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Events


IAGA SUMMIT Macau 2018


cent gaming to non-gaming revenues. However, we are seeing significant growth in non-gaming revenues.


In Macau people are very quietly watching this closely, simply because it's very easy to be distracted by the massive gaming revenues, but which is clearly something that governments want, and not without reason.


Te more diversification you have, the more chance you have to encourage people to travel long distances to your destination and, more importantly, get them to stay there for a few days. Get them to bring their wife and family, attract them for the five day stays that are so much more lucrative and again, when you look at other tourism entities, Disney is fantastic at doing this. Disneyland used to be one-day trip, but they built up their resorts and the amenities surrounding them, to extend that days per trip metric that is so, so important.


How do Integrated Resorts impact the wider local economy in which they are located?


At the IAGA Summit I'm showing data that illustrates the issues in Macau in which non-gaming revenues are dwarfed by gaming revenues. For a long-time the story that Las Vegas generates more non-gaming revenue than gaming revenues has been a very politically useful one, due to the fact that operators have entered jurisdictions around the world with a different proposition. Tey show the Vegas metric of 70 per cent non-gaming revenues and explained that they're not ‘just’ bringing a casino to town, which is really important.


However, if you look at Macau, the same metric is


terrible. In response, the Macau government has said this needs to change. Tey want to see those non- gaming Vegas metrics, but if you look at it a different way, in absolute numbers, each of the major Macau properties generates almost exactly as much non- gaming revenues as each of the Las Vegas Strip properties. However, because they generate such massive gaming revenues, the comparative metric looks awful. In absolute terms, these are actually very successful non-gaming businesses.


In fact, some of the most successful Louis Vuitton stores in the world are in Macau. However, we are so distracted by the massive gaming revenues that the story looks bad and that's partly our fault for insisting on these relative metrics.


How important is the geography - where the Integrated Resorts are located?


It has to be taken on a case-by-case basis. In Japan it doesn't matter very much because if you draw concentric circles around any area, you're going to hit massive populations. Te Japanese also have the capacity for building hugely impressive transportation infrastructure. Japan is going to make sure its Integrated Resorts succeed wherever they are located.


Singapore is a city-state, so it was always going to be more straightforward to attract players, however, if you look at Russia, the closure of its locals market and the establishment of remote tourist zones hasn't worked. You can’t just open a zone in Siberia and attract the masses necessary to support a multi- billion dollar property when people simply can’t get there. Location is important largely for infrastructural reasons to support a critical mass of people, which is crucial to feed the world's most expensive buildings.


NEWSWIRE / INTERACTIVE /MARKET DATA P79


The Macau government wants to see those non-


gaming Vegas metrics. But, if you look at it a different


way, in absolute numbers, each of the major Macau


properties generates almost exactly as much non-


gaming revenues as each of the Las Vegas Strip properties. However,


because they generate such massive gaming


revenues, the comparative metric looks awful. In


absolute terms, these are actually very successful non-gaming businesses.


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