The fast view
Portfolio Manager Joanna Yang visited Macau to find out if there is life after COVID:
- COVID decimated Macau’s revenues, and I took the chance to visit the region on the south coast of China to assess its recovery.
- I noted some structural changes that are becoming entrenched. Newer resorts – a mix of leisure and business tourism – are gaining momentum, and mass-market players provide most of the revenue.
- The future is bright. Gaming revenue has a strong correlation with luxury spending, which appears to be holding up despite weak macro data points.
