MGM CEO says Macau will “forever” be world’s largest gaming market
Bill Hornbuckle is confident that Macau will continue to be the largest single-jurisdiction casino gaming market in the world.
Macau.- During a round-table discussion with business news television channel CNBC, MGM president and CEO Bill Hornbuckle said he is confident that Macau will continue to be the largest single-jurisdiction casino gaming market in the world.
Hornbuckle said that before the Covid-19 pandemic, Macau was “seven, eight times Las Vegas in scale,” and added that if it “comes back half to begin with, and then some… it’s the largest gaming market in the world, bar none; and it will forever be.”
In 2019, Macau’s gross gaming revenue was close to MOP292.46bn (US$36.17bn). That same year, casinos on the Las Vegas Strip in Las Vegas, Nevada, had a GGR of nearly US$6.59bn, according to the University of Nevada, Las Vegas.
Also on the CNBC panel was Robert Goldstein, chairman and CEO of Las Vegas Sands Corp. He admitted that it was a difficult moment. He said: “It’s a tough time. You’ve got to basically hunker down, and wait for it to turn.”
The third participant was Craig Billings, CEO of Wynn Resorts. He said: “The only thing that keeps me awake at night about Macau is the condition of my team.”
The government of Macau has decided to temporarily shut casino venues until July 18. Until now, casinos had remained open, although with limited staffing and close to zero business. Macau casino stock prices declined after the government announced the measure.
