A series of 12 concerts by Cantopop superstar Jacky Cheung over the past month attracted a record-breaking 109,000 fans to The Venetian Macao’s Cotai Arena, prompting Sands China President Dr Wilfred Wong to hail the positive impact the residency provided to the Macau economy.
Originally slated to perform six shows in June, that number was doubled after the original allocation for the Macau leg of Cheung’s latest world tour – and first visit to Macau in five years – quickly sold out.
“Sands China has been committed to supporting the Macao SAR government’s policy of moderate economic diversification, and the measurable economic results of an event like this – such as attracting high-spending consumers – are very affirming,” said Dr Wong.
“Rooted in Macau for over two decades, Sands China is well-known for bringing the biggest entertainment acts in Asia and from around the world to Macau. We will continue to bring top-tier performers to the city to support the development of the ‘concert economy’ and the Macau government’s ‘1+4’ economic diversification strategy.”
Lawrence Che, founder and CEO of Chessman Entertainment Production and director general of the Macau Federal Commercial Association of the Convention & Exhibition Industry, also expressed his belief that “the shows helped stimulate domestic consumption and boost the local economy.”
Industry analysts recently credited high-profile concerts like Cheung’s for playing a significant role in Macau’s post-COVID recovery and helping “move the needle” in the mass market gaming sector.
According to investment bank JP Morgan, the Cheung residency attracted “the right type of (high-value) players, including those from the database of Sands’ sister property MBS, which in turn helps to lift overall industry GGR.”
“These entertainment events do seem to move the needle for gaming business in Macau … which bodes well for Macau’s mass business to recover (well) beyond pre-COVID levels, in our view.”
RelatedPosts
