Wheel of fortune

29 December 2017 By Katrina Hamlin Follow @KatrinaHamlin

In 2018, poorer customers will outshine high-rollers, who have had an impressive run for the world’s largest wagering hub. That would signal a reversal of fortunes for some Macau operators. As it opens a new casino targeting the masses, laggard MGM is poised to hit the jackpot.

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Macau’s government will “comprehensively review the laws and regulations on the gaming industry” in the year ahead, according to an official English-language summary of the territory’s annual policy address, delivered on Nov. 14. Local authorities will also aim to encourage gaming operators to continue developing their non-gaming businesses, the document said.

More than 80 percent of forecast EBITDA for Macau’s gaming operators will come from the so-called mass market by 2022, according to research by Morgan Stanley, released in November.

This article differs from the version that appears in the Breakingviews Prediction book. This version has been updated in the final paragraph to reflect the fact that MGM China lagged the Hang Seng index for much, but not all, of 2017.

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