MGM Resorts Bets on Wealthier Masses to Catch Up in Macau
- CEO Murren says new resort will focus on mass rather than VIP
- MGM hasn’t benefited as much as rivals from enclave’s rebound
Casino revenue remains on the rise in Macau as spending by high rollers adds momentum to a year-long recovery. Gross gaming receipts in July increased for a 12th straight month with VIP revenue up 35% from a year ago. However, in an exclusive interview, MGM Chairman and CEO James Murren says it's all about the mass market. (Source: Bloomberg)
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MGM Resorts International is counting on a growing number of affluent Chinese customers to drive revenue at its new Macau property, as it strives to catch up with an industry rebound in the enclave.