre-pandemic condition. Still, Macau is hopeful of a bright future.