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Sands China’s CEO is optimistic about Macao’s economic future

Gaming boss Robert Goldstein says speculation should be around how big the market could get, not whether or not it will recover.

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Gaming boss Robert Goldstein says speculation should be around how big the market could get, not whether or not it will recover.

ARTICLE BY

PUBLISHED

READING TIME

Less than 1 minute Minutes

Sands China’s CEO Rob Goldstein has expressed confidence in Macao’s economic recovery, saying that gross gaming revenue (GGR) could surpass pre-pandemic levels faster than expected.

His comments came in the wake of Sands China’s announcement of its third quarter results for 2023, which were up 16.6 percent from the previous quarter.

“There is speculation about future growth in Macau,” Goldstein said, in comments reported in local media. “The relevant question is, can the market grow to $30 billion, US$35 billion, US$40 billion of GGR and beyond? We are firm believers that it will and may occur at a much shorter timetable than anyone realises.”

[See more: Fitch Ratings has upped its predictions for Macao’s economic rebound]

Goldstein also noted that Sands China’s retail businesses were already doing better than they were pre-Covid. 

The first nine months of this year have seen the city’s casinos collectively generate GGR of 128.9 billion patacas (US$16.1 billion). The sum is 58.5 percent of the total between January and September of 2019 – the year before the Covid-19 pandemic struck.

Investment bank Citi Group has predicted GGR for the full year will hit 181.5 billion patacas ($22.7 billion) – 62 percent of 2019’s figure. 

 

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