MGM China to Expand Gaming Options in Macau Amid Market Changes
LISTEN TO THIS ARTICLE:In an effort to draw more foreign attention in the form of international customers, casino operator MGM China Holdings Ltd, which operates the MGM Macau and MGM Cotai in Macau, plans to increase the number of gaming tables at its properties in the Chinese special administrative region in the third quarter. It also intends to expand the sales and marketing teams for the same reason.
Asian Market Remains Strong
The business's management announced the changes on Wednesday during an investor conference call after the release of MGM Resorts International's second-quarter results. MGM Resorts International is the parent company of MGM China.
On the call, Bill Hornbuckle, CEO and president of MGM Resorts, said that the company had recently finished upgrades at both Macau locations. He also said that the business intends to complete "deployment optimization" of its extra gaming tables in the third quarter.
MGM China's new Macau gaming concession, which started on January 1, saw a 36% increase in the number of gaming tables allocated to the company, or an extra 200 tables. Under the terms of its new license, the business is permitted to run 1,700 gaming machines and 750 gaming tables.
Increased Focus On Marketing
On the call, MGM China's president and chief operating officer, Hubert Wang, said that the business was looking to grow its sales and marketing staff too, all for the same reasons. These "capital projects and enhancements" to the hotels play a vital role in enhancing the client experience, specifically for the premium customers, according to the COO of MGM China.
Furthermore, Wang and his team want several non-gaming projects and products to be either renovated or built as part of the retendering concession commitment. The executive noted that MGM China's July performance was strong and that they are looking forward to even higher numbers.
He said that they are confident about the balance of the year in terms of recovery and financial prospects for the remainder of the year. He added, "We are already moving beyond recovery; we are talking about growth." This follows a recent announcement about improved revenue across Macau.
When asked about the recent publications by China State Council on how to increase consumption in the nation, Wang said that the "stimulation package might be another push for the mass segment, particularly at the mid-to lower-end of mass." In addition, he emphasized that the premium-mass group has, up until now, been responsible for the gaming market recovery in Macau. However, it's believed that the longer-term recovery will involve a wide range, with demand coming from all segments of the mass market.
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