Fitch Ratings optimistic of Macau’s gaming industry in 2024

Jenny Ortiz 1 month ago
Fitch Ratings optimistic of Macau’s gaming industry in 2024

American credit rating agency Fitch Ratings said Macau’s gaming industry will continue to grow this year.

The agency gives Macau an “AA” rating with a stable outlook, highlighting robust public and external finances alongside continued economic and gaming recovery.

Fitch said there’s a projected improvement bolstered by a steady recovery in inbound tourism post-Covid.

According to Fitch Ratings, the mass-market segment will play a significant role in contributing to this industry’s growth.

Record Chinese New Year visitors a big boost for casinos

According to data from Macau’s Public Security Police Force, the eight-day Chinese New Year holiday brought 1,357,803 visitors – most are from mainland China.

The influx of visitors boosted casino tourism traffic to 164% compared to the data from the same period in 2023.

The rise in the number of tourists in the Special Administrative Region (SAR) reinforces Fitch’s expectations of a continued recovery in Macau’s gaming sector throughout the year.

That is despite the economic challenges facing China.

Chinese consumers shift to service-oriented sectors

Fitch Ratings also noted that the resilience of Macau’s gaming sector is attributed in part to a shift in Chinese consumer preferences toward service-oriented sectors.

The service-oriented sectors include domestic tourism and entertainment. 

According to the Macao Government Tourism Office, there was a 2.6 percent increase in inbound visitor numbers during the first seven days of the holiday period compared to 2019.

Macau’s gaming industry leader shares optimism

Last week, Sands China president Wilfredo Wong said Macau could earn up to MOP20 billion (€2.3 billion) in gross gaming revenue (GRR) in February.

Wong cited the boost in local tourism as the main driver of the revenue growth for gaming and he was also quoted saying all hotels under Sands China were “fully booked” for the first few days of the Chinese New Year celebration.

SiGMA Eurasia and SiGMA Africa – less than a month away

With less than a month until the highly anticipated SiGMA Africa event kicks off in Cape Town, South Africa on the 11th of March, the gaming industry is abuzz with excitement. Building on the success of its inaugural edition in Nairobi, Kenya, in January 2023, SiGMA Africa is strategically positioning itself at the forefront of Africa’s burgeoning gaming landscape. With the continent’s market poised for exponential growth, driven by a rapidly evolving digital ecosystem and increasing mobile connectivity, SiGMA Group recognizes the need to foster collaboration and innovation within the industry. By bringing together leading stakeholders and visionaries in gaming, SiGMA aims to catalyse progress and propel Africa towards a new era of prosperity and opportunity. As the countdown to the event begins, anticipation mounts for what promises to be a landmark gathering of gaming enthusiasts and innovators in the vibrant city of Cape Town.

The fourth edition of SiGMA Eurasia will once again be held at the InterContinental Dubai Festival City. Held between the 25 and 27 February 2024, the summit provides invaluable opportunities for attendees to network with industry professionals, gain exposure to the latest tech and innovations in the sector, meet key decision makers, and gain insight into new markets. 

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