Macao lost nearly 30,000 non-resident workers over Covid. Less than half that number has returned.
Business
Last month marked the highest gross gaming revenue recorded in Macao post-pandemic; with 9.6 percent month-on-month growth.
A new law allows for a wider variety of banks, more use of technology, and harsher penalties for financial misconduct.
Macao Government Tourism Office’s Cheng Wai Tong attributes sluggish international tourism to limited international flight links and the soaring cost of airfares.
While fewer locals are choosing to stay in Macao’s hotels – now they can easily leave the city – guests from mainland China, Hong Kong, and Taiwan are stoking the supply of accommodation.
Macao remains a fair way off its pre-pandemic economy, but the open borders are doing their thing.
Predictably, the labour sector is in favour but a leading business figure warns that the raise will be passed on to consumers in the form of higher prices.
A US$1 billion refurbishment will see revamps of the two of the resort’s five hotels, updating rooms that haven’t been refreshed since the resort was known as Sands Cotai Central.
CEO Robert Goldstein said he was ‘pleased to see the ongoing recovery now underway in all gaming and non gaming segments progress during the quarter.’