Inside Asian Gaming

inside asian gaming October 2016 12 Cover Story song, dance and fireworks laden opening ceremony. “We never wavered in our development plans, or our desire to serve as a model for the type of development which would help diversify Macau’s economy through the introduction and growth of important non- gaming attractions.” TABLE GAMES Gaming still accounts for more than two-thirds of Sands China’s profits, according to its second quarter earnings presentation. Macau authorities, limiting annual live table growth to 3%since 2012, granted Parisian 150 mass market gaming tables, with just 100 immediately plus 25 more on 1 January 2107 and 2018. It’s the same number given to Wynn Palace, which has notably less of the non-gaming amenities authorities claim it considers when making table grants. “We understand the Macau government’s position and respect its policy decision,” Sands China President Wilfred Wong told Inside Asian Gaming . “If the cap is lifted, we hope they will consider our situation.” The Parisian table grant led JP Morgan to suggest allocations “might be driven more by the timing of opening and the industry’s then-operating environment.” The bank notes that table grants per property have declined since 2012 and that properties opened in the same year have received the same number of tables. Morningstar calls the 100+25+25 allocation the “new normal.” Morgan Stanley says The Parisian grant “reduced uncertainty” for MGM and SJM as they build their Cotai projects. However, receiving 100 new tables for a resort built for hundreds more tables matters less to SJM, with about 1,800 tables currently under its control, than to MGM with just 427 tables. “No one has believed more or invested more in Macau’s future as a leisure and business destination. We never wavered in our development plans or our desire to serve as a model for the type of development which would help diversify Macau’s economy through the introduction and growth of important non-gaming attractions.” – Sheldon Adelson