Macau will be a winner for years, US casino billionaire Steve Wynn wagers
Casino mogul sees no threat from mainland crackdown on graft and extravagance
Casino billionaire Steve Wynn has dismissed fears that Macau's gaming industry is threatened by the mainland's crackdown on corruption and extravagance, saying he's bullish about the city's long-term prospects.
"I don't give a damn," Wynn said of revenue projections for next month's National Day "golden week" holiday after a speech in Macau yesterday in which he outlined his vision for the world's largest gambling hub.
"The answer is no, I'm not concerned … I think the future of Macau is terrific. We have invested more in Macau than we've made. That shows as a capitalist I am completely confident that I am reinvesting in this country."
Macau's gross gaming revenue has fallen for three consecutive months, the first such prolonged decline in five years, and full-year growth forecasts have dropped from heady double digits to as low as 3 per cent.
"We're ahead of where we were last year in our company," Wynn said of Wynn Macau's third-quarter performance. "We've been beating the market generally in the mass tables and the slots.
"I can't answer the question [whether gross gaming revenue will decline this year]. I don't have enough information yet, but colour me bullish and happy to have this investment and looking to making more."
