The local government has strongly condemned the new rating, which was made because of the city’s close ties to mainland China’s sluggish economy.
Business
Macao’s oldest gaming concessionaire has a new chief financial officer, one with extensive experience in investments, real estate and corporate finance.
Analysts say the US-based gambling empire’s move shows the high level of confidence that it has for its Macao-based subsidiary.
MGM China is trading just a fraction above its 1 January level. The five other concessionaires’ share prices have dropped between 21 and 48 percent.
The official designation is a significant win for Macao’s tourism industry, which wants to lure more foreign visitors to the city.
The dip was anticipated by the gaming sector, given that October’s figure reflected the ‘golden week’ holiday windfall.
The 4.04 million passengers who travelled via Macao’s airport between January and October represent just over half of the total recorded in pre-pandemic 2019.
Adelson is reportedly selling 10 percent of her stake in order to fund the purchase of the NBA team Dallas Mavericks.
The latest jobs survey shows increased demand for hospitality staff as the city’s tourism industry bounces back.