Sheldon Adelson Optimistic On Macau Despite Declining Revenues
Macau’s declining revenues in the last few months has got many asking the question as to if the honeymoon period is over for the world’s largest gambling Hub. As one of the biggest players in Macau, Sheldon Adelson was sounding optimistic at the annual Global Gaming Expo in Las Vegas. The Las Vegas Sands Corp. CEO was commenting on the crackdown on corruption in Macau which has chased away a lot of VIP players who make up a large percentage of the gambling expenditure in the former Portuguese colony.
With gambling in China restricted to Macau many high ranking politicians are wary of being caught up in the Chinese government’s crackdown on corruption. Adelson said that “they don’t want to send the message they may be corrupt.”
Adelson and other U.S. based operators rely heavily on their Asian interests for their growth especially with the U.S. gambling market in a slump since the economic slowdown in 2008. Adelson’s Sands China Ltd. that operates in Macau has been hit heavily by declining revenues from July which has led to their share price taking a knock of about a third.
Adelson speaking at the conference did not seem too worried and said, “everything is cyclical. It’s like gambling. Sometimes you’re up, sometimes you’re down.”