MGM China CEO Grant Bowie said he is “very confident” about the future of Macau’s gaming industry, as the region’s gaming operators shift their focus toward mass-market recreational gamblers.
Bowie made the comments on the sidelines of a forum held at the MGM casino-hotel in Zape, when asked about his views on Wynn Resorts Chairman & CEO’s recent comments that he was “uncertain” about the industry’s future.
MGM Cotai, which is scheduled to open in 17Q2, is said to be focused on mass-market recreational gamblers, and it was confirmed earlier in the month that it will not be offering VIP tables.
Bowie said VIP gaming will continue at its MGM Macau property, while its new Cotai project will help the company diversify its offering.
“What we’re most focused on is making sure we don’t continue to dilute the business […] at this early stage, we’re looking to keep our VIP business at our Macau property and continue to develop and diversify through the Cotai property,” he said.
But Bowie said the properties together will form a complete offering to the gaming market in Macau.
“Rather than being separate properties, we actually look at it as a whole business,” the chief said on Monday to Radio Macau.
While Bowie admitted the government had not yet disclosed the number of gaming tables to be awarded, he said that MGM will continue to prove its “level of diversification” in order to meet the necessary criteria to attain the maximum number of tables.
Earlier this week, Daiwa analysts estimated MGM Cotai would receive a total of 150 tables.
Despite the decline of Chinese tourists in the region, Bowie said the resort will maintain its market share of customers, and acknowledged the customer profile is changing.
“I’m totally confident that Chinese consumers will still want to come to Macau and buy the products and services that we have, but we need to continue to evolve and develop those products and services to meet their expectations,” he explained.
The diversification of Macau revolves around the ability to create “unique opportunities for consumers to [be involved in] a diversity of experiences in Macau,” Bowie added.
MGM Cotai, scheduled to open in the second quarter of 2017, will have approximately 1,500 hotel rooms and suites, meeting spaces, high end spa, retail offerings and food and beverage outlets. The HK$24 billion project has a jewellry-box design and 85 percent of its gross floor area will be dedicated to non-gaming facilities.