In Macau and Melco Resorts and Entertainment Limited reportedly announced that it would soon transform the casino at its Altira Macau property into an upscale luxury venue at the expense of any VIP business.
According to a report from Inside Asian Gaming, the Hong Kong-listed casino company made the revelation during a recent conference call to discuss its second quarter financial results after previously moving the existing VIP and junket operations from the installation of 216 rooms in its neighboring studio. City Macau and City of Dreams Macau properties. The source explained that the upcoming shift in focus is now expected to take up to a year, as gaming areas not already serving premium mass customers are being refurbished alongside all associated non-gaming assets.
Open as Macau Crown in May 2007 as part of a partnership between Melco Resorts and Entertainment Limited and Australian pioneer Crown Resorts Limited, the 38-story property ultimately featured a 170,000 square foot casino around 170 gaming tables as well as about twenty slots. Located in the Macau district of Taipa, the place is said to have taken its current nickname in June 2009 after the opening of the 300-room Crown Towers Macau hotel in the same-couple giant. City of Dreams Macau development.
David Sisk is the COO of Melco Resorts and Entertainment Limited and he has reportedly told investors his business is changing. Altira Macau‘s focus after another quarterly slump in its VIP business. The executive reportedly explained that the establishment’s overall gaming revenue for the three months through the end of June improved only 7.6% year-over-year to around $ 18.3 million while its associated adjusted earnings before interest, taxes, depreciation and amortization resulted in a loss of approximately $ 17.3 million.
Sisk reportedly said …
“The idea is to remove a lot of the volatility given the kind of low volumes we’ve seen over the last 18 months in the VIP sector, which has created a lot of swings. Sadly, we’ve been on the negative side of the whole equation, which really exacerbated the losses there and it’s just too much we were basically playing in a way that didn’t make much sense. “
Sisk reportedly said Melco Resorts and Entertainment Limited chose to turn its Altira Macao’s casino into a premium mass facility after ‘really focus on where our bread and butter is and always has been‘. He is also said to have proclaimed that a large part of the operator’s recent profitability came from the high-end segment of the mass market and that he now intends to create “”a boutique experience‘which will offer players’something a little different‘compared to its much larger developments City of Dreams Macau and Studio City Macau.