CHANGING TIMES - Two decades ago, we stood on the verge of an economic revolution. It's been no fairy tale, but the city weathered the storms and soared. We are here to stay [Special Report] 20 years, 20 changes  |  [Property] REBOOTS? The lifting of real estate curbs is a boon for the market, but that impact may be limited, industry insiders say  |  [Gaming] TIED UP IN A BOW - The credit law and illegal gambling act are finishing touches in the suite of new gaming legislation. Are they the straw that will break the junkets' back?  |  [Business] Mobility, more options, better value for money drive local consumption to the mainland  |  ASIAN IR EXPO - To bring together arts, sports, and entertainment

REALTY CHECK - Light at the end of the tunnel for the property sector? Interest rate cuts, eased restrictions and mainland stimulus measures are a welcome sight, but a lasting rebound stays just out of view  |  EXPECTATIONS - Community reps are hopeful Sam Hou Fai will address livelihood issues and support ailing SMEs. They expect the Chief Executive-designate's team to embrace transparency and adopt a problem-solving mindset  |  [Special  Report] Crime: New and more complex  |  CHAMPIONS - 71st Macau Grand Prix Special

[Exclusive Interview] I'M BACK - Oh, those painful pandemic years! If anyone felt them, personally and professionally, it was Lawrence Ho. And the Melco boss isn't shy to admit it. But those days are gone, and he's back with a thirst. After Macau and the Philippines, now Cyprus and Sri Lanka. After all, Melco "always had ambitions for bigger things"  |  [Finance] ENTER E-MOP - With the digital pataca just around the corner, heads of the monetary authority and bank of China Macau reveal what's next: A prototype by the end of 2024, with trials to follow next year  |  [Special Report] PRC at 75 - China's contributions to the world

TOO LITTLE TOO LATE? - The Rollout of 500 new taxis has begun in a welcome move that still falls short of the city's needs. Bolder, swifter measures are required, starting with long-overdue ride-hailing services  |  [Interview] BROADENING HORIZONS - On the back of the recent name change, the Macao University of Tourism is expanding its student base, programmes and international links, rector Fanny Vong explains  |  [Special Report] HENGQIN Work in progress  |  International fireworks display contest to reignite city skies  |  SAM HOU FAI - Unanticipated CE bid from former top judge garners support across the board  

SHOWING THE MONEY - Illicit money exchanges have skyrocketed post-pandemic, prompting authorities to sound the alarm and call for a sweeping crackdown. What's the impact on gaming revenue? How can these practices be uprooted?  |  HEADWINDS - Surge in non-performing loans raises eyebrow, reflecting a touch reality for many SMEs  |  LONGTERMISM - Study questions sustainability of the social security fund. Experts suggest new ways to close the gap  |  [Property} Sniper Capital at it again with a new old Taipa makeover  |  [Special Report] Taking metal health seriously

[Cover Story] TOWERING SOLUTION - Several office units are being converted into hotel rooms in Hengqin, breathing life into vacant blocks and creating affordable accommodation. Industry insiders acknowledge the move's rationale but caution about safety standards  |  [Gaming] REAPING BENEFITS - Slot machine supplier aristocrat has been Asia revenues double in the past year with the roll-out of new dedicated games. Investments made during the pandemic are paying off and more is in the pipeline, says Asia GM Lloyd Robson  |  [Finance] (RE)INVESTING - Macau's first MOP open investment fund has been launched. A&P's Bernardo Alves and Abraham Kot aim to promote the pataca as an investment currency and make a splash in the city's financial scene  |  DEEP DIVE The internationalization of China's electric vehicles  |  [Special Report] How climate change(s) Macau

gAIming - It's a game-changer. Smart tables and artificial intelligence are set to take over casino floors, heralding a new era of gameplay analysis, gains, and personalised service, with data collection and processing issues also on the table  |  THE ISLAND AND ITS DISCONTENTS - A proposed man-made island made of construction waste off Hac Sa Beach to tackle an oversaturated landfill is raising eyebrows  |  IN THE SPOTLIGHT - Xia Baolong's visit invites stronger focus on international allure and making the most of city's advantages  |  [Banking]  Profits were halved last year, but some banks had a stellar performance  |  [Special Report] One year to the national games

[Exclusive Interview] SUPER CONNECTOR - Micro Connect boss Charles Li is spearheading the new Macau-licensed financial market connecting global capital to small businesses in China. Launched last year, MCEX has already raised funds for over 15,000 shops across 200 mainland cities. That's only the beginning, says the former HK stock exchange head  |  [Economy] (RE)INVESTING - InvestHK head Alpha Lau downplays concerns over Hong Kong's allure and stresses signs of post-pandemic FDI rebound with AI, life science, Fintech, and green energy high on the agenda. Closer collaboration with Macau and the GBA is also a priority, she says in an exclusive interview  |  [Entertainment] THINKING BIGGER - Larger-scale venues are key to upsizing the city's concert economy. And there's no lack of space, be it the Macau jockey club venue of the newly reclaimed zones  |  [Special Report] MODERN FINANCE  |  [Technology] Local startup rolls out automated drone solution for building inspections  

INTO THE NIGHT - More shows, night markets, new city-wide offerings, and more. Business representatives weigh in on ways to develop the night economy  |  {Hengqin] BLURRED LINE - Community leaders advocate for better awareness of the new separate customs regime: A key step towards integration amid hopes for seamless mobility  |  [Environment] FROM PEAK TO NET ZERO - Specific targets have at last been set for the city's "Dual Carbon Goals". Environmentalists welcome the move but warn against relying on best-case scenarios  |  TOURISM - Southeast Asia leading recovery in international visitation  |  [Special Report] Public works

RETIRING THE SADDLE - It's the end of an era. The sudden termination of the Macau Jockey Club's concession revives questions about its last contract extension and invites debate on the site's future use  |  [Labour] EMPLOYMENT (MIS)MATCH - Fresh graduates face hurdles in aligning their skills with the city's job market  |  [Finance] BOND MARKET POTENTIAL - Industry players upbeat about Macau's role in bridging mainland issuers and global investors  |  {Special Report] DEMOGRAPHY - Will the year of the dragon come to rescue?  |  CHINESE NEW YEAR - What to expect in the year of the dragon

[Interview] MOMENTUM - Mass market, MICE, entertainment, diversification. Galaxy's Lui Che Woo and Francis Lui on (non) gaming, Phase 3 and what comes next  [Property] HOUSE OF CARDS? - Mixed reception for five-tier housing system, showing signs of supply-demand mismatch  [Economy] SKYROCKETING - Macau's GDP expected to see strong, double-digit growth in 2024, but may face headwinds from external factors | [Special Report] New gaming concessions - The first year (and beyond)  |  [Finance] A deep dive into the consultation paper for the city's first securities law

[Cover Story] GEARING UP - The diversification blueprint has arrived amid a robust gaming rebound, setting priorities and targets under the "1+4" strategy. Is it all within reach? Destination: 2028  |  [Interview] UNTAPPED POTENTIAL - GM of newly opened Prudential Macau Chris Ma envisions ample room for growth in the life insurance market. The 175-year-old multinational wants to share expertise and innovation  |  EVENTFUL - Investors now see Macau as part of the GBA, embracing diversification, says U U Sang. The IPIM president lauds MIF, C-PLPEX and MFE results, envisaging new heights for MICE   |  LANDLOCKED - Low interest in land auction and lacklustre home sales prolong real estate woes

[Interview] HENGQIN CALLING - New customs management, Macau neighborhood and incentives will be game changers, says António Lei. The Hengqin Economic Bureau Director makes the case for attracting FDI, professionals  |  {Hospitality] STAYING HERE - Government intends increased supply of three-star hotels to lengthen visitor stays. Insiders back the plan, calling for rapid rollout of budget accommodation  |  {Taxis] GROUNDHOG DAY - The return of mass tourism has mean déjà vu at cab stands with insufficient taxis and substandard service. Are 500 new licenses enough?  |  [Special Report] A decade of Belt and Road Initiative 

[Interview] ROAD TO MODERN FINANCE - New Chairman of ICBC (Macau) and of the securities and funds industry association of Macao Gao Ming shares vision on upgrading the city's financial sector | [Gaming] THE SURVIVORS - The crackdown and new regulations put junkets on the endangered species list, now market recovery is throwing them a lifeline | {Special Report} Forum Macau: 20 Years On | International fireworks display contest is back

[Property] FLAT MARKET - Tourist areas see a spike in residential and commercial rentals, but high-interest rates and cross-border options hamper a sound recovery for sales  |  [Gaming] THE PHILIPPINE WAY - Philippines regulator PAGCOR wants to fast-track privatisation of the casinos it operates. Chairman Alejandro H. Tengco also looks at enhancing the industry's regulatory framework  |  PricewaterhouseCoopers weights in on '1+4' economic diversification formula  |  [Special Report] Creative Industries

CURRENCY CROSSROADS - Legalised in 1853, the Pataca has weathered storm after storm to become intertwined with the city's identity. It now faces a triple whammy brought by the HKD, RMB, and digital currency. The monetary authority stands firm in its defence  |  DOUBLE-EDGED SWORD - The northbound travel for Macau vehicles policy is a boon for many residents, but it siphons locals' spending out of the city, affecting SMEs in residential districts who call for support and fresh ideas  |  TRADE SHOW TIME - Twin shows Asian IR EXPO + G2E Asia take centre stage in Macau, while Manila inaugurates SIGMA Asia  |  NEW SCHOOL ON THE BLOCK - Generations International School to embrace Finland model

[Aviation] UP IN THE AIR - With Air Macau's local monopoly set to expire in November, liberalisation is expected to bring added routes and improved services. Will new players throw their hats in the ring?  |  [Gaming] GOING MAINSTREAM - American Gaming Association head Bill Miller lauds the post-pandemic embrace of gaming as mainstream entertainment. The industry's non-gaming focus is a boon for Macau, he stresses  |  NEW GAME(S) - Aristocrat launches fresh electronic games in the Macau market as new standards come into force and a new generation flocks to the casino floor. Asia GM Lloyd Robson sees promising prospects across the continent  |  [Special Report] Macau - Hong Kong: So near, so far

Welcome back to irresistible Macau - The city came late to the post-pandemic party but is quickly retaking the crown, with Q1 gaming revenue already twice that of the Las Vegas strip and exceeding all of Nevada  |  IN PEACE - The unique market for an eternal resting place  |  SPECIAL REPORT - Wellbeing and wellness

LISBON EXPRESS - The Chief Executive's Portugal visit builds momentum, retightening ties that went slack during the pandemic. Business hope both sides will get it right, talk of possible cross-investments and call for improved access to mainland markets. |. [HENGQIN] Intensive Incentives - Successive rounds of measures and incentives have been rolled out, aimed at accelerating the Cooperation Zone's development. The moves are welcomed, while many continue to wait and see

[Special Report] DECARBONISATION WAKE-UP CALL - Still without detailed goals towards carbon neutrality, the city is urged to take bolder action. Experts point to solutions using resources already at Macau's disposal, such as the 85 square km of territorial waters  |  [Interview] RE-ENGAGING - Head of EU Office to SARs wants to revive cooperation with Macau. Thomas Gnocchi makes the case for European firms' role in the city's push for diversification  |  [Gaming] NEW NORMAL - The first two months of 2023 have already raked in over half of last year's revenue. Mass market is thriving, while VIP remains lacklustre. Brokerage: full-year GGR may attain up to 60% of pre-COVID mark  |  LABOUR - Long-awaited trade union law moves forward amid mixed views

[Economy] BOUNCING BACK - Gaming and tourism are rebounding as crowds of younger visitors filled the streets to usher in the Year of the Rabbit. The next steps: upgrading tourist experience and expanding international flights  |  ALL HANDS ON THE DECK - Like elsewhere, the swift post-pandemic business revival is bringing workforce shortages attached  |  [Property] WAY UP - After plunging to a decades-long low, transactions are set to see a rally this year. The recovery pace will hinge on tourism rebound, public housing supply, and interest rate cycle  |  TRUST LAW – New legislation paves way for new options, insurance products  |  Special report - Digital Macau


 


[Cover Story] SAME SIX BUT DIFFERENT - A new era for Macau's gaming industry was ushered in the New Year with the fresh 10-year concessions kicking in. The six incumbent firms committed MOP108.7 billion to developing non-gaming projects and setting sights on overseas customers. Will it pay off? Operators are confident  |  [Economy] CLAWING BACK - With zero-Covid finally dismantled, businesses are seeing light at the end of the tunnel in a reopened city still coping with mass infections. Yet the rebound is not set to happen overnight  |  [Special Report] Three years of pandemic. What Changed?  |  COP27 - Local NGO rolls out Macau roadmap for carbon footprint reduction  

KEEPING PACE - Government and big employers are gearing up to increase staff paychecks as the city's economy continues improving. For SMEs facing rising operational costs it's not that simple  |  [Tourism] AIMING FOR THE SWEET SPOT - Return of mass visitation revives debate on tourism capacity |  [Special Report] PORTUGAL IN MACAU  [Interview] PAST, PRESENT AND FUTURE - With Portugal  boasting key players in all "1+4" diversification industries, Consul General Alexandre Leitão stresses the role of Portuguese companies and professionals in Macau's future development  |  REAL ESTATE -  Easing of restrictions positive but may not suffice to boost market

[Cover Story] COMING TO TERMS - A year on since the demise of the city's junket giants, ex-employees struggle to find new roles in society amid a tough job market. Meanwhile the Suncity and Tak Chun trial s cast light on shady back-room deals, once 'business as usual'  |  [Craft] UNDER THE NOSE - High-profile trial unveils years-long web of interests, alleged kickbacks for land use approvals between former public works chiefs and prominent developers  |  [Hospitality] READYING FOR RECOVERY - Janet McNab succeeded in navigating a challenging pandemic period that included running a quarantine hotel. Now the Multi-Property Vice President at Sheraton Grand Macao and The St. Regis Macao prepares to usher in the long-awaited recovery  |  GAMING - Incumbents secure new concessions, non-gaming takes centre stage  |  [Special Report] Macau as creative city of gastronomy

[Special Report] INSURANCE SUREFOOTED - The insurance industry is thriving despite the pandemic. Macau has become a popular port of call with Mainland visitors shopping for policies, and the local market will only expand alongside opportunities in the Greater Bay Area, industry insiders say  |  [Hospitality] GLASS HALF-FULL - Sofitel Macau's Vinzenz Rosa de Pauli is sanguine about business prospects for the city's hotel industry. The new GM stresses flexibility and adaptability have been yet to overcoming pandemic-induced hurdles  |  [Banking] "We want to grow more in Asia" - Lisbon-based Bison Bank, held by private Chinese capital from Hong Kong, is eyeing opportunities in linking European and Asian markets, says CEO António Henriques, with cryptoasset banking another priority  |  TOURISM - Return of Mainland package tours, e-visas hailed, but no expectation of instant boost  |  Champions - 69th Macau Grand Prix Special

[Interview] SAILING ON - As BNU celebrates its 120th anniversary, CEO Carlos Cid Álvares foresees promising post-pandemic business prospects backed by returning visitors and the new gaming concessions. The future lies next-door, too, in Hengqin, where the bank may open new branches | [Gaming] THE SEVENTH ELEMENT - Malaysia's Genting has thrown its hat into the ring, joining the six incumbent operators in the gaming tender. Will it upend the city's gaming landscape? Insiders hold mixed views | MBtv Debates - Swift reopening, new international talent policy keys to recovery | [Special Report] Chinese millennials

NANSHA CALLING - A new blueprint earmarks Guangzhou's Nansha district as a key zone with incentives for  SAR professionals. A startup incubation hub offers Macau entrepreneurs another route to set foothold in the GBA. Despite COVID uncertainties, the centre is confident in its attractiveness. |. [Interview ] "WE HAVE DEVELOPED OUR OWN WAY OF DEALING WITH COVID" - Hong Kong Exco Convenor Regina Ip says the priority is finding a way to both re-join the world and reopen with the mainland. Once there's a model for quarantine-free travel with Shenzhen, Macau will follow  |  [Gaming] MULTIPOLAR LANDSCAPE IN THE MAKING - Asia's rival casino jurisdictions are reaping back-to-business benefits post-pandemic. Macau can expect heated regional competition in the coming years  |  [Special Report] Housing: A place to call home
 

[Cover Story] UPHILL CLIMB - Recent pandemic restrictions have withered the economy, and though government has turned again to the fiscal well, only healthy flow through the borders can nourish a sustainable recovery. Meanwhile, the city may need new remedies for structural dry spots in the budget, experts says  |  [Gaming] OFF THE FLOOR - The casino concession tender programme requires bidders to submit extensive non-gaming plans. Authorities pledge a level playing field. Will new contenders throw their hats in the ring?  |  [Interview] ENHANCING COOPERATION - Paulo Espírito Santo supports altering criteria for the China-Portuguese speaking countries cooperation and development fund to benefit more firms and weaker economies. The forum Macau deputy secretary-general also seeks stronger sino-lusophone culture ties  |  [Special Report] Hato's "ghost" 5 years on

[Special Report] Gaming in Macau: The new era - - RULES OF THE GAME - The new gaming law is in force, concessions have been extended through year-end, and all eyes now are on the public tender, set to launch amid an unprecedented pandemic-induced crisis. |  [Economy] IT'S THE PANDEMIC - As the city struggles with its grimmest COVID-19 outbreak thus far, life for many businesses hangs by a thread. What lies ahead depends on how much longer pandemic restrictions will last  |  PROSECUTION - Alvin Chau's syndicate accused of causing HK$8.28bln loss in gaming tax revenue

[Cover Story] LABOUR BLUES - Structural unemployment looms large. Social groups and business representatives welcome the new employment incentives rolled out by the government but see no quick fix for the problem | [Technology] LAGGING BEHIND - The only jurisdiction in China yet to embrace 5G, Macau's delay is hindering the city's digital development. With the network ready since June 2021, the soonest licenses may be issued is later this year | [Interview] REBRANDING AND EXPANDING - Following the rebrand of Artyzen Grand Lapa Macau, Artyzen hosipitality group sets sights on a first Hengqin hotel in 2023. Macau area VP Rutger Verschuren also hints at revamp plans for Grand Coloane Resort | KNOCK-ON EFFECT - Gauging the impact of the US interest rate hike cycle | [Special Report] Start-ups in Macau

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Macau Business, a 132-page monthly publication, is Macau’s number one English-language newsmagazine. Benefiting from the acumen of and collaboration between journalists, analysts, economists, scholars and policymakers, we work to provide our readers with the best stories and exclusive insights.
Macau Business was launched in May 2004 and was the first independent English-language news medium to become firmly established in Macau.

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Macau Business - May 2024

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