In 2017, Macau became the “City of Gastronomy”. This is the third city in China to receive this honor. However, a Macau-based catering group, Future Bright Holdings reported that there is a loss of 110 million HKD in the first half of this year. What is the reason behind this poor situation in Macau’s catering industry?
Indeed, Covid-19 has greatly affected the local tourism industry, and the plunge in the number of tourists has affected the related catering industry. However, during this period, residents cannot go outside of Macau. They can only choose restaurants in Macau. In this period, it is difficult to book in certain restaurants. There are several restaurants in the Sands Cotai that people need to wait more than two hours to have a table. Some restaurants in Broadway Macau are fully booked for the rest of the month…
Are these restaurants affected by the reduction of tourists?
Future Bright Holdings believes that this year, the pandemic and the tension between China and the United States will make the business environment in the second half of the year quite challenging. Yes, in this very challenging world, it needs to break the inherent thinking and seek a new way out. In the past, the Macau society relied heavily on tourism, however now we need to have a new mindset, we need to think about how it can be avoided to highly rely on tourism for the local economy, as well as the diversify the economy’s source of income.
This has been discussed for many years.
*Chinese Editor at Plataforma