Adelson sees recovery in Macau VIP market as China crackdown eases

Las Vegas Sands Chairman and Chief Executive Officer Sheldon Adelson said he expects a recovery in Macau’s VIP market in the next two months, presenting a rosier view for the high-roller sector of the market than most analysts following the sector.
Speaking at G2E, Adelson says Chinese players have been “staying below the radar” holding back from going to Macau and are more cautious on spending money as China’s anti-corruption drive continues.
“They don’t want to send the message they may be corrupt,” Adelson reportedly said.
Macau’s gross gaming revenue has fallen in each of the past four months, dragged down mainly by a high teens percentage decline in VIP revenue.
However, according to China state media, the crackdown may be easing. Xinhua said the campaign had reached its goals and the push against misbehavior may be ending.
Rival Steve Wynn, CEO of Wynn Resorts also said he optimistic about Asia. He said he's more concerned over events in the U.S. than current fears of political turmoil in Hong Kong.
"I'm more scared about the United States than I am about China," Wynn told broadcaster CNBC. The pro-democracy protests in Hong Kong have "become sort of a party out there." The tumult won't last, he said. "Everyone in China is pragmatic and practical."
As for the United States, he said while Wynn Resorts had no intention of executing a tax inversion, Wynn was concerned over the idea of the U.S. government penalizing companies that do so. "The administration wants to punish everybody," he said. "That's part of the political mentality at the moment in America. Punish people."
Tax inversions involve U.S. companies buying foreign ones and then domiciling themselves overseas to avoid onerous U.S. corporate taxes, which run up to 35 percent at the federal level. Meanwhile, "the regulatory burden in China is infinitesimal" compared with the situation in the U.S.