Macau was preparing for the arrival of Super-Typhoon Yagi, which was expected to hit on September 5. The storm had already caused devastation in the Philippines, resulting in the loss of 13 lives. With sustained winds of 130mph, equivalent to a Category 4 hurricane, the residents and businesses in Macau were bracing for impact. Casino resorts in the area, such as the Venetian, Parisian, and Londoner, were providing updates on their operations, with some temporary closures of restaurants, bars, and attractions. Last year, Macau experienced a similar situation during Super-Typhoon Saola, which resulted in a nine-hour closure of all casinos and a significant decrease in gaming revenue for the month.
Despite the impending storm, the Gross Gaming Revenue (GGR) at Macau casinos saw a positive trend in August. The total revenue for the month was MOP 19.75 billion, marking a nearly 15 percent increase from the same period in 2023. Year-to-date numbers also showed a significant rise, reaching MOP 152.1 billion, representing a 33.4 percent increase. The industry has already achieved 70 percent of the projected full-year total of MOP 216 billion, as reported by the Gaming Inspection and Coordination Bureau (DICJ). The month of August also saw a 6.2 percent month-on-month increase in revenue, which was attributed to strong visitation by mainland Chinese patrons, particularly in the mass player segment.
In other news, a US investor has expressed interest in acquiring the Saipan casino resort Imperial Pacific Palace for US$10 million. The resort has been closed since March 2020, and the potential sale could help the operator, Imperial Pacific International, address its outstanding debts. Another bidder from the US has emerged, expressing interest in the property as well. A creditor of IPI emphasized the importance of obtaining the highest price for the property to benefit all stakeholders involved.
Looking ahead, a new integrated resort (IR) is set to break ground in Lapu Lapu City, Philippines next year. The Mactan World Resorts project, backed by Travellers International Hotel Group Inc., is part of a larger development in Cebu. With an investment of ?17 billion, the resort will feature a hotel, casino, and entertainment facilities, expanding Travellers’ presence beyond Entertainment City in Metro Manila. The project is expected to contribute to the growth of the tourism and gaming industry in the region.