On Wednesday, Sheldon Adelson, chairman and CEO of Las Vegas Sands Corp (NYSE: LVS), told an audience of students at the Institute for Tourism Studies (IFT) in Macau that VIP casino gamers are:
“…staying below the radar until the Chinese government says ‘we are not hunting down potentially corrupt people,’ because high rollers… they say they will stay low and won’t be conspicuous in their spending habits until the witch hunt – whatever it’s called – until the crackdown on corruption levels off.”
“People blame it on the crackdown on corruption in mainland China. Depends who you talk to. Steve Wynn, my friend and competitor, says that the VIP players jumped into their foxholes and I say that they stayed below the visibility radar because, whether [or not] they’re legitimate business people that are making millions of dollars, they don’t want to come in and be ostentatious.”
However, it’s not just VIP players who have been avoiding spending large sums of money in Macau as premium mass players, who Adelson says can usually bet between $5,000 to $100,000, have not been spending as much as they did before:
“A lot of those people are laying low as well, because they don’t want the government seeing them spending what they think are large sums of money.”
Nevertheless, Adelson remains confident that Macau’s casino gaming revenue will see brighter days in the near future:
“Everything in life is cyclical. Night follows day, day follows night; and recession follows expansion, expansion follows recession…this too will pass, and this too is cyclical.”
To read the whole article for the rest of Adelson’s comments, Sheldon Adelson: High rollers ‘below the radar’ until corruption ‘witch-hunt’ levels off along with Macau’s revenue downturn cyclical: Adelson, go to the websites of the Macau Daily Times and GGRAsia. In addition, check out our list of Macau casino stocks here.
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