Las Vegas Sands president and chief operating officer Robert Goldstein believes room rates may fall when several new properties come on line in Macau this year, local media reports.
Goldstein, who was quoted at the JP Morgan Gaming, Lodging, Restaurant and Leisure Management Access Forum in Las Vegas last week, said properties to be opened by Sands China, Wynn Resorts and MGM will see between 5,000 - 6,000 new rooms in the region, which will lead to lower room rates. “You’re going to see more promotions or discounting of rooms,” said Goldstein, “because the room inventory is growing significantly”, and high-roller baccarat player numbers have reduced.
However, Goldstein added that he was still optimistic to make up revenue on the gaming side. “I still think the beauty of Macau is the propensity of the Asian customer to gamble is higher than any place in the world. Even when you are discounting rooms, you are rewarded on the casino side.”
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