The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookiesbefore using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Macau: Lady luck turns east

Macau has plenty to celebrate: gambling revenues are up, conference business is growing and investors have piled into a pair of high-profile IPOs. But the wheel of fortune has its wobbles. Chloe Hayward reports.

Hitting the jackpot: the brand new Grand Lisboa

Hitting the jackpot: the brand new Grand Lisboa

"I’ve flown from Hong Kong to Las Vegas more times than I care to remember in the past 12 months," says the head of capital markets at one of Asia’s leading investment banks. "But it’s been worth every air mile." It’s no wonder the banker is jet-lagged but happy. Local subsidiaries of international casino operators have accounted for the largest loan and two of the biggest IPOs in Asia, Macau’s gaming industry has grown to three times the size of Las Vegas’s, and the conference and exhibition business has bucked global trends to record modest revenue growth.

In October, Wynn Resorts completed a $1.87 billion IPO in Hong Kong of 27% of its Macau property, nearly doubling its initial target of $1 billion thanks to strong investor demand. Las Vegas Sands, owner of the Venetian Macau, followed suit on November 23 with a listing of 23.2% of its Sands China subsidiary. The group had already raised the bar for funding at the start of November, when it borrowed $1.75

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?