Macau's Galaxy boss: hotel shortage ‘must be addressed' with Hengqin Island policy
A shortage of hotel rooms is hindering
Macau 's growth, and further policy breakthroughs to facilitate the development of nearby
Hengqin Island – three times the size of Macau – are needed to solve the problem, according to the chairman of
Galaxy Entertainment Group
'As Macau shifts towards a more mass-market and event-focused model, the question of hotel rooms must be addressed,' said
Francis Lui Yiu-tung in a briefing with Hong Kong reporters on Monday.
With visitor arrivals growing, demand for hotel accommodations would continue to increase, and there was an urgent need for Macau to address the issue, he said.
Macau had about 45,000 rooms and welcomed 35 million visitors last year. In comparison, Las Vegas has about 160,000 hotel rooms for 40 million annual visitors.
According to Galaxy's estimates, Macau needs at least 15,000 more hotel rooms, especially mid-priced ones with daily rates below HK$1,000.
Lui said policy breakthroughs to promote the development of nearby Hengqin Island would increase hotel capacity and help Macau's economic diversification.
Mid-priced hotels in Hengqin would allow visitors to stay there but come to Macau for conventions, concerts and gaming, he said.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
South China Morning Post
an hour ago
- South China Morning Post
How 3 Hong Kong health and biotech start-ups aim to help improve the lives of millions
What makes a business idea stand out? The answer to this perennial question may be found in the 2025 EQT Impact Challenge – a start-up pitch competition in Hong Kong which was previously held in Japan, South Korea and Singapore. One feature of the current edition has been the impressive quality of submissions by many early-stage companies: start-ups operating at the intersection of cutting-edge science and scalable impact. Some of them benefit from the backing of university departments, research institutes, accelerators, incubators, or prominent mentors. Others have already established preliminary links with major companies to help them take the next crucial steps. However, all are committed to steering breakthrough innovations from the laboratory to the commercial market. In many cases, the projects they are working on have the potential to improve the lives of millions of people in the long term. Three excellent examples related to health and biotechnology have made it through to the top five of this year's competition, which is organised by EQT, one of the world's largest investment firms, with its philanthropic arm, EQT Foundation, providing the winning start-up capital to fuel growth, and access to a global network of industry partners and potential investors. The event is being held in partnership with the South China Morning Post. The next stage will involve public voting, with the four that gain the most votes reaching the grand finale. These remaining contenders will have the opportunity to raise their profile, expand their contacts with industry experts and interested investors, and further benefit from the support offered by Hong Kong's dynamic start-up ecosystem. Allegrow Biotech, based at Hong Kong Science Park in Pak Shek Kok, in the New Territories, was set up in 2022 as a spin-off start-up at the biomaterials lab at Hong Kong University of Science and Technology (HKUST).
South China Morning Post
an hour ago
- South China Morning Post
Hong Kong stocks near 2-month high on strong US jobs data, hopes of trade deal
Hong Kong stocks extended a rally on Wednesday, taking the benchmark index close to a two-month high following upbeat US jobs data and hopes of a de-escalation in the US-China trade war. Advertisement The Hang Seng Index rose 0.5 per cent to 23,624.41 at 10.13am local time, the highest since March 19. The Hang Seng Tech Index gained 0.6 per cent. On the mainland, the CSI 300 Index climbed 0.4 per cent and the Shanghai Composite Index added 0.2 per cent. Chinese electric-vehicle (EV) makers advanced following the launch of a government programme to promote sales of green-energy cars in rural areas. Geely Automobile Holdings gained 3.3 per cent to HK$18.82, BYD advanced 2.1 per cent to HK$409 and Li Auto added 2.8 per cent to HK$119.60. Tencent Holdings climbed 1.5 per cent to HK$512.50 and Meituan rallied 2.3 per cent to HK$139.70. Overnight gains on Wall Street pushed US benchmarks to within striking distance of their record highs reached earlier this year after a government report pointed to the continuing resilience of the labour market while also beating economists' estimates. Investors were also keeping an eye on whether Chinese President Xi Jinping would talk to his US counterpart Donald Trump about a long-term trade deal. While the White House said the conversation would take place this week, Beijing had yet to confirm it. Advertisement Other major Asia-Pacific markets traded higher. Japan's Nikkei 225 climbed 0.8 per cent and Australia's S&P/ASX 200 added 0.7 per cent. South Korea's Kospi jumped 2.4 per cent, as the election of a new president eased political uncertainty.
South China Morning Post
an hour ago
- South China Morning Post
Crackdown on illegal mines as China tightens critical mineral controls amid row with US
Parts of China that are rich in critical minerals are stepping up enforcement of tighter export controls as the country doubles down on its dominance of world supplies in the face of increasing pressure from the United States. China, the world's biggest producer of critical minerals, supplies 92 per cent of the refined rare earth elements that are essential in the production of consumer electronics, electric vehicles and hi-tech defence systems. Its export controls mean companies must obtain regulatory approvals from Chinese authorities before shipping such minerals overseas. Authorities in places such as the Guangxi Zhuang autonomous region and the provinces of Guizhou and Hunan have been inspecting exporters' operations and cracking down on illegal mining as they implement a directive from Beijing that called for tighter 'whole-chain' control over strategic mineral exports, the state-owned Securities Times reported on Monday. The moves come as Beijing continues to tighten its grip on global critical mineral supplies – a long-held ace in its dealings with Washington – after new US curbs on jet engine and chip design technology reignited bilateral tensions. Securities Times said Hunan, in Central China, has pledged to map out all its strategic mineral exporters and help them strengthen their compliance systems and ability to follow export rules. Guangxi, in South China, has vowed to step up supervision on the mining and exploration side, cracking down harder on illegal activities such as unlicensed extraction and mining outside approved areas. Two cities, Wuzhou in Guangxi and Yunfu in Guangdong province, have established a cross-regional coordination mechanism to crack down on illegal mining, the newspaper said.
