Missing Millionaires: Fewer Chinese Gamblers in Macau

The transcript discusses Sands' market performance in the third quarter, highlighting their focus on the mass market, which led to a 15% revenue increase. In contrast, the VIP business saw a 30% decline. The discussion covers the pressures on the VIP sector due to anti-corruption campaigns and cyclical issues. The premium mass market is identified as a key area of competition. Despite challenges, the mass market remains strong, supported by increased visitation and Chinese consumer growth.

What was the key factor contributing to Sands' outperformance in the third quarter?

• Reduction in operational costs

• Increased focus on the VIP market

• Expansion into new geographical regions

• Emphasis on the mass market

What was the percentage decline in Sands' VIP business volume?

• 20%

• 30%

• 10%

• 40%

What is one of the main reasons for the pressure on the VIP business?

• Technological advancements

• Rising labor costs

• Anti-extravagance measures

• Increased competition

Which market segment is currently experiencing the most intense pressure?

• Online gaming market

• Premium mass market

• VIP market

• Base mass market

What infrastructure development is supporting the mass market business?

• High-speed trains

• Expanded highways

• Increased hotel capacity

• New airports