Lawrence Ho “tough times to continue” for now

Melco International Development boss Lawrence Ho who with James Packer operate Melco Crown Entertainment in Macau along with other ventures said in its annual report that the company believed that tough times will continue in Macau for the foreseeable future.

However Ho said despite the tough conditions in Macau, he remains optimistic about the region’s outlook, and that Macau was undergoing a transition towards a more mass market-focused business model.

“Looking ahead, although Macau is encountering a very tough operating environment, with a combination of the slowdown of economic growth in China and government policies that may adversely affect the gaming market, we believe our business approaches are in line with the government’s new direction from a macroeconomic and social perspective,” he said.

However there are signs of improvement for the world’s largest gambling hub with Ho saying, that better-than-expected gross gaming revenue recorded in the first two months of 2016, and new government policies such as the relaxation of immigration processes for the PRC residents travelling to Macau using transit visas.”

It was clear from his report that Melco see the future of gaming in Macau in the mass market sector and moving away from relying heavily in the VIP market that has been devastated over the past two years.