Sands China in Macau supports calls for business diversification, stating that it "cannot rely solely on gaming."
Wong stated, "We cannot rely solely on gaming, as it is detrimental to health." He reminded the audience that Macau's casino operators have collectively committed to investing 120 billion patacas (over 1.1 trillion rubles) over the next decade, with the vast majority of this investment aimed at developing non-gaming projects to attract more international visitors.
"The direction in which the government wants us to move is already incorporated into our development plans," Wong added. He also promised that Sands would "help transform Macau into a global center for tourism and leisure."
Wong identified the low number of hotel rooms as the biggest challenge facing the growth of the MICE (Meetings, Incentives, Conferences, and Exhibitions) industry. He compared the number of hotel rooms in Macau and Singapore, noting 40,000 in Macau versus 60,000 in Singapore. The Sands China president acknowledged that many hotels are being built in Hengqin, but emphasized that access to the Deep Cooperation Zone needs to be improved if international events are to be held there.
He pointed to the opening of the high-speed rail link to Zhuhai (connecting to Hengqin) and the Hong Kong-Zhuhai-Macau Bridge as incentives for growth in the MICE sector. Regarding the overall outlook, Wong remarked, "We have strong confidence in Macau. The worst is behind us."
In related news, Gindi Capital has demolished a modest shopping center and food court on the Strip, making way for a new project.
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