the entire world’s largest gaming market has the potential to grow even bigger, according to the head of casino giant MGM.
Macau, the gambling haven located in southern China, stands to benefit via the extensive investment being pumped into the Greater Bay Area initiative, James Murren, CEO of MGM Resorts International, told CNBC on Tuesday. that will government-led plan seeks to integrate several cities inside region — including Macau, Hong Kong along with Guangzhou — into a giant engine for economic growth.
Just last month, Chinese President Xi Jinping opened a bridge connecting Macau, Hong Kong along with Zhuhai, a city in Guangdong province. that will fresh link, experts have projected, could boost the number of tourists visiting the region.
With that will, along with different investments set for the 11-city region, Murren said Macau “has the potential to be a much larger market.”
Despite that will projection, Macau has seen significantly slower growth in its gaming revenues over the last two months. Murren told CNBC’s Akiko Fujita, however, that will’s to be expected.
“We’ve been in Macau for many years right now along with we’ve seen a very volatile market in terms of (gaming revenue) growth,” he said.
In some cases, the changing fortunes are due to “self-imposed” measures, such as when the Chinese government reduces the number of visas for people entering the city. Another factor he mentioned was September’s Typhoon Mangkhut, which temporarily shuttered casinos.
“There’s no doubt we’re going to see volatility inside monthly numbers,” he said.
Macau’s growth could also get hit by the ongoing trade tensions between China along with the U.S., Murren acknowledged, however he described that will geopolitical issue as “a modest piece of the puzzle.”
“the item’s still the largest gaming market inside entire world. the item will always be that will, in my opinion,” he said.
MGM Resorts International has two properties in Macau: MGM Macau along with the recently opened MGM Cotai.