Linda Chen, Vice Chairman and Executive Director of Wynn Macau, said she is confident Macau will achieve the government-estimated gross gambling revenue of MOP100 billion ($12.4 billion) this year. The executive revealed her trust in the enclave’s casino industry at the sidelines of a social event, reports Macau Daily Times.
While Macau enforced a 14-day ban on all international air arrivals from January 9 to January 23 amid Covid-19 cases, Chen pointed out tourist arrival counts prior to the measure and on New Year’s Day marked “a good start.”
She further added that should the pandemic situation remain stable in the city, the tourism outlook for the month will be positive, which could then extend to the full year. “Should the situation stay stable, I believe the GGR for this year could reach MOP100 billion,” the executive said.
Chen also discussed Wynn Macau’s situation in particular, stating the company was confident in being relicensed for its casino operations, as casino owners in the enclave prepare to bid for new licenses for the first time in two decades. She pointed out operators did not only invest large sums into real properties but also “in human resources and talent cultivation.”
Discussing the gaming sector, Chen stressed that the industry is now majorly focused on the “healthy development” of the mass gambling market, which she described as the most important to Macau’s economy, according to the previously cited news source.
“The diverse consistency of clientele in the mass gambling market is crucial to Macau’s economic diversification,” Chen said, remarking that most casino operators in the special administrative region are looking at the sector with an eye towards sustainable development.
But Chen also said she was confident that, should Macau diversify its economy, the existing gaming facilities within the enclave could set a benchmark for the tourism industry worldwide. To achieve this goal, the executive said that the stable development of the current six concessionaires and the gambling market was a long-term target.
When asked about whether Wynn Macau was interested in submitting documentation supporting the application for a third-party junket license, Chen confirmed the company has not produced any such document and that it did not intend to do so.
Macau law states that, during the application procedure, entities applying for a junket operator license must have a notarized signed document from a casino concessionaire confirming the intention of cooperation. Junket licenses are valid for a calendar year: permits issued after January 1 will expire on December 31 the same year.
Macau, the world’s largest gaming hub, is currently seeing its casino industry experience a series of changes. Late last year, the enclave’s government issued a report to its consultation aimed at reviewing and changing rules for the casino market.
According to results shared by authorities, respondents showed support to keep the number of operators allowed in the market at six, whose licenses are set to expire on June 26. A total of 1,340 responses to the consultation were received, which opened in September 2021. Out of 217 answers to the subject of concessions, a majority -95- said they would prefer exactly six concessions.
Original article: https://www.yogonet.com/international/news/2022/01/10/60877-wynn-macau-executive-backs-governmentestimated–124b-ggr-in-2022
