Website: http://en.mgmchinaholdings.com/
Address: Avenida Dr. Sun Yat Sen, NAPE, Macau
MGM China (HKEx: 2282) is a leading developer, owner and operator of integrated resorts. We are the holding company of MGM Grand Paradise, SA which holds one of the six gaming concessions/subconcessions to run casino games in Macau. MGM Grand Paradise, SA owns and operates MGM MACAU, the award-winning premium integrated resort located on the Macau Peninsula and is developing a second resort, MGM COTAI which is expected to more than double our presence in Macau. MGM MACAU is a luxury integrated resort inspired by the arts with every element of the resort infused with creativity and style. MGM MACAU has approximately 580 guest rooms and suites and boasts a number of distinguishing features, including the architecturally stunning European-inspired Grande Praça, housed under a soaring glass ceiling. MGM MACAU’s world class facilities include an Art Space dedicating over 5,000 square feet to display authentic works of art, conference and event facilities, brand-new Tria Spa, and seven signature restaurants and bars to fulfill any gastronomic craving. Our property is conveniently located on prime waterfront on the Macau Peninsula and is directly connected to the luxury retail shopping complex, One Central.MGM COTAI designed as the “jewelry box” of Cotai, plans to offer approximately 1,500 hotel rooms and suites, meeting space, high end spa, retail offerings and food and beverage outlets as well as the first international Mansion at MGM for the ultimate luxury experience. MGM COTAI will offer Asia’s first dynamic theater and a spectacle to wow every guest who steps foot in our resort. MGM COTAI is being developed to drive greater product diversification and bring more advanced and innovative forms of entertainment to Macau as it grows as a global tourist destination. The HK$24 billion project is expected to open in second quarter of 2017.MGM China is majority owned by MGM Resorts International (NYSE: MGM) one of the world’s leading global hospitality companies, operating a portfolio of destination resort brands including Bellagio, MGM Grand, Mandalay Bay and The Mirage.
People
Wendy Yu
Wendy Yu is the senior vice president of human resources of MGM China, and has been with the company since July 2009. She has leadership responsibilities for all HR functions at both MGM MACAU and MGM COTAI. She started her hospitality career with the Hyatt Regency Macau and then became the Human Resources Manager of Holiday Inn Macau from its pre-opening stages. Moving from a corporate to an educational role,Yu spent one year as a Lecturer for the Institute of Tourism Education in Macau after her hotel job assignment in Shanghai with the New World Group. She then moved to the Westin Resort, Macau as Director of Human Resources.Yu subsequently joined Wynn Resorts (Macau) S.A. in 2003 as Vice President — Human Resources and was responsible for the human resources department for the opening of Wynn Resorts (Macau) S.A. Before joining our Company, Yu spent a year with Starwood Hotels and Resorts for their Sheraton and St. Regis pre-opening project in Cotai.
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MGM China (HKEx: 2282) is a leading developer, owner and operator of integrated resorts. We are the holding company of MGM Grand Paradise, SA which holds one of the six gaming concessions/subconcessions to run casino games in Macau. MGM Grand Paradise, SA owns and operates MGM MACAU, the award-winning premium integrated resort located on the […]
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MGM China (HKEx: 2282) is a leading developer, owner and operator of integrated resorts. We are the holding company of MGM Grand Paradise, SA which holds one of the six gaming concessions/subconcessions to run casino games in Macau. MGM Grand Paradise, SA owns and operates MGM MACAU, the award-winning premium integrated resort located on the […]
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MGM China (HKEx: 2282) is a leading developer, owner and operator of integrated resorts. We are the holding company of MGM Grand Paradise, SA which holds one of the six gaming concessions/subconcessions to run casino games in Macau. MGM Grand Paradise, SA owns and operates MGM MACAU, the award-winning premium integrated resort located on the […]
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MGM China (HKEx: 2282) is a leading developer, owner and operator of integrated resorts. We are the holding company of MGM Grand Paradise, SA which holds one of the six gaming concessions/subconcessions to run casino games in Macau. MGM Grand Paradise, SA owns and operates MGM MACAU, the award-winning premium integrated resort located on the […]
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MGM China (HKEx: 2282) is a leading developer, owner and operator of integrated resorts. We are the holding company of MGM Grand Paradise, SA which holds one of the six gaming concessions/subconcessions to run casino games in Macau. MGM Grand Paradise, SA owns and operates MGM MACAU, the award-winning premium integrated resort located on the […]
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MGM China (HKEx: 2282) is a leading developer, owner and operator of integrated resorts. We are the holding company of MGM Grand Paradise, SA which holds one of the six gaming concessions/subconcessions to run casino games in Macau. MGM Grand Paradise, SA owns and operates MGM MACAU, the award-winning premium integrated resort located on the […]
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MGM China (HKEx: 2282) is a leading developer, owner and operator of integrated resorts. We are the holding company of MGM Grand Paradise, SA which holds one of the six gaming concessions/subconcessions to run casino games in Macau. MGM Grand Paradise, SA owns and operates MGM MACAU, the award-winning premium integrated resort located on the […]
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MGM China (HKEx: 2282) is a leading developer, owner and operator of integrated resorts. We are the holding company of MGM Grand Paradise, SA which holds one of the six gaming concessions/subconcessions to run casino games in Macau. MGM Grand Paradise, SA owns and operates MGM MACAU, the award-winning premium integrated resort located on the […]
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MGM China (HKEx: 2282) is a leading developer, owner and operator of integrated resorts. We are the holding company of MGM Grand Paradise, SA which holds one of the six gaming concessions/subconcessions to run casino games in Macau. MGM Grand Paradise, SA owns and operates MGM MACAU, the award-winning premium integrated resort located on the […]
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MGM China (HKEx: 2282) is a leading developer, owner and operator of integrated resorts. We are the holding company of MGM Grand Paradise, SA which holds one of the six gaming concessions/subconcessions to run casino games in Macau. MGM Grand Paradise, SA owns and operates MGM MACAU, the award-winning premium integrated resort located on the […]
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MGM China (HKEx: 2282) is a leading developer, owner and operator of integrated resorts. We are the holding company of MGM Grand Paradise, SA which holds one of the six gaming concessions/subconcessions to run casino games in Macau. MGM Grand Paradise, SA owns and operates MGM MACAU, the award-winning premium integrated resort located on the […]
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MGM China (HKEx: 2282) is a leading developer, owner and operator of integrated resorts. We are the holding company of MGM Grand Paradise, SA which holds one of the six gaming concessions/subconcessions to run casino games in Macau. MGM Grand Paradise, SA owns and operates MGM MACAU, the award-winning premium integrated resort located on the […]
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MGM China (HKEx: 2282) is a leading developer, owner and operator of integrated resorts. We are the holding company of MGM Grand Paradise, SA which holds one of the six gaming concessions/subconcessions to run casino games in Macau. MGM Grand Paradise, SA owns and operates MGM MACAU, the award-winning premium integrated resort located on the […]
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MGM China (HKEx: 2282) is a leading developer, owner and operator of integrated resorts. We are the holding company of MGM Grand Paradise, SA which holds one of the six gaming concessions/subconcessions to run casino games in Macau. MGM Grand Paradise, SA owns and operates MGM MACAU, the award-winning premium integrated resort located on the […]
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MGM China (HKEx: 2282) is a leading developer, owner and operator of integrated resorts. We are the holding company of MGM Grand Paradise, SA which holds one of the six gaming concessions/subconcessions to run casino games in Macau. MGM Grand Paradise, SA owns and operates MGM MACAU, the award-winning premium integrated resort located on the […]
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MGM China (HKEx: 2282) is a leading developer, owner and operator of integrated resorts. We are the holding company of MGM Grand Paradise, SA which holds one of the six gaming concessions/subconcessions to run casino games in Macau. MGM Grand Paradise, SA owns and operates MGM MACAU, the award-winning premium integrated resort located on the […]
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MGM China (HKEx: 2282) is a leading developer, owner and operator of integrated resorts. We are the holding company of MGM Grand Paradise, SA which holds one of the six gaming concessions/subconcessions to run casino games in Macau. MGM Grand Paradise, SA owns and operates MGM MACAU, the award-winning premium integrated resort located on the […]
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MGM China (HKEx: 2282) is a leading developer, owner and operator of integrated resorts. We are the holding company of MGM Grand Paradise, SA which holds one of the six gaming concessions/subconcessions to run casino games in Macau. MGM Grand Paradise, SA owns and operates MGM MACAU, the award-winning premium integrated resort located on the […]
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MGM China (HKEx: 2282) is a leading developer, owner and operator of integrated resorts. We are the holding company of MGM Grand Paradise, SA which holds one of the six gaming concessions/subconcessions to run casino games in Macau. MGM Grand Paradise, SA owns and operates MGM MACAU, the award-winning premium integrated resort located on the […]
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MGM China (HKEx: 2282) is a leading developer, owner and operator of integrated resorts. We are the holding company of MGM Grand Paradise, SA which holds one of the six gaming concessions/subconcessions to run casino games in Macau. MGM Grand Paradise, SA owns and operates MGM MACAU, the award-winning premium integrated resort located on the […]
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MGM China (HKEx: 2282) is a leading developer, owner and operator of integrated resorts. We are the holding company of MGM Grand Paradise, SA which holds one of the six gaming concessions/subconcessions to run casino games in Macau. MGM Grand Paradise, SA owns and operates MGM MACAU, the award-winning premium integrated resort located on the […]
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MGM China (HKEx: 2282) is a leading developer, owner and operator of integrated resorts. We are the holding company of MGM Grand Paradise, SA which holds one of the six gaming concessions/subconcessions to run casino games in Macau. MGM Grand Paradise, SA owns and operates MGM MACAU, the award-winning premium integrated resort located on the […]
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MGM China (HKEx: 2282) is a leading developer, owner and operator of integrated resorts. We are the holding company of MGM Grand Paradise, SA which holds one of the six gaming concessions/subconcessions to run casino games in Macau. MGM Grand Paradise, SA owns and operates MGM MACAU, the award-winning premium integrated resort located on the […]
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MGM China (HKEx: 2282) is a leading developer, owner and operator of integrated resorts. We are the holding company of MGM Grand Paradise, SA which holds one of the six gaming concessions/subconcessions to run casino games in Macau. MGM Grand Paradise, SA owns and operates MGM MACAU, the award-winning premium integrated resort located on the […]
MGM kicks off cotai recruitment campaign
MGM China (HKEx: 2282) is a leading developer, owner and operator of integrated resorts. We are the holding company of MGM Grand Paradise, SA which holds one of the six gaming concessions/subconcessions to run casino games in Macau. MGM Grand Paradise, SA owns and operates MGM MACAU, the award-winning premium integrated resort located on the […]
GGR stabilizing but soft recovery ahead: Fitch
MGM China (HKEx: 2282) is a leading developer, owner and operator of integrated resorts. We are the holding company of MGM Grand Paradise, SA which holds one of the six gaming concessions/subconcessions to run casino games in Macau. MGM Grand Paradise, SA owns and operates MGM MACAU, the award-winning premium integrated resort located on the […]
MGM Resorts closes acquisition of additional stake in MGM China
MGM China (HKEx: 2282) is a leading developer, owner and operator of integrated resorts. We are the holding company of MGM Grand Paradise, SA which holds one of the six gaming concessions/subconcessions to run casino games in Macau. MGM Grand Paradise, SA owns and operates MGM MACAU, the award-winning premium integrated resort located on the […]
Wynn Palace cannibalization underestimated: MS
MGM China (HKEx: 2282) is a leading developer, owner and operator of integrated resorts. We are the holding company of MGM Grand Paradise, SA which holds one of the six gaming concessions/subconcessions to run casino games in Macau. MGM Grand Paradise, SA owns and operates MGM MACAU, the award-winning premium integrated resort located on the […]
MGM Resorts open to buying even more shares in MGM China
MGM China (HKEx: 2282) is a leading developer, owner and operator of integrated resorts. We are the holding company of MGM Grand Paradise, SA which holds one of the six gaming concessions/subconcessions to run casino games in Macau. MGM Grand Paradise, SA owns and operates MGM MACAU, the award-winning premium integrated resort located on the […]
MGM Resorts to increase stake in MGM China
MGM China (HKEx: 2282) is a leading developer, owner and operator of integrated resorts. We are the holding company of MGM Grand Paradise, SA which holds one of the six gaming concessions/subconcessions to run casino games in Macau. MGM Grand Paradise, SA owns and operates MGM MACAU, the award-winning premium integrated resort located on the […]
MGM China sees stabilizing mass market
MGM China (HKEx: 2282) is a leading developer, owner and operator of integrated resorts. We are the holding company of MGM Grand Paradise, SA which holds one of the six gaming concessions/subconcessions to run casino games in Macau. MGM Grand Paradise, SA owns and operates MGM MACAU, the award-winning premium integrated resort located on the […]
Melco Crown to underperform, faces stiff competition
MGM China (HKEx: 2282) is a leading developer, owner and operator of integrated resorts. We are the holding company of MGM Grand Paradise, SA which holds one of the six gaming concessions/subconcessions to run casino games in Macau. MGM Grand Paradise, SA owns and operates MGM MACAU, the award-winning premium integrated resort located on the […]
Slight possibility for MGM Cotai to open in 17Q2: Bernstein
MGM China (HKEx: 2282) is a leading developer, owner and operator of integrated resorts. We are the holding company of MGM Grand Paradise, SA which holds one of the six gaming concessions/subconcessions to run casino games in Macau. MGM Grand Paradise, SA owns and operates MGM MACAU, the award-winning premium integrated resort located on the […]
Macau to tighten visa rules for casino executive positions
MGM China (HKEx: 2282) is a leading developer, owner and operator of integrated resorts. We are the holding company of MGM Grand Paradise, SA which holds one of the six gaming concessions/subconcessions to run casino games in Macau. MGM Grand Paradise, SA owns and operates MGM MACAU, the award-winning premium integrated resort located on the […]
MGM China to generate $600 mil EBITDA in 2017
MGM China (HKEx: 2282) is a leading developer, owner and operator of integrated resorts. We are the holding company of MGM Grand Paradise, SA which holds one of the six gaming concessions/subconcessions to run casino games in Macau. MGM Grand Paradise, SA owns and operates MGM MACAU, the award-winning premium integrated resort located on the […]
MGM China Q1 posts results shy of forecasts, sees stabilization
MGM China (HKEx: 2282) is a leading developer, owner and operator of integrated resorts. We are the holding company of MGM Grand Paradise, SA which holds one of the six gaming concessions/subconcessions to run casino games in Macau. MGM Grand Paradise, SA owns and operates MGM MACAU, the award-winning premium integrated resort located on the […]
MGM China and Sands have most productive staff; Morgan Stanley
MGM China (HKEx: 2282) is a leading developer, owner and operator of integrated resorts. We are the holding company of MGM Grand Paradise, SA which holds one of the six gaming concessions/subconcessions to run casino games in Macau. MGM Grand Paradise, SA owns and operates MGM MACAU, the award-winning premium integrated resort located on the […]
Las Vegas Sands boss says more discounting of Macau rooms to come
MGM China (HKEx: 2282) is a leading developer, owner and operator of integrated resorts. We are the holding company of MGM Grand Paradise, SA which holds one of the six gaming concessions/subconcessions to run casino games in Macau. MGM Grand Paradise, SA owns and operates MGM MACAU, the award-winning premium integrated resort located on the […]
Macau’s major casino operators launch “Macau loves locals” campaign
MGM China (HKEx: 2282) is a leading developer, owner and operator of integrated resorts. We are the holding company of MGM Grand Paradise, SA which holds one of the six gaming concessions/subconcessions to run casino games in Macau. MGM Grand Paradise, SA owns and operates MGM MACAU, the award-winning premium integrated resort located on the […]
MGM China head says Macau gaming market is stabilizing
MGM China (HKEx: 2282) is a leading developer, owner and operator of integrated resorts. We are the holding company of MGM Grand Paradise, SA which holds one of the six gaming concessions/subconcessions to run casino games in Macau. MGM Grand Paradise, SA owns and operates MGM MACAU, the award-winning premium integrated resort located on the […]
MGM Resorts delays Cotai opening amidst market uncertainty
MGM China (HKEx: 2282) is a leading developer, owner and operator of integrated resorts. We are the holding company of MGM Grand Paradise, SA which holds one of the six gaming concessions/subconcessions to run casino games in Macau. MGM Grand Paradise, SA owns and operates MGM MACAU, the award-winning premium integrated resort located on the […]
Wynn concerned about Cotai delays, warns of penalties
MGM China (HKEx: 2282) is a leading developer, owner and operator of integrated resorts. We are the holding company of MGM Grand Paradise, SA which holds one of the six gaming concessions/subconcessions to run casino games in Macau. MGM Grand Paradise, SA owns and operates MGM MACAU, the award-winning premium integrated resort located on the […]
Casino stocks tumble as China macro woes add to pain
MGM China (HKEx: 2282) is a leading developer, owner and operator of integrated resorts. We are the holding company of MGM Grand Paradise, SA which holds one of the six gaming concessions/subconcessions to run casino games in Macau. MGM Grand Paradise, SA owns and operates MGM MACAU, the award-winning premium integrated resort located on the […]
MGM China and Sands China consider raising staff wages
MGM China (HKEx: 2282) is a leading developer, owner and operator of integrated resorts. We are the holding company of MGM Grand Paradise, SA which holds one of the six gaming concessions/subconcessions to run casino games in Macau. MGM Grand Paradise, SA owns and operates MGM MACAU, the award-winning premium integrated resort located on the […]
MGM China celebrates topping off for Cotai resort
MGM China (HKEx: 2282) is a leading developer, owner and operator of integrated resorts. We are the holding company of MGM Grand Paradise, SA which holds one of the six gaming concessions/subconcessions to run casino games in Macau. MGM Grand Paradise, SA owns and operates MGM MACAU, the award-winning premium integrated resort located on the […]
Galaxy leads in October VIP market share
MGM China (HKEx: 2282) is a leading developer, owner and operator of integrated resorts. We are the holding company of MGM Grand Paradise, SA which holds one of the six gaming concessions/subconcessions to run casino games in Macau. MGM Grand Paradise, SA owns and operates MGM MACAU, the award-winning premium integrated resort located on the […]
MGM swings to Q3 profit, announces plans for REIT
MGM China (HKEx: 2282) is a leading developer, owner and operator of integrated resorts. We are the holding company of MGM Grand Paradise, SA which holds one of the six gaming concessions/subconcessions to run casino games in Macau. MGM Grand Paradise, SA owns and operates MGM MACAU, the award-winning premium integrated resort located on the […]
Macau casino stocks plunge on Neptune warning, visitor concern
MGM China (HKEx: 2282) is a leading developer, owner and operator of integrated resorts. We are the holding company of MGM Grand Paradise, SA which holds one of the six gaming concessions/subconcessions to run casino games in Macau. MGM Grand Paradise, SA owns and operates MGM MACAU, the award-winning premium integrated resort located on the […]
Macau average daily revenue higher in September than August
MGM China (HKEx: 2282) is a leading developer, owner and operator of integrated resorts. We are the holding company of MGM Grand Paradise, SA which holds one of the six gaming concessions/subconcessions to run casino games in Macau. MGM Grand Paradise, SA owns and operates MGM MACAU, the award-winning premium integrated resort located on the […]
MGM 15Q2 profit tumbles, but tops forecasts
MGM China (HKEx: 2282) is a leading developer, owner and operator of integrated resorts. We are the holding company of MGM Grand Paradise, SA which holds one of the six gaming concessions/subconcessions to run casino games in Macau. MGM Grand Paradise, SA owns and operates MGM MACAU, the award-winning premium integrated resort located on the […]
Melco Crown won’t show margin sustainability in 15Q2: Sterne Agee
MGM China (HKEx: 2282) is a leading developer, owner and operator of integrated resorts. We are the holding company of MGM Grand Paradise, SA which holds one of the six gaming concessions/subconcessions to run casino games in Macau. MGM Grand Paradise, SA owns and operates MGM MACAU, the award-winning premium integrated resort located on the […]
Gaming stocks winning streak temporary
MGM China (HKEx: 2282) is a leading developer, owner and operator of integrated resorts. We are the holding company of MGM Grand Paradise, SA which holds one of the six gaming concessions/subconcessions to run casino games in Macau. MGM Grand Paradise, SA owns and operates MGM MACAU, the award-winning premium integrated resort located on the […]
Smoking lounge planning, time and money wasted if total ban is enforced
MGM China (HKEx: 2282) is a leading developer, owner and operator of integrated resorts. We are the holding company of MGM Grand Paradise, SA which holds one of the six gaming concessions/subconcessions to run casino games in Macau. MGM Grand Paradise, SA owns and operates MGM MACAU, the award-winning premium integrated resort located on the […]
Secretary general of Macau Staff Association says smoking survey not accurate
MGM China (HKEx: 2282) is a leading developer, owner and operator of integrated resorts. We are the holding company of MGM Grand Paradise, SA which holds one of the six gaming concessions/subconcessions to run casino games in Macau. MGM Grand Paradise, SA owns and operates MGM MACAU, the award-winning premium integrated resort located on the […]
Two thirds of casino employees back smoking lounges: survey
MGM China (HKEx: 2282) is a leading developer, owner and operator of integrated resorts. We are the holding company of MGM Grand Paradise, SA which holds one of the six gaming concessions/subconcessions to run casino games in Macau. MGM Grand Paradise, SA owns and operates MGM MACAU, the award-winning premium integrated resort located on the […]
MGM China completes refinancing, boosts loan facilities to $3b
MGM China (HKEx: 2282) is a leading developer, owner and operator of integrated resorts. We are the holding company of MGM Grand Paradise, SA which holds one of the six gaming concessions/subconcessions to run casino games in Macau. MGM Grand Paradise, SA owns and operates MGM MACAU, the award-winning premium integrated resort located on the […]
Grant Bowie dismisses merger speculation
MGM China (HKEx: 2282) is a leading developer, owner and operator of integrated resorts. We are the holding company of MGM Grand Paradise, SA which holds one of the six gaming concessions/subconcessions to run casino games in Macau. MGM Grand Paradise, SA owns and operates MGM MACAU, the award-winning premium integrated resort located on the […]
MGM China grants share options to CEO, others
MGM China (HKEx: 2282) is a leading developer, owner and operator of integrated resorts. We are the holding company of MGM Grand Paradise, SA which holds one of the six gaming concessions/subconcessions to run casino games in Macau. MGM Grand Paradise, SA owns and operates MGM MACAU, the award-winning premium integrated resort located on the […]
Investors not cautious enough on Macau, Morgan Stanley says
MGM China (HKEx: 2282) is a leading developer, owner and operator of integrated resorts. We are the holding company of MGM Grand Paradise, SA which holds one of the six gaming concessions/subconcessions to run casino games in Macau. MGM Grand Paradise, SA owns and operates MGM MACAU, the award-winning premium integrated resort located on the […]
MGM Resorts makes capital expenditures of $292 million in 15Q1
MGM China (HKEx: 2282) is a leading developer, owner and operator of integrated resorts. We are the holding company of MGM Grand Paradise, SA which holds one of the six gaming concessions/subconcessions to run casino games in Macau. MGM Grand Paradise, SA owns and operates MGM MACAU, the award-winning premium integrated resort located on the […]
MGM Q1 earnings beat forecasts: Cotai slipping?
MGM China (HKEx: 2282) is a leading developer, owner and operator of integrated resorts. We are the holding company of MGM Grand Paradise, SA which holds one of the six gaming concessions/subconcessions to run casino games in Macau. MGM Grand Paradise, SA owns and operates MGM MACAU, the award-winning premium integrated resort located on the […]
Union Gaming maintains Buy ratings for MGM, SJM
MGM China (HKEx: 2282) is a leading developer, owner and operator of integrated resorts. We are the holding company of MGM Grand Paradise, SA which holds one of the six gaming concessions/subconcessions to run casino games in Macau. MGM Grand Paradise, SA owns and operates MGM MACAU, the award-winning premium integrated resort located on the […]
MGM China CEO optimistic about Macau
MGM China (HKEx: 2282) is a leading developer, owner and operator of integrated resorts. We are the holding company of MGM Grand Paradise, SA which holds one of the six gaming concessions/subconcessions to run casino games in Macau. MGM Grand Paradise, SA owns and operates MGM MACAU, the award-winning premium integrated resort located on the […]
MGM Q4 results miss forecasts, MGM China to pay special dividend
MGM China (HKEx: 2282) is a leading developer, owner and operator of integrated resorts. We are the holding company of MGM Grand Paradise, SA which holds one of the six gaming concessions/subconcessions to run casino games in Macau. MGM Grand Paradise, SA owns and operates MGM MACAU, the award-winning premium integrated resort located on the […]
Bright future seen for gaming growth
Despite short-term headwinds from China’s slowing economy and trade friction with the U.S., analysts remain optimistic Macau will retain its crown as Asia’s top gaming hub.
No clarity in casino concession countdown
The first of Macau’s six casino concessions expire in less than 18 months, though the operators who have invested billions in the territory still have no clarity as to how, or even if, those licenses to operate will be renewed.
Trade war creates headwinds for Macau gaming stocks
Macau gaming stocks are feeling the heat from the trade war between the U.S. and China, falling to their lowest levels in a year, with some analysts cutting their growth forecasts on concern for a slowdown in China’s economy.
Japan local governments gather at the starting line
The year 2017 saw a distinct acceleration in the race to obtain licenses to build and operate Japan’s first IRs. While everyone agrees that the potential scope of the market is vast, without the precise locations and the terms of regulation yet being clarified, estimations of the ultimate size of this market remain little more than guesswork. Progress in the year was once again stalled by politics, though operators are hoping to push forward in 2018 with both the legislative framework and their own groundwork.
Gaming-linked candidates tout social fund, workers’ rights
Macau’s sixth Legislative Assembly elections will take place on Sunday, with gaming-related candidates proposing more concessions, a social fund and better workers’ rights as part of their platforms. Seven gaming-linked candidates are competing as part of a 24-strong field for the 14 available seats.
Responsible values
As operators around Asia vye for licenses in new markets, one corporate social responsibility expert suggests they should change their approach. Jan Jones Blackhurst, executive vice president, public policy and corporate social responsibility, at Caesars Entertainment says not enough is being done to explain what an IR is and the benefits it can bring to society. Not only can a good CSR program help to alleviate perceptions about gambling harm, it can also be a revenue driver.
Concession clarity lacking as deadline approaches
In just three years, the first of the licenses awarded to Macau’s concessionaires expire and, despite the billions of dollars invested by the operators in the market, there is still no clarity over the renewal process. There is no mechanism under the current law for automatic renewal which, as the deadline approaches, is leading to increasing concern in the market as to the tack the government may take. Views on the ground are mixed.
Attracting MICE
Macau saw a 62 percent spike in MICE visitation in the first quarter, helped by government subsidies, though the territory still faces considerable hurdles to reach its full potential as an events and exhibitions destination. Macau has lost out to regional rivals due to a lack of hotel capacity, limited venues, poor transport links and a branding problem and although problems are gradually being addressed progress is slow.
Looking for growth
While the Macau market still has plenty more to give, operators are starting to look elsewhere for future growth potential
Macau stock rally seen losing steam
Macau’s gaming stocks have rebounded to trade at two-year highs, tracking the recovery in gross gaming revenue, however analysts warn against over optimism, saying growth may be nearing its peak, at least in the short term.
Non-gaming revenues rise, but offering fails to inspire
Chinese Premier Li Keqiang praised Macau’s efforts to diversify its economy during a three-day visit last year, but market experts say operators are still trying to get the recipe right when it comes to non-gaming attractions and face an uphill struggle. Revenue from non-gaming has improved, however, Macau is still far from being a destination that will attract visitors for its tourism offering off the casino floor.
Marketing to the masses
Galaxy Entertainment added to its range of non-gaming attractions in June, opening Macau’s first Apple Store, as operators seek to appeal to a broader market to replace the shrunken VIP sector. Macau now gets around 45 percent of its revenue from the mass sector, up from the low point of 26 percent in 2Q11. Although the mass sector has significantly higher margins than the VIP at 25 percent to 55 percent compared with 10 percent, for most, that shift is still not yet showing through in the bottom line. Getting the marketing message right may be key to tapping the mass market.
Macau 16Q2 earnings to dip to five-year low
Macau’s six casino operators will begin reporting Q2 results later this month, with analysts expecting a mixed bag. Though operators say they are seeing signs of stabilization in the market, that is unlikely to be reflected in the bottom line, at least for now. The consensus is that revenues and EBITDA will fall from the prior quarter and will hit the lowest level in five years.
Tourism blueprint is good start but hurdles high
Macau’s tourism development masterplan, which aims to transform the VIP gaming hub into a mass market, diversified leisure destination, forecasts as many as 40 million tourists a year by 2015. The blueprint contains a clear vision of what the government wants for the future, with tourists staying longer and spending more on non-gaming activities. However, tourism industry experts say Macau as a family destination faces significant headwinds and stakeholders still haven't reached consensus on what brand Macau should be.
Fixing ailing Macau casinos: A few words of experience
Macau industry observers, gaming analysts, and even casino operators are now admitting that the decade-old party has run out of steam, if not over. The “build it and they will come” maxim and its attendant hubris that has characterized the Macau gaming industry since 2003 are now causing deep concern to operators and investors alike. To counter the downturn, the knee-jerk reaction has been to cut costs, directly affecting customer service. This could be a disastrous strategy. According to a recent Gartner study, 89 percent of the companies surveyed will be competing on the basis of customer experience in 2016, nearly a three-fold increase from five years ago.
Hengqin projects take shape as Macau looks for a crowd-puller
A Macau casino company CEO recently told a group of investors, “Hengqin is the most underreported story about Macau.”While many in the gaming and hospitality industries increasingly take note of Hengqin’s future plans, projects are beginning to rise from its ground. Cratered construction sites of a Cotai magnitude, along with extensive underground infrastructure, reveal the subterranean clues of projects yet to come. Many analysts and industry observers see the development of the island’s tourism facilities as being the real game changer for Macau as it tries to transform itself into a mass market leisure destination.
Macau’s operators pick at costs as revenue slide continues
Macau’s casino operators have already cut the low hanging fruit when it comes to reducing operating costs and are now struggling to further pare expenses as the slump in the market drags into its 19th straight month.With labour cuts not an easy option in Macau, the casinos face a juggling act in scaling back customer service standards without losing the customer. They are looking for creative ways to cut back behind the scenes and make every penny count.
Macau regulatory round up — current state of play
The Macau Chief Executive is the ultimate government authority in determining policy, licensing and regulating the operation of casino games of chance and other gambling activities in Macau. In exercising such powers, the Macau Chief Executive is assisted by the Gaming Inspection and Coordination Bureau, best known for its Portuguese acronym “DICJ”.
Macau’s challenge: Do policy-driven changes make for a successful market?
At this year’s Macau Gaming Show, experts were called upon to ponder whether Macau, the world’s largest gambling hub, can follow the example of Las Vegas and transform itself into an entertainment capital for the mass market.Views varied, but the one common thread was that it was going to be a long and painful transition. While Las Vegas revenue crumbled over a period of years following the financial crash of 2007, the Macau market has fallen off a cliff in little over a year largely as a result of a government policy decision in neighbouring China. That creates challenges for those trying to reinvent the market.
Macau operators win smoking ban reprieve, but for how long?
Macau’s casino operators, who have put up a united front in opposing a proposed blanket ban on smoking, may have won a battle with signs the government is softening its stance, but have not yet won the war.After appearing firm in its resolve to make smoking in casinos a thing of the past, the government has mellowed its tone and says it will consider keeping the lounges. But the onus will be on the operators to prove they are not harmful to health and that may be a tough call.
Macau changing its game
Macau Chief Executive Fernando Chui Sai On sent a clear message to the casino industry in the first policy address of his second term in office this week - the government is no longer just paying lip service to diversifying the economy away from gambling. The territory, which in just over a decade has grown its industry to be more than seven times the size of Las Vegas, is currently dependent on gambling for 85 percent of its income. However, after nine straight months of declining revenue that triggered a 17 percent contraction in Q4 gross domestic product, Chui said the industry is going through a phase of “adjustment.”The territory, which in just over a decade has grown its industry to be more than seven times the size of Las Vegas, is currently dependent on gambling for about 85 percent of its income. However, after nine straight months of declining revenue that triggered a 17 percent contraction in Q4 gross domestic product, Chui said the industry is going through a phase of “adjustment.”The government has cut its projected revenue from gambling receipts this year to average 20 billion patacas ($2.5 billion) a month from 27.5 billion patacas, while analysts are forecasting a second year of contraction, possibly by as much as 30 percent, according to Deutsche Bank.In his address, Chui said the government will strengthen its oversight of the casino industry as licenses come up for renewal and may require the companies to regularly submit their investment and development plans for review, in particular with regard to non-gaming activities. A tourism panel, under Chui’s supervision, will draft a five-year plan for stable casino growth that will make the region less reliant on casino revenue. Macau, Chui said, will become a center of tourism and leisure travel.
No end in sight to Macau slump as analysts cut estimates
As the first quarter comes to a close, there seems to be little reprieve for Macau’s battered casino stocks, with analysts continuing to cut estimates on the back of weak Chinese New Year revenue and an ongoing stream of negative news.
Although the February fall in gross gaming revenue was the worst on record at almost 49 percent, it wasn’t as bad as some had been expecting. Still the consensus is that the market has not reached a bottom as yet. Comments from both analysts and operators continue to reflect longer-term optimism, but agree there remains little near-term visibility.
“February was very weak especially given Chinese New Year and a lot of analysts are revisiting their forecasts,” said Alex Bumazhny, an analyst at Fitch Ratings, which this week predicted a 4 percent decline for 2015 GGR. “The market is banking on a slow down in premium mass and on the whole it’s not looking so good for 2015.”
It’s also unclear as to whether the regional operators which saw a sharp uptick in Q4 VIP revenue as high rollers fled Macau, will continue to benefit as China pledges no let up in its anti corruption drive.
JP Morgan in a recent report cut its earnings and share price target estimates by 25 percent and said it now expects an 18 percent decline in 2015 GGR, while Deutsche Bank issued perhaps the most bearish forecast so far, predicting a 30 percent drop and slapping a sell rating on the Macau five operators apart from SJM Holdings, which was already rated sell.
JP Morgan said it doesn’t expect a pick up in share valuations until April, pointing also to a series of regulatory overhangs in the market. Deutsche Bank says the GGR decline may extend into 2016.
The Macau government will conduct an interim review of the gaming sector this spring and may provide more clarity on new table allocations to casinos. It is also likely to discuss the issue of inbound mainland visitors with Beijing and whether their movements will be further restricted. The government last year clamped down on transit visas to third country destinations and has said it may review the Individual Visa Scheme.
“We believe the market would not give the benefit of the doubt, until such regulatory issues are proven to pass without any significant surprises,” the bank said.
Citi is more upbeat, saying it believes the market may be at a turning point, but still sees no signs of recovery in the VIP sector. The firm recently cut its forecasts for 2015 market GGR to negative 16 percent, from its prior estimate for a drop of 4 percent.
The Q1 results will follow on from a set of financial statements for Q4 that, while gloomy, were largely in line with expectations.
“The results were more or less consistent with what we expected,” Fitch’s Bumazhny said. “Wynn lost some market share and that appears to have continued in Q1 which is a concern.”
Wynn Macau, which currently has just one highly VIP focused property, posted the biggest drop in quarterly revenue so far. (Galaxy Entertainment will report on March 19th and SJM Holdings didn’t split out Q4 figures).
Net revenues were $761.2 million, a 32 percent decrease from the $1.12 billion generated in the fourth quarter of 2013. Adjusted property EBITDA in the fourth quarter of 2014 was $241.2 million, down 35.5 percent.
VIP turnover was down almost 40 percent, however the group has been renovating its casino floor which resulted in a drop in VIP tables to 244 in Q4 from 273 in the prior year. That renovation, which includes the addition of two VIP rooms and a new relationship with top junket operator Sun City, was scheduled for completion ahead of the Chinese New Year.
Despite the weak Q4 for Wynn, analysts are generally reasonable bullish about its outlook.
Sterne Agee’s David Bain wrote in a recent report that his buy recommendation on the stock remains intact and that investors have given little credit for its renovations and still less “to a top tier junket operator occupying one of its rooms that currently does not do business at its facility.”
Bain and analysts at Citi also pointed to the fact that the opening of its new Wynn Cotai will be transformational for the company. Citi said the new property is likely to be the “premier” resort on Cotai, although the company indicated in its Q4 earnings call that the opening may be delayed.
MGM China’s Q4 was also weaker than most had expected. Revenue fell 22 percent to $719 million, while adjusted EBITDA dropped 22 percent to $185 million.
Like Wynn, MGM also cut Macau VIP tables in the quarter to 195 from 235. VIP table games revenue dropped 39 percent, while mass floor revenue jumped 19 percent, reflecting an increase in main floor games up to 228 from 195. UBS analyst Robin Farley points out the mass performance in the quarter was “impressive,” above the firm’s 18 percent growth forecast and the market consensus for a drop of 16 percent.
The group said it remains on schedule for the planned opening of MGM COTAI in 2016. The expected total development cost is approximately HK$23 billion, excluding land costs and capitalized interest. It also announced plans to spend $100 million on revamping the main floor at its existing MGM Macau.
Sands China as expected benefited from its bias towards the mass market and its higher capacity than other operators.
Total net revenue declined 16.2 percent in the quarter to $2.12 billion, while adjusted property EBITDA decreased 14.7 percent to $713.2 million. Mass revenue was down 9 percent, while premium mass was down 17.5 percent. VIP volume was down 42 percent.
“In Macau, we like its peer-high weighting to mass gaming (higher visibility and margins than VIP), peer-high hotel room capacity amidst strong visitation growth and gaming position lead in Cotai,” Sterne Agee’s Bain said.
The company noted on its earnings call that there is room for improvement to its Q4 margin of 34 percent going forward, as the drop in the mass market was so rapid towards the end of the year that it had not had time to adjust expenses.
However, analysts also noted that the company is no longer giving a specific time frame for the opening of its Parisian Macau resort, saying that the target remains “sometime in 2016.” UBS’ Farley says that the U.S. casino giant will need the Macau government to approve more labor to achieve that date.
Melco Crown saw its Q4 revenue drop 20 percent, although again analysts are slightly more upbeat about the company’s prospects given the opening of its Studio City property later this year. The consensus view is still that added capacity will drive growth, although Deutsche Bank’s latest note even casts doubt on this theory.
The opening of two new gaming venues this year isn’t expected to boost demand, and the market is underestimating pressure on casino operators’ profit margins, the German bank’s analysts noted this week.
Melco’s adjusted property Ebitda was down 29 percent to $278.6 million.
SJM’s annual gaming revenue dropped 8.8 percent to HK$79.3 billion, but CEO Ambrose So said it had been a challenging year, with a deterioration in the last half. So said that investors should not expect any sharp rebound in casino earnings in 2015, although is cautiously optimistic that revenue will stop falling in the second half of the year.
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MPE
