Francis Lui Yiu-tung, vice chairman of Galaxy Entertainment.
“The millennials are catching up. They are young customers that embrace technology and think differently,” Lui, vice chairman of Galaxy Entertainment Group, one of just six concessionaires to operate casinos in Macau, said in an interview on the sidelines of Global Gaming Expo Asia on Tuesday, according to a report published by South China Morning Post.
“Those are the things we try to understand more to ensure that Macau will be competitive in the longer term.”
Macau’s gambling industry had been hit hard by President Xi Jinping’s crackdown on graft and extravagance that has put the profligate spending habits of tens of thousands of mainland government officials under scrutiny.
“The recovery over the last couple of months might have to do with the currency or liquidity situation in China,” the billionaire magnate who oversees multibillion-dollar Galaxy, Broadway and StarWorld resorts in Macau said. “It probably will take a few more months before we claim that VIP is making a substantial recovery.”
The Chinese central bank has taken a series of moves to inject liquidity in the interbank market in an effort to soothe a credit squeeze heightened by US rate hikes, while Beijing is recently loosening its controls as capital outflow pressures ease.
“Greater liquidity and freer capital flows in China bode well for Macau’s VIP business in the sense that money becomes more easily accessible,” said China Merchant Securities analyst Angela Han. “But given that this segment is very policy-driven, its future well-being can also be precarious.”