Macau misses casino concession jackpot
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Macau will keep its same six casino operators. Macau has made progress since the first concession awards in 2002. The former Portuguese colony has gone from high unemployment and gangland shootings to contending for the world's highest per capita GDP.
Sheldon Adelson is the founder of Sands China. He invested $15bn in Cotai and made Macau the world's third-richest man before the 2008 global crash.
Galaxy Entertainment, Sands' erstwhile partner, created its own world-class Cotai integrated resort, Galaxy Macau. Melco Resorts has built some of Macao's most interesting properties, including Morpheus, designed by Zaha Hadid, and Studio City topped with a figure-eight observation wheel.
Macau wooed Steve Wynn in the first round of concessions. With Mirage, Wynne invented the modern casino resort but he never brought his A-game to Macau. Macao's presence gave Maca credibility before Wynnie put a shovel in a ground.
Ho was in business until 2009, when he collapsed at home and needed brain surgery. He lived another 11 years. SJM has underperformed since its inception in 2002. The Ho family is still influential in Macau. David Green was an adviser to the Macao government on its 2001-02 casino tender.
Pansy Ho controls SJM in partnership with the Fok Foundation. Ho is also co-chairperson and executive director of MGM China, owning 22.5% of that company. Since the 2020 retirement of CEO Grant Bowie, Ho has claimed a larger role in MGM’s Macau operations.
Genting would have reset underperforming MGM Macau and MGM Cotai. Pansy Ho would be better off with SJM. She is a more vocal supporter of Beijing. She could have used her position to promote her gaming industry business. Her father, Stanley Ho, was never a favourite of the Chinese government. He was more interested in promoting his business interests. His daughter, Panksy, is more involved in non-gaming ventures.
All six concessionaires have pledged $12.5bn in non-gaming investment over the next ten years. Macau needs to become more than a gaming destination. It needs better marketing and better attractions and activities for tourists. Macao needs leadership, vision and cooperation to render the whole at least as good as the sum of its parts.
Muhammad Cohen has presented Macau casino concessionaires with a menu of options to elevate its destination appeal. He has also covered the casino business in Asia since 2006. Muhammad Cohen wrote Hong Kong On Air, a novel set during the 1997 handover. He is a former US diplomat and ICE365 Asia editor at large. His book is about TV news, love, betrayal, high finance and cheap lingerie.
