NBA inks multi-year deal with Macau casino Sands China to play in…
HONG KONG, Dec 6 (Reuters) – The National Basketball Association (NBA) has signed a multi-year agreement with Macau casino operator Sands China, 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, Sands China, SJM Holdings, Galaxy Entertainment, Melco and Live Draw Singapore MGM China – 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 centered 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.
(Reporting by Farah Master Editing by Shri Navaratnam)