Casino Mogul Steve Wynn Optimistic On Macau Despite Problems
Despite over 26 consecutive months of declining revenues, many believe that the world’s largest gambling hub Macau is set to recover from the ongoing downturn. Casino Mogul Steve Wynn is one of these optimists and is set to launch his $4.2 billion Wynn Palace project in Macau despite the slowing economy and continuous crackdown let by China’s president Xi Jinping.
Revenues have shrunk by over a third in the last 26 months to $29 billion. Wynn was realistic while still remaining optimistic. He did acknowledge that the past glory days of Macau are over and growth patterns will take on a sense of normalcy from now on. He described Macau’s past growth as an anomaly and said that,” The amount of revenue, the rate of growth was unprecedented and historic and in many cases not just extraordinary.”
Macau has been forced by the Chinese central government to transform Macau into an entertainment destination like Las Vegas and move away from being solely a gambling hub. As part of this effort Macau regulators have restricted the amount of gambling tables allowed and restricted Wynn to only 150. Wynn responded to this by saying that,” It’s better to have fewer tables that are fully busy than a lot of tables that are just sitting there for a few shifts and aren’t used.”