As part of an effort to diversify the island’s economy, a Macau casino opened a massive “resort hospital.” Officials had the hospital built in hopes of luring more healthcare tourists to the region.
The Chinese gambling hub has been the world’s leading casino destination for more than two decades. However, Macau’s Chief Executive Sam Hou Fai was tasked with courting other industries. The new iRad Hospital facility is a major part of that.
Property Will Focus On Luxury Services
The privately-owned hospital is located within the Studio City complex and offers luxury medical services. According to a BBC report, the complex will offer luxury medical services, including health screening, advanced scans, and cosmetic procedures.
The island celebrated 25 years of Chinese rule last December. President Xi Jinping visited the area and expressed the importance of adding other industries beyond gambling.
“At present, the overall situation in Macau is stable, but the internal and external environment is undergoing profound changes,” he said. “Efforts should be made to promote moderate economic diversification… focus on cultivating new industries with international competitiveness.”
This effort comes after the island suffered during the COVID pandemic. The country enacted strict travel restrictions and many casinos closed. As a result, revenues evaporated.
Since then, that situation has changed, but the new hospital adds the island’s economy. The government is hoping medical tourism to the iRad can be another option for Macau’s 40 million annual visitors.
Macau Casino Industry Thriving Amidst Diversification
Macau casinos continue to thrive and have completely bounced back from the pandemic. Revenue was expected to hit a six-year high in October, with big numbers expected as part of the eight-day National Day and Mid-Autumn Festival holidays.
Through the first five days of the month, gross gaming revenue reached $686.1 million, a daily average of $138 million. JP Morgan reported this was on track to be the best Golden Week in more than five years.
The daily average visitor count reached 158,000, topping the island’s tourism authority’s forecast of 150,000. As the island looks to diversify the economy, some casinos have also been lowering limits. Some operators made the change after the government ordered the closure of 11 satellite casinos by the end of this year.
In recent years, Macau has transitioned its business model. Instead of simply courting high rollers, some casinos began to focus on gamblers with more moderate incomes. The lowered betting limits appear to be a part of that strategy.
“We believe these are their attempts to garner business from satellite casinos,” IAG analysts said in a report.
