MACAU - Casino industry leaders gathered in the world's gambling capital of Macau on Tuesday for the Global Gaming Expo Asia, a three-day feast of gambling innovations at the glitzy Venetian hotel.
No expense or kitschy extravagance has been spared for the largest gaming event in Asia, showcasing the industry's latest products, services and technologies.
The casino business has boomed in Asia, and especially in the former Portuguese colony of Macau, over the past 10 years but this year's expo is taking place amid fears of a glut of gaming tables across the region.
Gaming revenue growth in Macau has fallen from the stunning highs of the past two years, and the city's casino operators have watched their companies' shares tumble on the Hong Kong stock exchange since the end of April.
Standard & Poor's ratings agency last week warned of "medium-term risks" for Asia-Pacific gaming companies, notably those in Macau and Singapore, from billions of dollars in new casino supply proposed over the next five years.
It asked whether the Chinese gambling market could fill the huge integrated resorts - all-in-one playgrounds of casinos, hotels and luxury retail space - that are earmarked for construction from Macau to Manila Bay.
Earnings growth would moderate over the next 12 months, while remaining "robust", the agency said.
"Given this backdrop, and despite continuing global economic uncertainty, all rated casino operators operating in the region have a stable or positive outlook," it said.
US gaming mogul Steve Wynn announced this month he had received the go-ahead to build a new casino in Macau, adding to the 265,000 square feet (24,619 square metres) of gaming space his local unit Wynn Macau already owns.
In late April, Macau's Galaxy Entertainment Group announced its intention to build the HK$16 billion ($2.1 billion) second phase of its Galaxy Macau integrated resort, ramping up competition in the city. Source: Asiaone News
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