“I think that reflects the pent-up demand that these guests have, and these are the ones who are used to staying overnight in Macau. They are used to having multiple-night stays in Macau, enjoying the destination, and these are the first customers to come back, and that’s natural,” Chum noted.
According to Chum, the group expected a lull in results following the Golden Week, but the company was still averaging around or just under US$20 million drop per day in the third week as well.
Individual tourist visas for Chinese residents resumed for the Guangdong province on August 26 and nationwide on September 23, leading to a small increase in daily visit numbers in the SAR to about 19,000 daily last month.
The national day holiday period reached an end last week, with a total of 153,600 visitor arrivals reported, with a daily average of 19,538.
Sands management still believes their issue such as COVID testing requirements and tourist visa applications are still impending visitation, but as visa application processes are shortened some of these logistical challenges will be overcome or mitigated, especially for non-Guangdong visitation.
According to Sands China President, Wilfred Wong, the Macau government “knows what needs to be done”, including persuading the Chinese government to work on the kiosks rather than manual processes, extending the 14 days of validity of the test certificate.
“But we must remember one thing: what you want to avoid is a shutdown again. So that’s why both the central government and Macao government been working very carefully because they don’t want a resurgence or an outbreak of COVID in Macao, which has held its fort so long. And that’s why they’re moving slowly but surely,” Wong added.
Sands China has reported some US$562 million in net losses for the third quarter of this year, the most recent Las Vegas Sands financial report indicates, with total net revenues generated by the concessionaire decreased by 92.1 per cent year-on-year to US$167 million.
Nevertheless, during the same call Sands China CEO, Sheldon Adelson, expressed the group is committed to to “invest billions of digital investment dollars” and extend its contributions to Macau’s diversification and evolution.
Source: Macau Business
