American gaming magnate Sheldon Adelson's Las Vegas Sands continues to muscle in on Macau's lucrative high-roller market at the expense of former monopolist Stanley Ho Hung-sun and Hong Kong tycoon Lui Che-woo's flagship Galaxy Entertainment Group.
Third-quarter VIP chip turnover at Sands Macau soared 60 per cent from the previous quarter to US$3.2 billion. Gross revenues before commission from VIP gaming rose to US$76.8 million, a rise of 48 per cent from the second quarter, despite a 6 per cent drop in Macau's overall high-stakes revenues.
'We're seeing strong momentum in our VIP play which further confirms our confidence that we can continue to improve our market share in the highly competitive Macau market,' chief operating officer William Weidener said yesterday.
The company's position in the VIP market, which accounted for 64 per cent of all turnover in Macau casinos in the year to date, has boomed since its junket operations were formally launched in March.
Sands' share of the high rollers' market grew from nothing a year ago to 8.8 per cent in the most recent quarter as the casino continues to expand its network of internal and external junket operators who bring in high-stakes gamers.
The winning streak continued last month when VIP chip turnover hit US$1.4 billion, a further 31 per cent rise on third-quarter average monthly volumes. In response, the casino plans to renovate a Shanghainese restaurant to create more space for high-stake tables.
