Ho Tram CEO: Macau’s operators can “weather the storm”
Walt Power, CEO of the Ho Tram Project, is optimistic Macau's operators will be able to survive any drop in revenue created by the COVID-19 pandemic.
Speaking at ICE Asia Digital, Power argued that historically the Asian casino industry has demonstrated its resilience.
“There’s a saying that history doesn’t repeat itself but it certainly rhymes,” Power commented. “I think someone can look at what’s happened here at our casino in Ho Tram Vietnam but also look at historically what has happened in Macau when it has faced challenges.
“For example, I was in Macau when SARS hit in 2003. Months later the casinos were filled back up again. Then again when smoking was taken out of casinos, there was doom and gloom. People thought that it would harm gambling drastically but it didn’t – Macau kept on marching.”
When asked what operators can expect to see when gambling returns, Power commented that although there will be safety measures to begin with, he does not think this will last.
He said: “I don’t see Plexiglass separating card games on tables or seats removed between slot machines in the long term.
“In Macau, all the operators have a very robust balance sheet. They have the resources to weather the storm and I think they will.”
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