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NBA inks multi-year deal with Macau casino Sands China to play in the gambling hub
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NBA inks multi-year deal with Macau casino Sands China to play in the gambling hub
Dec 5, 2024 11:07 PM

HONG KONG, Dec 6 (Reuters) - The National Basketball

Association (NBA) has signed a multi-year agreement with Macau

casino operator Sands China ( SCHYF ), to play pre-season games in Macau,

a move that comes as authorities urge the casino industry to

diversify away from gambling.

The agreement, which was reported by local media outlets on

Friday and confirmed to Reuters by a source with knowledge of

the deal, sets the scene for an NBA legends celebrity game on

Dec. 7 that Sands is due to host at its Venetian property.

The NBA plans to host two pre-season games each year for the

next five years at Sands' Venetian arena. It will begin in

October next year, NBA's deputy commissioner Mark Tatum told

local media at a press conference in Macau on Friday.

Macau, a special administrative region of China, is the

only place in the country where citizens are able to legally

gamble in casinos.

It's government and Beijing have been urging the six

licensed casinos - Wynn Macau ( WYNMF ), Sands China ( SCHYF ),

SJM Holdings, Galaxy Entertainment, Melco

and MGM China ( MCHVF ) - to increase their proportion

of revenue from non-gaming.

Macau's economy is heavily dependent on the casino industry

which contributes to around 80% of local tax revenue.

Last year Macau's government rolled out its first blueprint

centred on a strategy where tourism and leisure are the main

pillars, supported by emerging industries including traditional

Chinese medicine, health, financial services, technology as well

as conventions, exhibitions, trade, culture and sports.

It aims for non-gaming industries to account for around 60%

of Macau's GDP by 2028 versus 50% pre-pandemic in 2019.

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