hotel casino, Altira, in 2007, we were already building City of Dreams, our flagship premium high-end integrated resort in Cotai. Back in 2006, when we concluded our IPO on the NASDAQ, at the time the biggest Asian IPO in history, I was telling people then that the future of Macau was focused on mass - and that's why we continue to invest in this segment. Altira is very much a VIP- centric property, but we had already been planning for City of Dreams to focus squarely on mass. And so back then, and I must admit timing is everything, my prediction was probably eight years too early as regards the evolution of Macau into a mass market destination. We certainly left money on the table because we focused on mass so early, but having said that, I think it's panned out exactly as we predicted and that's why, with City of Dreams and Studio City, which is a mid-mass market focused property, we planned and built for the future.


“We certainly left money on the table because we focused on mass so early, but having said that, I think it's panned out exactly as we predicted and that's why, with City of Dreams and Studio City, which is a mid-mass market focused property, we planned and built for the future.”


How have you accommodated the expectations of a changing and evolving customer across your destinations in Macau?


Lawrence Ho: I think our various properties are positioned differently. Yes, it's an ultra-competitive market, but at the same time, all the concessionaires experience overlap. So, for instance, City of Dreams is very competitive with Wynn in terms of the top tier of the premium mass market. Whereas Studio City competes more with LVS and some of their properties in terms of the mid- mass market. So you have different concessionaires focusing on different things.


WIRE / PULSE / INSIGHT / REPORTS P35


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