Macau has been battling with decreasing gambling revenue growth and the slowdown in the Chinese economy has been primarily attributed to the drop in GGR.
Earlier in May, the figures released by the Gaming Inspection and Coordination Bureau showed that the year-on-year gross gaming revenue for April in Macau fell by 8.3 percent to 23.5bn patacas ($2.9bn). It was by far the most significant revenue drop since June 2016.
Talking to the press at an SJM event, CEO Ambrose So Shu Fai said that he fears that China-US trade war will further aggravate the revenue crisis facing Macau; however, he believes that the city’s gaming revenue prospects are not as bad as it is being projected. However, in case the situation escalates, according to Fai, it can negatively impact the city’s gaming revenues.
“Although there has been little fluctuation in the gaming revenue recently, it is on an upward trend in general, and I believe that the prospects of the industry are positive,” he said.
For the past few months, the gaming revenues for SJM Holdings, which is one of the biggest gambling operators in the region have not been as expected.
Talking about SJM’s new casino, Grand Lisboa Palace, Fai said that they are still awaiting some government approval to begin operations.
The new facility will have a restaurant and also a shopping complex. Refraining, from commenting further, the SJM CEO said: “You will get to know our most attractive facilities after the opening of the hotel.”