Las Vegas Sands CEO said at a conference in New York that the key to lifting Macau out of a slump is to build more resorts which will in turn stoke demand, according to the Business Insider.
Despite 11 straight months of falling gaming revenues in Macau due to China’s push to curb graft and lavish spending, Adelson said: “Supply will create the demand,” implying if casino operators continue to build gaming resorts, visitor numbers will also increase.
The billionaire’s words drew criticism from the Business Insider whose reporter labeled Adelson as “the most powerful casino mogul in the world [showing] he’s living a Macau delusion.”
The Mainland and Macau governments have been vocal about diversifying Macau’s economy to be more family friendly and less dependent on gaming.
“We are making Macau into another shopping city,” Adelson said at the conference.