Chun-Kong Lau (center)
The future landscape of the hotel market in Hong Kong and Macau was discussed yesterday at the Business Luncheon of American Chamber of Commerce in Macau at the St. Regis hotel.
The speaker, Chun-Kong Lau, international director and head of Valuation Advisory Services of Jones Lang LaSalle Limited, emphasized the importance of tourism in the growth of Macau’s economy.
Lau stressed that Macau has a lot to offer, especially now that the hotel rooms in the region have increased in number and improved in quality over the years.
He noted that the number of luxury hotel rooms in Macau has already overtaken that of Hong Kong.
“The room size itself and the facilities [that are] offered in the hotels have a lot of attractions and these appeal to the visitors, no matter [visitors from] Hong Kong, China or overseas,” the real estate expert said.
Lau added that attracting high-rollers was the “right move” for the city, given the current trend of more wealthy tourists investing in “creating good experiences.”
He said that the Hong Kong-Zhuhai-Macau Bridge (HKZMB) will play a vital role in encouraging visitors from across the Pearl River Delta to visit Macau, as the traveling time and costs will both be reduced.
The HKZMB is expected to help generate non-gaming revenues in the city, as incoming tourists will be attracted to larger retail spaces and the food and beverage offerings at the city’s hotels.
Lau also commended the local government for driving innovation in its creative industries.
“These are all non-gaming [activities and] all of these would be able to help Macau to grow further. These will help diversify the economic base,” Lau stressed.
Although Lau believes that the bridge will create several economic benefits, he is unsure whether it will generate a “significant or large amount” of income. The three regions have invested a staggering sum of over HKD110 billion in the bridge to date.
The discussion also focused on the significance of the region’s MICE industry. Events facilities and convention halls like the Cotai Arena are already a major attraction for several guests.
Lau also revealed that as the price level of properties are dictated by several factors – including the city’s economic performance – the “good performance” of the tourism, hotel and gaming sector will be “critical” for the MSAR.
Lau said the region’s hotel sector will continue to attract visitors with significant spending power, adding that the city’s hotel offerings are a major factor in the creation of quality events.
“The tourism industry is a very important pillar of the Macau economy,” Lau said. “Whether the tourists spend in casinos, shopping, the food and beverage sector […], it will support the growth of the Macau economy.”
Although Lau mentioned that the local government must “carefully consider” future land reclamations or the construction of more residential buildings, he is certain that the quality of accommodation in Macau has improved compared to past years. Lynzy Valles
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