Things Are Looking Up for Macau
Over the last few months Macau’s high-roller business has been forced to focus on the mass market as Bejing cracks down on gambling junket operators.
Nonetheless, the VIPs remain an essential component of the revenues being reported by Wynn Resorts, Las Vegas Sands Corp. and MGM Resorts International. Furthermore, operators and analysts have reported that the high-roller business seems to be returning.
The CEO of MGM China Holdings Ltd., Grant Bowie, said that he expects a return of the high-rollers as travel restrictions are eased and the Chinese economy improves. He has said that he believes double-digit growth from VIP customers is sustainable for all Macau operators.
Analysts have pointed out that business in Macau was booming in the first part of May and it is thought that revenues this month will exceed those of last year by 16% – 18%.
Meanwhile Leong Ho, the managing director of SJM Holdings, the largest casino operation in Macau, has said that she is planning to merge her Cotai theme park development with SJM’s hotel/casino plans.
She said that the project “has already been approved by the government and the two will merge to create a total area of about 25,000 square meters.”