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G3 MARKET INSIGHT MACAU


“No other country in the last 40 years has taken more people out of poverty than China. On that metric alone, Macau has been a massive success and when you look at where the city was and the way people were making a living back then versus now, it's been very, very successful.”


Do you see the market shifting more towards a broader entertainment offering or will Macau's economy remain heavily dependent on gaming?


Lawrence Ho: I guess what Melco has always done very well is focus on entertainment. I’ve been saying for many years that casino gaming, whether it’s baccarat or blackjack, is a homogeneous product. You go to every single casino and it’s the same thing, each casino offers the same product, so what we’re really trying to do is attract customers with non-gaming elements, and for Melco that's always been entertainment.


At Melco, we want to make sure that we offer the most four or five-star hotels, the best restaurants, but in addition to that, we have the best entertainment too. So whether it's the House of Dancing Water show that we spent US$300m creating or the attractions at Studio City, in which we have a Ferris wheel in the middle of the building, or Asia’s largest VR park, a Batman 4D simulator ride in conjunction with Warner Bros. - in addition to concerts and sporting events.


So, while non-gaming barely contributes to the bottom line, it’s the essential ingredient that differentiates us from our competitors. And from a competitive point of view, I'm really happy that the market has matured, because now we compete on product and segment, rather than on price. And that's important because it means that margins aren’t being driven down as we've witnessed in places such as Atlantic City, where price wars effectively bankrupted half the operators in that city.


How important is the publication of the Macau Tourism Industry Development Master Plan? And what does it mean for Melco and for Macau as a whole moving forward?


Lawrence Ho: Well, to be honest, it's long overdue because for a very, very, very long time resorts have been built, but the infrastructure has been lacking. The resorts have been waiting for the infrastructure to catch up and so it's good to see that there is a 10-20 year master plan that informs us as to where the market is heading.


At Melco, we see our role in the community as more than just a casino or integrated resort operator. We want our plans to mirror those of the city, because Macau’s success means success for us as well. So, it's great to see something like the Macau Tourism Industry Development Master Plan, as we’ve waiting for a very long time for this kind of initiative. I could talk endlessly about all the infrastructure projects that were delayed for years and years, but thankfully it's finally happening.


How do you see the new bridge from Hong Kong affecting Macau? And will this help the drive for more diverse products that you're so clearly striving for?


Lawrence Ho: Absolutely, the Hong Kong Zhuhai Macau Bridge, which links up the entire greater bay area, is a game-changer for Macau. Part of the reason why MICE hasn't taken off in Macau is due to convenience. The reason why exhibition-goers prefer Las Vegas is because people can fly there direct. They can attend a MICE event, stay the four days from Monday to Thursday, and be


home for the weekend. But for Macau, people think, wait - I have to fly into Hong Kong, which is a different city, a different jurisdiction and then take a ferry over to Macau? It just isn’t convenient. No one wants that journey. However, now that the Hong Kong Zhuhai Macau Bridge has been built, from Hong Kong airport to Macau is only a 45 minutes’ drive.


And so yes, I absolutely think it's a major game-changer going forward.


Given the fact that gambling isn’t legal in China, do you think Macau is seen as a success or a necessary evil?


P36 WIRE / PULSE / INSIGHT / REPORTS


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