In Macau and a senior executive with the local subsidiary of American casino operator, Wynn Resorts Limited, has reportedly declared that she is ‘not worried at all’ by a recent decline in business from the city’s VIP gaming sector.
According to a report from GGRAsia, Linda Chen (pictured) serves as Vice-Chairman and Chief Operating Officer for Wynn Macau Limited with her comments coming after the firm last week announced a 22.7% year-on-year decrease in third-quarter operating revenues to around $1.07 billion thanks to a major drop in VIP turnover.
Hong Kong-listed Wynn Macau Limited is responsible for the 1,000-room Wynn Macau as well as the even grander Wynn Palace Cotai integrated casino resorts and also saw its overall adjusted property earnings before interest, tax, depreciation and amortization for the three months to the end of September fall by 26.4% year-on-year to just over $301.2 million.
However, Chen reportedly told GGRAsia that she expects the casino market in Macau to start displaying signs of stabilization before the end of the year in advance of stating that there is ‘a fine line’ separating the jurisdiction’s VIP and premium mass-market designations.
“They’re all good customers. The most important is all of them come to Macau. That is what makes the market sustainable.”
Macau recorded aggregated gross gaming revenues for the ten months to the end of October of just over $30.6 billion, which represented a deterioration of 1.8% year-on-year, although it cited numerous industry figures including Wilfred Wong Ying Fai, President for Sands China Limited, and the Chairman and Chief Executive Officer for Melco Resorts and Entertainment Limited, Lawrence Ho Yau Lung, as detailing that they too expect the local casino market to stabilize over the next few months.
Chen reportedly moreover provided GGRAsia with an update on the Crystal Pavilion extension her firm is planning to build alongside its Wynn Macau venue although she refused to be drawn on when the glass-and-steel project would be finished.
“We’re eagerly working on that and progressing with our design. Once we are ready, we will submit for approval. I don’t want to commit to a timeline right now because that’s not the most important. It’s more important getting the right product.”
Chen furthermore explained that the Crystal Pavilion scheme from the local Wynn Resorts Limited division is due to be an ‘all non-gaming’ facility that is due to encompass a range of new food and beverage outlets and a ‘big component’ related to the arts as well as ‘an immersive entertainment theater that will host interactive and experiential shows.’