Macau Shifts its Focus Leads to Chinese Gaming Hub Embracing Sports
Macau is undergoing a transformation after president Xi Jinping removed the junket groups that made it the wealthiest gambling hub globally before the COVID-19 pandemic. These junket groups and the mainland VIP players they attracted are now absent, leaving Macau seeking a new identity. To offset the losses from the lack of VIP players, Macau's six casino operators were instructed to collectively invest $13.5 billion in non-gaming projects for the duration of their ten-year concession extensions.
Gambling will undoubtedly remain dominant, with large-scale integrated resort casinos remaining untouched. However, casino companies are devising strategies to keep their businesses thriving in the post-junket landscape.
Referral Scheme
To aid in Macau's shift toward economic diversification, the government embarked on a new endeavor. When issuing new licenses to the six operators (Sands, MGM, Wynn, Melco, Galaxy, and SJM), the administration encouraged the concessionaires to invest in amenities and family-friendly attractions, even suggesting sports as an option. This week, the government announced a new referral program, promoting a potential alliance between the casinos and cultural/sports organizations.
Upon receiving inquiries from potential cultural or sports event organizers, the Macau government intends to consult the casinos about their interest in partnering with the event. The Cultural Affairs Bureau and Sports Bureau released a statement about the new scheme:
"To promote the development of Macau's moderate economic diversification and to actively encourage integrated resort and leisure enterprises to support the development of Macau's cultural and sporting industries, the government will establish a referral mechanism for cultural and sporting projects with immediate effect."
Cultural and sports organizations are welcome to submit their projects, which will be reviewed by the bureaus before sending the proposal to the casinos for consideration. The government hopes this mechanism will create additional opportunities for various social resources to become involved.
The Rise of Sports
Although Macau and sports haven't historically been intertwined, the region does host some iconic annual events. Prominent among them are the Macau Grand Prix, a motorsport race boasting the unique characteristic of both race cars and motorcycles participating in a street circuit, and the Dragon Boat Festival, which features teams of 20 paddlers, a steerer, and a caller competing against each other.
The Macau Open golf tournament will also make a comeback in October after a five-year absence. Hosted at Macau Golf and Country Club, SJM Resorts has agreed to be the event's title sponsor. SJM is the oldest gaming operator in Macau, boasting landmarks like Grand Lisboa downtown, Hotel Lisboa, and Grand Lisboa Palace on the Cotai Strip. The SJM Macau Open is part of the Asian Tour carrying a purse of $1 million.
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Source: www.casino.org
