Bill Hornbuckle, president and CEO of MGM Resorts International, remains optimistic about the company’s prospects in Macau. Despite China’s slowing economy, Hornbuckle highlighted strong Golden Week tourism as a positive sign for future growth.
Speaking at the Global Gaming Expo in Las Vegas on Wednesday, MGM CEO Bill Hornbuckle expressed "great hope" for Macau as the company looks ahead to 2025, despite China's sluggish economy and a stimulus plan that hasn't boosted consumer confidence. He cited strong Golden Week tourism as evidence that Chinese consumers are still seeking leisure and entertainment experiences.
Golden Week stronger than expected
Golden Week, an annual holiday marking the founding of the People’s Republic of China on 1 October 1949, saw a surge in travel this year. According to the Macau Government Tourism Office (MGTO), nearly one million visitors arrived in Macau between 1 October and 7 October, a 2% increase from the same period in 2019.
On average, 152,600 tourists visited the city each day, surpassing the government's daily target of 130,000. Mainland Chinese tourists accounted for 83.2% of the total visitors, with the remainder coming from Hong Kong.
“We’ve all had an amazing week,” Hornbuckle told CNBC’s Contessa Brewer at G2E. “It speaks to the general economy and the activity case in Macau. And we remain pretty excited by it all.”
Government data shows that year-to-date gross gaming revenue (GGR) in the world’s largest casino market has surged 31.3% compared to last year. By the end of September, casinos had generated MOP169.36bn (£16.165bn/€19.3bn/US$21.14bn), reaching 76.9% of pre-pandemic levels.
MGM Resorts, the parent company of MGM China, operates two major properties in Macau: MGM Macau and MGM Cotai, within the Chinese special administrative region (SAR).
US company expanding in Asia
MGM plans to launch Japan’s first integrated casino resort in Osaka by 2030, aiming to further expand its presence throughout Asia.
The US-based company has also shown interest in entering the Thai market, should legal gaming be introduced there. Additionally, MGM has applied for a gaming license in the United Arab Emirates, signaling its intent to grow in the region.
