Sands China CEO Grant Chum stresses that Macau will be a city for sports and entertainment, part of the national agenda regarding wider economic development.
Sands China is going to invest $4.5 billion in Macao by 2032, of which more than 90% is going to be invested in non-gaming sectors, further underlining the diversification drive.
Sands China has completed its $200 million upgrade on the Venetian Arena, which will host many of the world’s biggest events such as the NBA pre-season games.
Key Background:
Macau is gradually shifting from being a gambling economy to becoming a sport and entertainment-friendly economy, Sands China CEO and President Grant Chum has said. Indeed, the visit by Chinese President Xi Jinping provided Macau the opportunity to showcase its efforts in economic diversification and becoming a world entertainment center, Chum said.
Chum highlights Sands China’s commitment to this in an interview, where he specifically cites the recently signed partnership with the NBA to be host of two pre-season games in Macau from 2025 onwards. This would mark the bringing of NBA China Games to Macau for multiple years, meaning Macau is being positioned yet again as the premier sports destination. Sands China’s total investment of $4.5 billion in Macau by 2032 is still very much focused on non-gaming ventures, as more than 90 percent of the capital goes to such projects.
Under the terms of the renewed licenses, Macao’s six gaming operators committed to investing nearly $15 billion into non-gaming sectors to reduce the city’s reliance on gambling revenues, yet transformation is still a slow affair for some.
President Xi visited Macao and gave the city three big expectations during his visit by asking it to follow international trends, make more of its efforts at reform, and enhance its innovation capacity. The call for Macau to attract foreign talent was echoed by Allan Zeman, the non-executive chairman of Wynn Macau, who appealed for even more international participation in the growth of Macao.
Chum also mentioned Sands China’s recent renovation of the Venetian Arena, which just received a $200 million upgrade in November. This newly renovated arena will become an exhibition and convention centre, a venue for live concerts, and an even bigger venue for major sporting events, starting with the NBA pre-season games.
As Macao’s economy slowly starts to recover, gaming revenues have rebounded to about 80% of pre-pandemic levels, while tourism has regained pre-COVID figures. Chum believes that the growing reputation of Macao as a destination for major events will enhance its global standing and, ultimately, bolster the city’s brand and economic diversification. This is an important phase in the evolution of Macao, reflecting both local and national ambitions for long-term, sustainable growth beyond gaming.