Despite the Macao Monetary Authority?s earlier revelation that the VIP segment is losing its share to the mass market, the Chief Executive Officer of SJM (Sociedade de Jogos de Macau) pointed out that the transition to the mass gaming market is a trend.
Speaking on the sidelines of a graduation ceremony, veteran casino operator and SJM CEO Dr. Ambrose So said that local economic growth could not be judged based on the figures of the past few months alone. Instead, he is optimistic about development prospects in the long run.
The Monetary Authority stated in a July research report that the VIP sector?s share in gaming revenue dropped to 68 percent in the first quarter of this year, from a peak of 74 percent in the second quarter of 2011.
According to the authority, the VIP gaming segment, which caters to high-
stakes players, has been losing its market share to the mass market, slowing overall industry growth. The report said to expect a slowdown in the second half of the year.
However, Dr. So said that there is a growing trend of VIP segment shares switching to the mass market, and that introducing non-gaming elements could attract the mass market.
Casinos have sought to add more non-gaming elements, such as entertainment and family shows, in order to draw the middle-class Chinese tourists who make up the mass market.
Dr. So asserted that the slowdown of the mainland?s economy would not leave a great impact on Macau?s gaming industry. Furthermore, he said, the development in Hengqin would also benefit local economic growth.
Dr. So was present as the Head of the School Board of Millennium Secondary School for the school?s graduation ceremony yesterday evening. 133 high school graduates received their certificates from him.