Macau becomes a city of sports and entertainment

Sands China CEO and Chairman Grant Chum said Macau was diversifying its economy away from gaming to become “a sports city and…an entertainment city”, during Chinese President Xi Jinping's visit in the city which ended on Friday.

In an interview on “Squawk Box Asia,” Chum cited a deal announced in early December between Sands China and North America's National Basketball Association to play two NBA preseason games in China.

“We will bring the NBA China games back to China, but this time in Macau,” Chum told CNBC's Emily Tan. “We don't want to just have a one-off event. We believe that a multi-year partnership, where we play these pre-season matches over several years, will really strengthen Macau's positioning.”

The games are part of Sands China's commitment to invest $4.5 billion in the city through 2032, of which “more than 90%… will be dedicated to non-gaming investments”, Chum said.

Collectively, the six gaming operators of China's Macau Special Administrative Region has pledged to invest nearly $15 billion to make its economy less dependent on gambling revenue. The operators' gaming licenses were renewed in 2022, but for 10 years, instead of 20 after each promised to invest heavily in non-gaming projects.

But for some, transformation is not happening fast enough.

In a speech in Macau on Friday, Xi praised the special administrative region before laying out “three expectations” of the city, including a request to “keep pace with the trends of the times,” while making evidence of “greater courage in reform and innovation”. according to a transcript provided by China's State Council.

Xi also urged the city to take steps to attract more foreign talent, a sentiment echoed by Allan Zeman, non-executive chairman of Wynn Macau, on “Squawk Box Asia” on Thursday.

Building the Macau brand

Chum said Sands China had already completed a major project, the renovation of the 14,000-person Venetian Arena, formerly known as Cotai Arena, in November.

“We have invested more than US$200 million in the fundamental modernization and renovation of the Venetian Arena,” he said. “This facility will be state-of-the-art, not only for exhibitions and conventions, but also for increasingly large concerts and sporting events.”

Venetian Arena will host NBA preseason games starting in 2025. The first two games, between the Brooklyn Nets and Phoenix Suns, are scheduled for October, NBA Deputy Commissioner Mark Tatum said. earlier this month.

Chum said these games would strengthen Macau's position as a destination for major global events.

“We hope that over time this will strengthen Macau's brand value,” he told CNBC.

Chum said Macau's gaming revenues have recovered to around 80% of 2019 levels, while tourist arrivals, which he called “the most important health indicator for the tourism economy”, reached pre-pandemic levels in August and October.

Friday marked the 25th anniversary since the British returned Macau to China in December 1999.

The NBA deal also marks the return of preseason games in China for the first time since 2019. In October of that year, China abruptly ended a deal to broadcast preseason games in the country following a tweet written by the then-general. Houston Rockets manager Daryl Morey, who expressed support for anti-Beijing protesters in Hong Kong.

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