All six operators pursue essentially those same customers. (opinon)

 jun26

In Las Vegas, diversified revenue streams create a more layered operating environment, both across the market and within individual properties. Customers visit for different reasons, on different budgets, at different times of the year and for varying lengths of stay. Whether driven by seasonal demand, curated programming or a combination of both, operators maximize value through carefully coordinated strategies and systems. This dynamic has also produced a broad spectrum of properties, ranging from luxury integrated resorts competing at the highest level of service for premium guests to mid-market and value-oriented offerings tailored to distinct customer segments. In effect, operators choose the tier in which they compete and structure their businesses accordingly. The result is a resilient market that is better positioned to navigate broader economic cycles and external disruptions.

In Macau, the concentration of revenue in gaming removes that buffer. What surprised me most when I first arrived in Macau wasn’t the profile of the customer or the scale of their spend. It was the competitive intensity with which all six operators pursue essentially those same customers. Everyone is competing at the high end, and when gaming represents the substantial majority of revenue, every contested customer carries more weight. There is no adjacent revenue stream of comparable size to absorb the impact of losing a high-value player to a competitor across the street.

This isn’t to say that Las Vegas isn’t still highly competitive. It is just that the market has evolved in a manner whereby property positioning narrows the competitive set. In Macau the tiers exist, but the target converges. Properties across the market are competing for a customer they largely share, and the tactics that competition produces make for highly instructive dynamics.

https://asgam.com/2026/06/29/a-tale-of-two-cities-2/