Gambling impresario Steve Wynn said this
week he has "confidence" in the long-term fortunes of gambling enclave,
Macau. Macau, a former colony of Portugal, is China's version of Las
Vegas.
Wynn, who is planning to open a second resort and casino in Macau next year, said the government has handled "practically everything beautifully and been more than accommodating, more than understanding."
He agreed with recent moves to limit domestic travel among Chinese citizens as a way to help soften the impact of the industry's spectacular growth on Macau society and prevent its economy from overheating. Foreigners can still travel there without restriction, he noted. "The fact that the economy and the development and expansion of Macau occurred at such a rapid rate has created a great deal of stress on the community," Wynn said.
"The central government and the Macau government putting ... a slowdown in visitation was an attempt to give the community a chance to absorb everything that had been built," he said. Macau has boomed since the government started welcoming major casino operators like Wynn, Sands and MGM Mirage Inc. Macau surpassed Las Vegas Strip as the world's most lucrative casino market two years ago.
The government started issuing the restrictions this summer to control Macau's rapid growth, analysts say. The chief operating officer of the Sands, William Weidner, agreed this week that "there have been some changes in terms of the central government's attitude toward Macau." Weidner's comments came at an industry investment event in Las Vegas hosted by investment banks, Goldman Sachs and Deutsche Bank.
Wynn said China's rising middle class would help the city thrive and Wynn Resorts planned to keep developing there, he said.” I think the market is wonderful in China," he said. "Macau has always been a tourist kind of place and it's broadened ... its appeal. And I think that's going to continue."