* By Sudhir H. Kalé, Ph.D.
The casino industry in Macau grew from US$2.77 billion in revenues in 2002 to over US$45 billion in 2013. Then, in 2015, revenues fell precipitously to under US$29 billion, a fall from which casinos are still reeling.
In 2009 two very senior casino executives predicted casino revenues to top US$100 billion by 2020. Now that we are approaching the cusp of the new decade, a figure of US$35 billion seems more realistic.
Macroenvironmental factors (such as “tigers and flies” campaign, restrictions of Union Pay credit card withdrawal, and tightening of credit in China) aside, the casino industry in Macau, has partially been a victim of its own success. The years from 2004 (when Sands Macao opened on the Peninsula) to 2013 were marked by a building flurry with scant regard for customer retention. The number of casinos in Macau increased from 15 to 35 during this...
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