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Macao is becoming more than a gambling destination. Casinos are winning big anyway

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Macao is becoming more than a gambling destination. Casinos are winning big anyway


MACAO — If you blindfolded an American tourist and plopped them on the Cotai Strip in Macao, they might take one look at the Venetian hotel and the replica Eiffel Tower and assume they were in Las Vegas.

Like Las Vegas, Macao — a special administrative region of China — is transforming itself with fresh entertainment, waterparks, spas, fine dining and sports.

This week Las Vegas Sands is hosting two NBA games in Macao, a return for the basketball league after a six-year absence from China. The company’s president and chief operating officer, Patrick Dumont, owns the NBA’s Dallas Mavericks and was pivotal in engineering the league’s return.

“I think it’s great for Macao, because it highlights really how great an entertainment city Macao truly is,” Dumont told CNBC in an interview. He highlighted the tens of billions of dollars invested to create a world-class destination for hospitality.

“We’ve been operating here for 21 years, and we’ve invested $17 billion, so the amount of entertainment capacity here is really tremendous,” Dumont said. “For us, the NBA just highlights that.”

Las Vegas Sands president says Macao is 'on its way' to competing with Vegas for business tourism

The NBA games — between the Brooklyn Nets and Phoenix Suns, on Friday and Sunday — will be played at the Venetian Arena in Macao. Fans packed the same arena last month for an immersive K-pop concert by the group Twice.

Big-name events draw the biggest spenders at the gaming tables, according to analysts at Citigroup, which last month raised its projection for 2025 gross gaming revenue in Macao to $33.3 billion. Those projections represent growth of 10% year over year, an acceleration in gaming revenue gains.

For comparison, the state of Nevada booked a record $15.6 billion in gaming revenue in 2024, according to the American Gaming Association, citing Nevada Gaming Control Board.

But the government of Macao is intent on diversifying its economy and moving beyond its reputation as the gambling capital of the world.

When the six primary concessionaires, the companies that run licensed casino resorts in Macao, applied in 2022 to have those concessions renewed, the government extracted from them a commitment to invest nearly $15 billion over 10 years, with about 90% dedicated to non-gaming amenities.

Wynn Resorts CEO Craig Billings said in an email to CNBC that the company’s concession-related investments are “focused on entertainment and, as we have seen in many markets including Macau, entertainment is a clear driver of visitation.  And that visitation is from both gaming customers and non-gaming customers.”

View of Macao, Macao.

Contessa Brewer | CNBC

At Wynn Palace in Cotai, customers might snap selfies in front of an incredible collection of F1 race cars, ride a gondola over a Bellagio-esque fountain show, or dine at SW Steakhouse while catching a different theatrical show every 30 minutes. Wynn’s investment in food-court style dining belies the renowned cuisine represented from across China and around the world.

Gaming executives across multiple companies say the demographics of visitors have changed since borders reopened after the pandemic. Younger gamblers, high-rollers and their spouses or children are enjoying increasingly inventive and diverse amusements.

New amenities

MGM Macau’s Tria spa, the result of a $7 million investment, surprises guests with a room devoted to real snowfall. And its immersive experience pool puts the guest in the middle of a virtual ocean as a violent thunderstorm approaches, with massive rain shower heads overhead sending water cascading down.

MGM China President Kenneth Feng proudly showed off top-tier suites built to reward the best and most valuable players. He told CNBC his entire team is committed to offering modern uplifting design and superb service for an evolving Chinese visitor.

“These people are young and sophisticated, and many of them come to Macao so often,” Feng said. “We need to refresh our offerings so they are excited to come to Macao and happy to visit our properties.”

This week, families with children (and grandparents and “helpers” as the nannies are often called here) skipped through Melco’s Studio City, climbing atop Toy Story characters, racing toward the indoor/outdoor waterpark, and boarding the only figure-8 Ferris wheel in the world.

At Melco’s sister resort down the strip, City of Dreams, patrons young and old filled the theater for a destination show, “House of Dancing Water.”

View of Macao.

Contessa Brewer | CNBC

At every resort, the restaurants, shops, pools and clubs connect with corridors outside casino floors that are carefully cloistered behind screens to block the gaming tables and slot machines from view.

Getting back to gambling revenue

Visitation increased nearly 20% in the first half of 2025 to 19.2 million people, according to official government statistics. Golden Week alone, an eight-day holiday period ending October 8, was expected to bring in an estimated 1.2 million visitors.

And despite the strides in general entertainment, more visitors to Macao still means more gambling.

A JPMorgan analyst note published earlier this week said this year’s Golden Week was likely to be Macao’s best in five years, with the casinos projected to bring in $686 million in gaming revenue in just the first five days of the holiday.

CNBC was not allowed to photograph or record the casino floor, as its prohibited by law in Macao. The special administrative region takes great pains to avoid provoking the Chinese government, which staunchly opposes any promotion of gambling on the mainland.

View of Macao.

Contessa Brewer | CNBC

But it is gambling that fuels the profits and the tax revenue. Macao’s government collected $5.6 billion in gaming taxes in the first half of 2025, about 1% growth over 2024. The data from the first half of 2025 shows non-gaming spending per capita dropped by nearly 13%.

Las Vegas, too, has invested billions of dollars in entertainment, fine dining, spas, shopping and sports. Roughly two-thirds of revenue now comes from non-gaming sources, according to the Nevada Gaming Control Board.

Of course, that’s revenue; not profits. All those arenas, spas, pools and fancy theaters come with major construction and maintenance costs. And it takes a lot of high-priced concert tickets to pay off the investment.

Alan Woinski, publisher of The Gaming Industry Daily Report, blamed the slump in Las Vegas on declining tourist demand.

“It is pretty easy to understand that leisure is where the LV Strip is seeing business plummet. Could we get back the billions wasted on non-gaming amenities to attract the non-gambling leisure customer?” Woinski wrote on Wednesday.

Woinski says Macao is a different story: Here, the special events are driving the gambling.

“This month will be a good test because usually after a Golden Week, the rest of the month is weak,” Woinski told CNBC.

He said key metrics to watch are gross gaming revenue and whether the packed special events calendar for the rest of October helps deliver gaming revenue that finally returns to pre-pandemic levels.

One top casino executive, who asked to remain unnamed for fear of retribution, said there was “no way” Macao would ever be majority non-gaming revenue. The amenities, then, may just icing on the Baccarat cake.

— CNBC’s Jessica Golden contributed to this report.



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Serial rail fare evader faces jail over 112 unpaid tickets

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Serial rail fare evader faces jail over 112 unpaid tickets


One of Britain’s most prolific rail fare dodgers could face jail after admitting dozens of travel offences.

Charles Brohiri, 29, pleaded guilty to travelling without buying a ticket a total of 112 times over a two-year period, Westminster Magistrates’ Court heard.

He could be ordered to pay more than £18,000 in unpaid fares and legal costs, the court was told.

He will be sentenced next month.

District Judge Nina Tempia warned Brohiri “could face a custodial sentence because of the number of offences he has committed”.

He pleaded guilty to 76 offences on Thursday.

It came after he was convicted in his absence of 36 charges at a previous hearing.

During Thursday’s hearing, Judge Tempia dismissed a bid by Brohiri’s lawyers to have the 36 convictions overturned.

They had argued the prosecutions were unlawful because they had not been brought by a qualified legal professional.

But Judge Tempia rejected the argument, saying there had been “no abuse of this court’s process”.



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John Swinney under fire over ‘smallest tax cut in history’ after Scottish Budget

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John Swinney under fire over ‘smallest tax cut in history’ after Scottish Budget



John Swinney has been pressed over whether this week’s Scottish Budget gives some workers the “smallest tax cut in history” – with Tory leader Russell Findlay branding the reduction “miserly” and “insulting”.

The Scottish Conservative leader challenged the First Minister after Tuesday’s Holyrood Budget effectively cut taxes for lower earners, by increasing the threshold for the basic and intermediate bands of income tax.

But Mr Findlay said that would leave workers at most £31.75 a year better off – saying this amounts to a saving of just £61p a week

“That wouldn’t even buy you a bag of peanuts,” the Scottish Tory leader said.

“John Swinney’s Budget might even have broken a world record, because a Scottish Government tax adviser says it ‘maybe the smallest tax cut in history’.”

Raising the “miserly cut” at First Minister’s Questions in the Scottish Parliament, Mr Findlay demanded to know if the SNP leader believed his “insulting tax cut will actually help Scotland’s struggling households”.

The attack came as the Tory accused the SNP government of increasing taxes on higher earners, with its freeze on higher income tax thresholds, which will pull more Scots into these brackets.

This is needed to pay for the “SNP’s out of control, unaffordable benefits bill”, the Conservative added.

Mr Findlay said: “The Scottish Conservatives will not back and cannot back a Budget that does nothing to help Scotland’s workers and businesses.

“It hammers people with higher taxes to fund a bloated benefits system.”

Hitting out at Labour – whose leader Anas Sarwar has already declared they will not block the government’s Budget – Mr Findlay said: “It is absolutely mind-blowing that Labour and other so-called opposition parties will let this SNP boorach of a budget pass.

“Don’t the people of Scotland deserve lower taxes, fairer benefits and a government focused on economic growth?”

Mr Swinney said the Budget “delivers on the priorities of the people of Scotland” by “strengthening our National Health Service and supporting people and businesses with the challenges of the cost of living”.

He insisted income tax decisions in the Budget would mean that in 2026-27 “55% of Scottish taxpayers are now expected to pay less income tax than if they lived in England”.

The First Minister went on to say that showed “the people of Scotland have a Government that is on their side”.

Referring to polls putting his party on course to win the Holyrood elections in May, the SNP leader added that “all the current indications show the people of Scotland want to have this Government here for the long term”.

Benefits funding is “keeping children out of poverty”, he told MSPs, adding the Budget contained a “range of measures” that would build on existing support.

The First Minister said: “What that is a demonstration of is a Government that is on the side of the people of Scotland and I am proud of the measures we set out in the Budget on Tuesday.”

Meanwhile he said the Tories wanted to make tax cuts that would cost £1 billion, with “not a scrap of detail about how that would be delivered”.

With the weekly leaders’ question time clash coming less than 48 hours after the draft 2026-27 Budget was unveiled, the First Minister also faced questions from Scottish Labour’s Anas Sarwar, who insisted that the proposals “lacks ambition for Scotland”.

Pressing his SNP rival, the Scottish Labour leader said: “While he brags about his £6 a year tax cut for the lowest paid, one million Scots including nurses, teachers and police officers face being forced to pay more.

“Even his own tax adviser says this is a political stunt. So why does John Swinney believe that someone earning £33,500 has the broadest shoulders and therefore should pay more tax in Scotland?”

Mr Swinney, however, said that many public sector workers would be better off in Scotland.

He told the Scottish Labour leader: “A band six nurse at the bottom of the scale will take home an additional £1,994 after tax compared to the same band in England.

“A qualified teacher at the bottom of the band will take home £6,365 more after tax in Scotland than the equivalent in England. There are the facts for Mr Sarwar.”



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BP cautions over ‘weak’ oil trading and reveals up to £3.7bn in write-downs

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BP cautions over ‘weak’ oil trading and reveals up to £3.7bn in write-downs



BP has warned it expects to book up to five billion dollars (£3.7 billion) in write-downs across its gas and low-carbon energy division as it also said oil trading had been weak in its final quarter.

The oil giant joined FTSE 100 rival Shell, after it also last week cautioned over a weaker performance from trading, which comes amid a drop in the cost of crude.

BP said Brent crude prices averaged 63.73 dollars per barrel in the fourth quarter of last year compared with 69.13 dollars a barrel in the previous three months.

Oil prices have slumped in recent weeks, partly driven lower due to US President Donald Trump’s move to oust and detain Venezuela’s leader and lay claim to crude in the region, leading to fears of a supply glut.

In its update ahead of full-year results, BP also said it expects to book a four billion dollar (£3 billion) to five billion dollar (£3.7 billion) impairment in its so-called transition businesses, largely relating to its gas and low-carbon energy division.

But it said further progress had been made in slashing debts, with its net debt falling to between 22 billion and 23 billion dollars (£16.4 billion to £17.1 billion) at the end of 2025, down from 26.1 billion dollars (£19.4 billion) at the end of September.

It comes after the firm’s surprise move last month to appoint Woodside Energy boss Meg O’Neill as its new chief executive as Murray Auchincloss stepped down after less than two years in the role.

Ms O’Neill will start in the role on April 1, with Carol Howle, current executive vice president of supply, trading and shipping at BP, acting as chief executive on an interim basis until the new boss joins.

Ms O’Neill’s appointment has made history as she will become the first woman to run BP – and also the first to head up a top five global oil company – as well as being the first ever outsider to take on the post at BP.

Shares in BP fell 1% in morning trading on Wednesday after the latest update.



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