Beijing is allowing punters back to Macau but a full recovery could be distant. Gambling seems out of sync with Xi Jinping’s bigger policy priorities. As casinos apply to renew licenses, the future looks less golden, says KatrinaHamlin
They look confident. The six existing operators also submitted applications this month to re-bid for long-term licences. There’s a
Macau will need longer to spring back. Some 13% of Macau’s non-resident workers had departed by the end of 2021, per official data. Analysts reckon revenue at the six Macau-focused casino operators will recover to 80% of 2019 levels by 2024. If revenue continues to grow at 30% per annum as they expect, it will take another year for a full rebound.
This year there have been fresh restrictions imposed on so-called junkets, organisations arranging travel and credit. An ongoing court case against Alvin Chau, the former boss of Suncity, which previously bankrolled around half of Macau’s, shows the industry is still on Beijing’s radar. Waving goodbye to the high rollers matters less for the casinos in the medium term because EBITDA margins in the mass market are almost double those for high rollers.
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