Macau VIP bubble has burst, says Las Vegas Sands
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Las Vegas Sands Corp., the US’ second largest casino operator, has said that the bubble in Macau’s VIP market has “burst”, and predicted a tough first quarter for the city, Bloomberg has reported.
“I would expect it (VIP casino revenue) to be down fairly dramatically” Las Vegas Sands President, William Weidner, was quoted saying at an investor conference in Arizona. Weidner added that casino operators in Macau are “very VIP-room dependent are going to be affected very dramatically,” and said that Las Vegas Sands is focusing on developing the mass market business to compensate for the drop in revenue from the high-roller segment.
VIP gamblers are classified as those that spend at least MOP1 million (US$125,000) per visit, Bloomberg said.
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