Macao is becoming a city of sports and entertainment, Sands China CEO says, as President Xi urges diversification [MSNBC.com]
SANDS CHINA LTD UNSP/ADR (SCHYY)
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Source: MSNBC.com
In this articleSands China CEO and President Grant Chum said Macao was diversifying its economy away from gaming to become "a city of sports and ... a city of entertainment," during Chinese President Xi Jinping's visit to the city that concluded Friday.In an interview on "Squawk Box Asia"We'll be bringing the NBA China games back to China, but this time in Macao," Chum told CNBC's Emily Tan. "We don't want just to do a one-off event. We believe that a multi-year partnership, where we're going to be playing these pre-season games over several years, is going to really bolster Macao's positioning."The games are part of Sands China's commitment to invest $4.5 billion into the city through 2032, of which "over 90% ... will be in non-gaming investments," said Chum.Collectively, thesix gaming operatorsafter each promised to invest heavily in non-gaming projectswatch nowVIDEO4:4404:44Macao looks for tourism growth beyond gaming, says Sands China CEOBut for some,the transformation isn't comin
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