Macau's casino operators have pledged billions of dollars to develop non-ga...
MACAU - Macau’s casino operators have pledged billions of dollars to develop non-gaming attractions in a bid to secure new licenses, but analysts predict only the more efficient like Sands China and Galaxy will be able to curb losses and emerge winners.The spending frenzy comes as Beijing pushes to rebrand Macau as a family-friendly destination.
“It will be the best and brightest gaming operators to be able to defend themselves,” said Grant Govertsen, managing director at research firm Union Gaming in Macau. SJM, however, is likely to lag given its limited non-gaming amenities and poor operational efficiency, other analysts say. “The return on invested capital will be less efficient unless they are very clever in making it work,” Lee said.
Analysts are bullish on Macau’s long-term fundamentals given it is China’s only legal casino hub, its greater connectivity to the mainland and massive growing middle class, but they see the development of non-gaming as increasing execution risk.
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