LVS Welcomes Junkets Role In Reviving Macau Gaming Industry
The COO of the Las Vegas Sands Corp recently went on record to state that the junket business in Macau was helping boost growth and liquidity across Macau’s gaming industry.
Robert Goldstein, president and chief operating officer of Las Vegas Sands, the company that owns Sands China Ltd made the observations as a part of his address at the 33rd Annual Bernstein Strategic Decisions Conference held recently.
Speaking about the recent revival of the casino industry in Macau, Goldstein said that junkets were helping fuel the growth of the critical premium mass segment. Sands China is a subsidiary of the Las Vegas Sands Corp and runs operations for the company in Macau.
In a statement Goldstein said,
The junket business is important beyond the simple profit perspective. Part of the success in premium mass is that the junket liquidity and junket success fuels premium mass play because the two do cross over.I think all [gaming] segments in Macau are rising. I would like to see mass grow stronger, premium mass is very strong and junket looks good. But the whole market feels good and is in a good growth pattern
Premium mass typically refers to the segment of gamblers who play relatively high stakes using cash rather than credit which is preferred by high rollers. Macau’s casino GGR (gross gaming revenue) was up by nearly 24 percent year on year in May, the sharpest jump recorded since February 2014.
According to Goldstein, the recovery was sustainable and will grow further in the coming months. He noted that as it was mass and premium mass driving a large part of the growth adding that the company was not relying heavily on junkets alone.
Citing the heavy demand from premium mass users, Goldstein stated that the company’s hotel facilities in Macau including the recently-opened Parsian Macao needed to be upgraded to cater better to the segment. Goldstein said that plans to boost consumer interest in Sands Cotai Central, another of its Macau properties were also being developed.
With regard to other nearby markets Goldstein said that the Singapore market might not see strong growth in near future given the sharp decline in VIP gaming volumes. Goldstein also shared his views on the recently opened market of Japan stating that the company will have more clarity by 2018 in terms of its approach for bidding for a casino license in Japan. He said that the company might prefer a solo bid instead of going with a local partner but will follow government rules.
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