Galaxy woos big shoppers as Macau gaming slumps
Macau
AS Macau's gambling slump extends beyond a second year, the casino operator that's benefited the most from the city's decade-long focus on Chinese VIP gamblers is trying to woo a new breed of "very important persons" to prop up non-gaming revenue.
Galaxy Entertainment Group Ltd is now rewarding big shoppers with free hotel stays and access to resort facilities, some of the perks once reserved for high-rolling gamblers.
"A VIP can be either a big gambler or a big shopper," said chief marketing officer Kevin Clayton. While high-stakes gamblers remain an important source of income in Macau, the company is redefining its VIP label, he said.
The move comes as Galaxy's operating margins shrink amid an outflow of high-end customers. While VIP gamblers from China helped Macau leapfrog Las Vegas to become the world's largest casino hub over the past decade, the segment has nosedived since 2014 as China President Xi Jinping's crackdown on corruption scared off the high-rollers. Macau has been trying to reinvent itsel…
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
US 30-year mortgage rate rises to five-month high of 7.24%
Money laundering accused Su Baolin’s Sentosa property goes unsold at auction
US Judge approves US$418 million settlement that will change real estate commissions
In San Francisco, a home renovation can become a battle royale
Country Garden extends bonds to avoid first local default
Daughter of Chinese steel-and-nickel tycoon picks up S$84 million Bin Tong Park bungalow