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.
This Dossier results from the “Life After POGOs” editorial project by Asia Gaming Brief which culminated with a pop-up digital forum on 9th December to discuss potentials ramifications in the industry.
Hyatt Hotels Corporation has announced the opening of the 1,600-room Grand Hyatt Jeju in South Korea, the largest Hyatt hotel in Asia Pacific. This hotel is part of the Jeju Dream Tower which opened on Friday.
Galaxy Entertainment Group told Macau News Agency that recent wage dispute involving workers employed at its Cotai expansion projects, originated from fee disputes between the workers and mainland employment agencies.
MGM Resorts has thrown its cards into the online gaming ring, with an attempt to buy U.K.-listed Entertain for GBP11.3 billion ($15.4 billion), which may reshape the group and reduce its focus on Asia in the longer term.
Over the years, many of the answers have been remarkably prescient in their forecasts for the near-term direction of Asia’s gaming industry. However, we can safely say that no one came anywhere close to guessing
what 2020 may have had in store.
While nowhere in the world has escaped the economic fallout from the Covid-19 crisis, Macau has been hit harder than most, with forecasts for gross domestic product to shrink more than 50 percent this year.