M elco Resorts Chairman and CEO Lawrence Ho has attributed the recent softness in Macau’s gaming market to factors like the Euro 24 football championships and the delayed start of the Chinese school holidays, rather than the impact of a crackdown on illegal money exchange activities. In an earnings call with analysts, Ho said some growth in July had been noted notwithstanding softness in June, and observed that August was off to a very good start. He believed June’s results are likely related to the Euro cup, which lasted from mid-June to mid-July.
These comments come amid concerns that the crackdown on underground money changers, who facilitate the flow of funds from mainland China to Macau’s casinos, could negatively impact Macau’s gaming revenue. Regarding the money changers, Ho said, “We have seen this in Macau over the years. I think this has been a story 10 years in the making.
” The executive expressed optimism about Macau’s gaming prospects, stating the market has shown a more typical summer performance so far in August. He expects continued growth, buoyed by the completion of upgrade works at Melco’s City of Dreams Macau and Studio City properties. “If anything, we are very positive and optimistic about the future,” Ho said.
“I believe that we will continue to see growth heading into the second half of the year.” In the earnings call with analysts, Ho noted gaming volumes have steadily improved since mid-July, and he expects the impending compl.