{"id":18271,"date":"2016-05-19T11:59:48","date_gmt":"2016-05-19T19:59:48","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=18271"},"modified":"2023-02-27T10:29:00","modified_gmt":"2023-02-27T18:29:00","slug":"macao-the-9-solution-its-a-bird-its-a-plane-its-steve-wynn","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/macao-the-9-solution-its-a-bird-its-a-plane-its-steve-wynn\/","title":{"rendered":"Macao: The 9% solution; It’s a bird, it’s a plane, it’s Steve Wynn"},"content":{"rendered":"

Supply has overrun demand in Macao<\/strong>, where a wave of impending megaresorts is rolling in on an emaciated marketplace. But optimistic noises are being heard at Global Gaming Expo Asia<\/strong>, amid the robotic croupiers and other new toys. “The sentiments have become \"Venetianquite bullish of late. The market is showing signs of bottoming out,” said gaming analyst Ben Lee<\/strong>. However, for all of the new casino product, he says the industry is behind the curve of a market that is being reshaped in the image of middle-class players, not VIPs: “Macao currently still does not have the infrastructure to attract the family segment. We are talking about logistics, attractions, language and plain old service friendliness.” It sounds like Macao could learn a few tricks from Las Vegas<\/strong> after all.<\/p>\n

Taking a contrary viewpoint is Andy Choy<\/strong>, late of the Riviera<\/strong>, who has popped up at Melco International Development<\/strong>.\u00a0\u201cThe Chinese-oriented consumer has been demanding gaming product \u2013 overwhelmingly,\u201d he says.\u00a0\u201cIn an environment where you \"AndyChoyHeadshot\"are motivated purely by satisfying your customers, that would dictate that you would spend your investment dollars primarily on the gaming product,\u201d Choy added, thumbing his nose<\/a> at Chinese governmental expectations that megaresorts up their non-gaming income to 9% by 2020. (Hardly a draconian mandate.) Choy conceded, “as an operator you comply with that.\u201d Choy’s remarks are paradoxical: If the consumer demand is not there, how do you comply with Beijing<\/strong>‘s 9% formula?<\/p>\n

In other news, Choy said that Melco was looking at Vietnam<\/strong>, among other international markets<\/a> where regulation is looser — and where junketeers are steering VIP play.<\/p>\n

* “We are literally beating this industry like a pinata,” said state Sen. Camera Bartolotta<\/strong> (R). Pennsylvania<\/strong> Gov. Tom Wolf<\/strong>‘s proposal to not only tax free play but to raise the tax rate that subsidizes regulation<\/a> from 1.5% to 2% is losing traction in Harrisburg<\/strong>. State Rep. John Payne<\/strong> (R) piled on, saying, “If the state police is asking for more money, I \"Tomwant to know why.” The remarks were made a joint House-Senate committee hearing that had a decidedly unfriendly tone toward the Wolf administration. Revenue Secretary Eileen McNulty<\/strong> mustered a rather weak defense of the tax increases, saying, “We have no authority to oversee the use of the budgeted funds by other agencies,” putting the onus on the Lege. The casino industry is up in arms because the regulatory-tax increase was sprung on them after, not during, state budget hearings. The state police are pleading a shortage of manpower to staff their on-casino presences, a shortfall that suggests somebody didn’t do the math a while ago and is playing catch-up now.<\/p>\n

* If you were walking the Fremont Street Experience<\/strong> last Monday and thought you saw Steve Wynn<\/strong> ziplining overhead you weren’t hallucinating: The tycoon showed up \"Wynnunannounced at Slotzilla<\/strong>, accompanied by his wife, and took not one but two flights<\/a> over Fremont Street<\/strong>. As you’ve probably guessed, the Wynns were conducting research for Wynn Paradise Park<\/strong>, which plans on including what Wynn Resorts<\/strong> says will be a slightly more elaborate version of Slotzilla. (What? You didn’t think Steve Wynn was going to take second place to anyone did you?) We’ve got to hand it to El Steve for not only conducting his research firsthand but for braving Slotzilla at all. You’ll never get us up there.<\/p>\n","protected":false},"excerpt":{"rendered":"

Supply has overrun demand in Macao, where a wave of impending megaresorts is rolling in on an emaciated marketplace. But optimistic noises are being heard at Global Gaming Expo Asia, amid the robotic croupiers and other new toys. “The sentiments … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[51,14,4,104,22,94,62,95,33,25,32,31],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/18271"}],"collection":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/comments?post=18271"}],"version-history":[{"count":2,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/18271\/revisions"}],"predecessor-version":[{"id":32392,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/18271\/revisions\/32392"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=18271"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=18271"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=18271"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}