"Macau to see Vegas, Singapore revenue model"

jan24

You went as far as Mandalay Bay, which was on the end of the Strip, they were up to 73 percent non-gaming. So, they had to do a lot more to draw and attract that customer profile that’s attracted most to Vegas.

Then Sheldon Adelson really turned it around with his MICE model. And his MICE model was very, very specific. When we were writing the mission, vision and values to introduce to the team, I asked him “Who are we competing with in Vegas?” and he said “We’re not competing with anybody in Vegas. I’m competing with New York City.”

And with Opryland, in Nashville. They were doing huge conventions.

They had massive convention centers with supporting hotel rooms in the cities. And so the biggest shows in America were being held in those cities. He wanted to bring them to Vegas. So, he had to invent that product. So, the 1.2 million square foot Convention Center, linked directly to 3,000 all-suite, business-oriented customers, was the solution.

https://agbrief.com/intel/face-to-face/19/01/2024/niall-murray-macau-move-beyond-junkets-horse-racing/


 JUl23

Macau is likely to “transition to the Las Vegas Strip/Singapore model” in terms of where Macau casino resorts derive most of their earnings, says a report from Macquarie Equity Research.

“The China and Macau governments would like to transform Macau from a gaming to non-gaming destination,” wrote analysts Linda Huang and Chad Beynon, referring to a public-policy wish to diversify Macau’s economy away from a dependence on high-stakes gambling tourism.

“We expect Macau’s gaming operators to transition to the Las Vegas Strip/Singapore model with a lower gaming revenue contribution at approximately 40 percent/68 percent, respectively”, versus Macau’s estimates of approximately 83 percent in 2023, they added.

The institution observed that “92 percent” of the six Macau operators’ pledged capital expenditure in aggregate as part of the conditions of each receiving a new 10-year gaming concession beginning on January 1, was on “non-gaming”.

https://www.ggrasia.com/macau-to-see-vegas-singapore-revenue-model-macquarie/

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