Posts Tagged ‘Galaxy Macau’

Questions cloud Macau recovery

September 7, 2017

Macau casino revenue rose 20% in August despite typhoons, extending recovery to a second year. But sustainability issues linger as VIPs lead the recovery.

Totally globalized native New Yorker and former broadcast news producer Muhammad Cohen is a blogger for Forbes, editor at large for Inside Asian Gaming and author of Hong Kong On Air, a novel set in his adopted hometown during the 1997 handover about television news, love, betrayal, high finance, and cheap lingerie. See his bio, online archive and more at www.muhammadcohen.com; follow him on Facebook and Twitter @MuhammadCohen.

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VIPs drive Macau to big May

June 10, 2017

Revived high roller revenue led Macau’s 24% casino revenue rise in May. But long term opportunities still lie in the mass market.

Totally globalized native New Yorker and former broadcast news producer Muhammad Cohen is a blogger for Forbes, editor at large for Inside Asian Gaming and author of Hong Kong On Air, a novel set in his adopted hometown during the 1997 handover about television news, love, betrayal, high finance, and cheap lingerie. See his bio, online archive and more at www.muhammadcohen.com; follow him on Facebook and Twitter @MuhammadCohen.

Macau falls for 26th straight month

August 28, 2016

After Macau’s casino revenue fell for a 26th consecutive month, the global casino capital is seeing resorts worth more than US$7 billion opening within three weeks. Is it lack of US$250 hotel rooms and opulent gambling venues in Cotai that’s holding back Macau?

Totally globalized native New Yorker and former broadcast news producer Muhammad Cohen is a blogger for Forbes, editor at large for Inside Asian Gaming and author of Hong Kong On Air, a novel set in his adopted hometown during the 1997 handover about television news, love, betrayal, high finance, and cheap lingerie. See his bio, online archive and more at www.muhammadcohen.com; follow him on Facebook and Twitter @MuhammadCohen.

Macau March casino take dashes optimism

April 13, 2016

After February numbers prompted an outbreak of optimism, Macau casino revenue fell for a 22nd consecutive month in March, and dark clouds swirled anew.

Totally globalized native New Yorker and former broadcast news producer Muhammad Cohen is a blogger for Forbes, editor at large for Inside Asian Gaming and author of Hong Kong On Air, a novel set in his adopted hometown during the 1997 handover about television news, love, betrayal, high finance, and cheap lingerie. See his bio, online archive and more at www.muhammadcohen.com; follow him on Facebook and Twitter @MuhammadCohen.

Bank sees ‘green shoots’ of Macau recovery

July 1, 2015

Although Macau’s gaming revenue almost certainly fell for a 13th consecutive month in June, Credit Suisse sees “green shoots” of recovery in recent trends.

Totally globalized native New Yorker and former broadcast news producer Muhammad Cohen is a blogger for Forbes and author of Hong Kong On Air, a novel set in his adopted hometown during the 1997 handover about television news, love, betrayal, high finance, and cheap lingerie. See his bio, online archive and more at www.muhammadcohen.com; follow him on Facebook and Twitter @MuhammadCohen.

Galaxy, rival casinos expand as Macau contracts

June 5, 2015

In the midst of a yearlong revenue, Galaxy Macau unveiled a $3 billion expansion to its Cotai resort last week. It’s the first of the $20 billion wave of new resorts aiming to refocus Macau on the mass market and non-gaming attractions.

Totally globalized native New Yorker and former broadcast news producer Muhammad Cohen is a blogger for Forbes and author of Hong Kong On Air, a novel set in his adopted hometown during the 1997 handover about television news, love, betrayal, high finance, and cheap lingerie. See his bio, online archive and more at www.muhammadcohen.com; follow him on Facebook and Twitter @MuhammadCohen.

Investors demand more from Macau

June 5, 2014

Macau’s gaming revenue rose 9.3 percent year-on-year in May to more than $4 billion, the fifth highest monthly total ever. That news sparked a brutal selloff in Macau casino shares, as investors expected even better numbers. Some analysts insist sellers are missing Macau’s big picture.

Totally globalized native New Yorker and former broadcast news producer Muhammad Cohen is a blogger for Forbes and author of Hong Kong On Air, a novel set in his adopted hometown during the 1997 handover about television news, love, betrayal, high finance, and cheap lingerie. See his bio, online archive and more at www.muhammadcohen.com; follow him on Facebook and Twitter @MuhammadCohen.

Signs of getting it right in Macau

December 24, 2012

Club Cubic was heaving at 1.30am on the last Thursday night in November. Nearly 3,000 of the Pearl River Delta’s most beautiful people gathered on the second level of the City of Dreams resort, a space that in the past has often felt as desolate and forbidding as a New York City subway station during the wee hours. On that night, Psy, the Korean rapper behind the mega-hit Gangnam Style, was in town and Club Cubic was the place to be. Sometime past 2am, Psy took the stage, gave the crowd his song and his horse dance and galloped off, but the party continued. It was a night to remember in Macau.

During a ten day visit culminating with the late night Psy-ting, there were clear signs that Macau is creating more nights to remember for visitors from China’s growing middle class that are presently driving casinos revenue growth. For more than a year, expansion of mass market gaming has outstripped VIP growth.

According to participants at last month’s Asian Gaming and Hospitality’s Congress, mass market growth reflects Macau and mainland authorities’ push to diversify the economy away from gambling toward broader tourism and leisure activities, as I wrote in the December issue of Macau Business. Junket business insiders at the conference also offered examples of Beijing’s efforts to curtail VIP play. Whatever the reason, mass market spending is rising in Macau.

On this visit, it seemed Macau’s casinos resorts had sharpened their game as tourist destinations, getting things right more often than has been their custom. Maybe it was my imagination due to spending hours on massage tables and in whirlpools to research an article on luxury spas for the January edition of Macau Business, and enjoying five-star hospitality at their host hotels. Maybe it’s because resorts that needed to learn have had great examples to follow, such as the intelligent, comfortable room design and equipment at Grand Lisboa and the right resort elements for Asia at Galaxy Macau. But mostly, it may be that resorts, especially the ones in Cotai with huge footprints, need to have more traffic and paying customers to function and feel right. As mass market tourism grows, and more people shop, eat and play in plain sight rather than behind VIP room walls, it’s happening.

Now Macau needs to take the next step and give tourists who come for a good time reasons to stay for more than a day and keep coming back. Sure, gambling will continue to be part of the mix, but there needs to be more. Psy’s appearance underlined the thirst for entertainment. The Pearl River Delta is looking for a good time, and Macau seems finally to have figured out how to deliver one. Now let the good times roll.

Totally globalized native New Yorker and former broadcast news producer Muhammad Cohen is author of Hong Kong On Air, a novel set in his adopted hometown during the 1997 handover about television news, love, betrayal, high finance, and cheap lingerie. See his bio, online archive and more at www.muhammadcohen.com; follow him on Facebook and Twitter @MuhammadCohen.

Galaxy creates new star in Macau

December 21, 2011

Since opening in May, Galaxy Macau resort has changed the game in the world’s largest gambling market. As I report in Asia Times, the resort has shuffled market shares, making parent company Galaxy Entertainment Group a heavyweight contender among Macau casino operators. Last week, Galaxy Macau opened a state of the art cineplex, highlighting the market savvy underpinning the resort’s success.

Totally globalized native New Yorker and former broadcast news producer Muhammad Cohen is author of Hong Kong On Air, a novel set in his adopted hometown during the 1997 handover about television news, love, betrayal, financial crisis, and cheap lingerie. See his biography, online archive and more at www.muhammadcohen.com.

Macau’s boom trumps skeptics

June 18, 2011

There’s no room left to argue about the success of Macau. Optimism about Macau and gaming across Asia dominated last week’s Global Gaming Expo Asia (G2E Asia) in the world’s gaming capital.

The annual conference and trade show was also an opportunity to showcase the new Galaxy Macau resort that’s the most daring attempt since the Venetian Macao to transform the character of the Macau market from gaming-centric day trippers. In its four years, the Venetian has become a local landmark and tourist touchstone, but it’s done little to alter the composition and direction of Macau’s growth. This year, as I reported in Asia Times, gaming revenue is on track to surpass five times the take of the Las Vegas Strip.

You can’t dispute numbers like that, but smart investors and observers can ask how much they know about what’s behind those numbers.

Totally globalized native New Yorker and former broadcast news producer Muhammad Cohen is author of Hong Kong On Air, a novel set in his adopted hometown during the 1997 handover about television news, love, betrayal, financial crisis, and cheap lingerie.


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