Gary Loveman, chief executive officer of Caesars Entertainment, said that the government of Macau won’t issue any licenses for new U.S. companies to operate casinos in the world’s largest gambling market, meaning that Caesars have very mittle or no chance of doing business in Macau.
Loveman, in a presentation yesterday to analysts and investors in Las Vegas, said he has spoken at length with Chinese officials and that his company was unlikely to obtain a concession to operate a casino in Macau, the only part of China where casino gambling is legal.
“This is a country that doesn’t really need the money and they have slowed everything in Macau very substantially,”Loveman, 52, said. “There will not be another license issued to an American casino operator.”
Caesars, the largest owner of U.S. casinos, was shut out a decade ago when the Chinese government opened the Macau market to foreign companies.
Six operators, including Las Vegas Sands Corp., MGM Resorts International and Wynn Resorts now hold concessions.
Caesars’ attempts to break in have failed as the market swelled to $33 billion last year.
Loveman said. “I don’t think you’re going to see another American casino operator have a very bright future in Macau. China is trying to develop domestic businesses.”