4Factor equities

Notes from the road: Macau has finally come back to life

Macau was devastated by the pandemic, with a lack of visitors decimating its gaming revenues. Investor sentiment took a similar dive, but things appear to be improving. Joanna Yang visited the region to find out more.

Sep 4, 2023

5 minutes

Joanna Yang

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.

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Authored by

Joanna Yang

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