Casino executives dismiss Macau growth concerns

    Casino executives with some of Macau’s largest operators say they are confident in the future of Macau, dismissing recent news reports that have sent casino company shares tumbling as not something operators focus on. Scandals involving the junket operators that bring in China’s high rollers, slowing growth in the Chinese economy and reports of a clampdown on illegal money transfers have all unnerved jittery investors. “The reality is these are not the issues that most of us focus on,” Grant Bowie, MGM China Holdings CEO said in a panel discussion at the opening event of G2E Asia in Macau on Tuesday. “We are confident and comfortable that between the Macau and China government tweaks, the policy will not fundamentally change, it’s not in anyone’s interests,” he said, adding that MGM has very little involvement with China UnionPay, the China-backed bank card at the centre of reports of illegal money transfers. Wynn Macau President Gamal Aziz agreed: “The story is still intact long term. It will continue to grow. None of this will effect where Macau is heading long term.” The executives were speaking during a panel on the growth in Macau’s mass market.