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The co-chair of MGM China, Pansy Ho Chiu-king, who owns 29 percent of the company, said the one possible factor that could pose a threat to setting back the company’s Cotai project is a labour shortage and aspects regarding costs and spending.
Pansy Ho downplayed concerns on Macau recording fourth straight months of gaming revenue decline when talking to media last Friday on the sidelines of the press conference of the upcoming 2014 Global Tourism Economy Forum, on which she serves as Vice Chairman and Secretary-General.
She said that despite the company eager to finish the project as soon as possible, it may suffer a minor delay.
MGM China Holdings Ltd’s new casino resort project in Cotai - estimated to cost US$2.6 billion (MOP20.8 billion) - is scheduled to open in 2016. Recently, the target date was pushed back over concerns about obtaining permits for the future construction voiced by James Joseph Murren, Chairman and Chief Executive Officer of MGM Resorts International in August this year. Grant Bowie, Chief Executive of MGM China, said the company had the permits to continue the construction process but that the ongoing process of getting all the subsequent approvals is still something that they would have to address.
Mutual dependence
While the project is probably behind schedule, the current labour issue scene is not encouraging. Regarding the industrial actions staged by casino workers in recent months, Pansy Ho acknowledged that MGM China is not the only company suffering from the current conflict between employers and employees but the whole industry in Macau.
Last month, some 500 casino workers protested outside MGM Macau demanding a ‘fairer wage adjustment’. Some workers from SJM Holidings Ltd also took industrial action such as calling in sick or working to rule according to local union leaders.
Pansy Ho pledged a consensus between the casino workers and gaming operators to be reached through coordination and negotiation and said the company is making arrangements to address the issue.
She also said that different gaming operators might have offered different terms to their workers and that workers might conclude that some companies are better or worse to work for than others. Only by the company generating a better performance can they provide workers with better benefits.
“Employers and employees rely upon each other. I believe this philosophy is understandable to everyone,” said Pansy Ho. “I sincerely hope that on that basis both employers and employees are heading in the same direction and have the same objective. We’re now evaluating the positions of all parties and making general arrangements. I believe the issues will be resolved.”
“Time to take a breather”
Pansy Ho stressed that in “a moment like this” there shouldn’t be any conflict or argument between the employers and employees and a reasonable agreement is important and necessary as it’s more important to save the energy to build a better future.
She was referring to “the moment” as Macau has suffered a continuous monthly gaming revenue drop since June this year, which she called “a stabilising period”.
“Currently, the Macau gaming industry is facing a transitional stage. We have outgrown the rapid growth period and entering a stablising period,” she said.
“In principle, the answer is not only am I not concerned…quite the contrary; I think this is a good moment in long-term business planning. We look at different cycles. Now we are beginning to see the gaming industry in Macau is stabilising because we are no longer going through just fluctuations through different cycles. And we’re not as sensitive to just external factors. In a way, we have been able to make predictions. We have been able also to take measures to ensure that even if we’re now seeing maybe a decrease in certain sectors of the business. We’re able to [see] the difference through the growth of other areas of the business. That’s the most important part.”
Diversification
Pansy Ho has always been vocal regarding developing non-gaming sectors in Macau.
The Global Tourism Economy Forum, for whom she is an active member is also an effort for Macau to diversify its economy and demonstrate its capability of hosting international conventions.
She is also seeking other possibilities to develop her own business.
“We all know that in the future, especially now with the ability to build new projects that I’m sure that all of us, all the concessionaires, will be considering bringing on board into our future projects and developments areas of entertainment various attractions and investments in the non-gaming sector . . . I’m sure everyone (the gaming operators) is looking intently at working directly with or working in conjunction with other parties.”
From Macau Business, Joanne Kuai
Pansy Ho downplayed concerns on Macau recording fourth straight months of gaming revenue decline when talking to media last Friday on the sidelines of the press conference of the upcoming 2014 Global Tourism Economy Forum, on which she serves as Vice Chairman and Secretary-General.
She said that despite the company eager to finish the project as soon as possible, it may suffer a minor delay.
MGM China Holdings Ltd’s new casino resort project in Cotai - estimated to cost US$2.6 billion (MOP20.8 billion) - is scheduled to open in 2016. Recently, the target date was pushed back over concerns about obtaining permits for the future construction voiced by James Joseph Murren, Chairman and Chief Executive Officer of MGM Resorts International in August this year. Grant Bowie, Chief Executive of MGM China, said the company had the permits to continue the construction process but that the ongoing process of getting all the subsequent approvals is still something that they would have to address.
Mutual dependence
While the project is probably behind schedule, the current labour issue scene is not encouraging. Regarding the industrial actions staged by casino workers in recent months, Pansy Ho acknowledged that MGM China is not the only company suffering from the current conflict between employers and employees but the whole industry in Macau.
Last month, some 500 casino workers protested outside MGM Macau demanding a ‘fairer wage adjustment’. Some workers from SJM Holidings Ltd also took industrial action such as calling in sick or working to rule according to local union leaders.
Pansy Ho pledged a consensus between the casino workers and gaming operators to be reached through coordination and negotiation and said the company is making arrangements to address the issue.
She also said that different gaming operators might have offered different terms to their workers and that workers might conclude that some companies are better or worse to work for than others. Only by the company generating a better performance can they provide workers with better benefits.
“Employers and employees rely upon each other. I believe this philosophy is understandable to everyone,” said Pansy Ho. “I sincerely hope that on that basis both employers and employees are heading in the same direction and have the same objective. We’re now evaluating the positions of all parties and making general arrangements. I believe the issues will be resolved.”
“Time to take a breather”
Pansy Ho stressed that in “a moment like this” there shouldn’t be any conflict or argument between the employers and employees and a reasonable agreement is important and necessary as it’s more important to save the energy to build a better future.
She was referring to “the moment” as Macau has suffered a continuous monthly gaming revenue drop since June this year, which she called “a stabilising period”.
“Currently, the Macau gaming industry is facing a transitional stage. We have outgrown the rapid growth period and entering a stablising period,” she said.
“In principle, the answer is not only am I not concerned…quite the contrary; I think this is a good moment in long-term business planning. We look at different cycles. Now we are beginning to see the gaming industry in Macau is stabilising because we are no longer going through just fluctuations through different cycles. And we’re not as sensitive to just external factors. In a way, we have been able to make predictions. We have been able also to take measures to ensure that even if we’re now seeing maybe a decrease in certain sectors of the business. We’re able to [see] the difference through the growth of other areas of the business. That’s the most important part.”
Diversification
Pansy Ho has always been vocal regarding developing non-gaming sectors in Macau.
The Global Tourism Economy Forum, for whom she is an active member is also an effort for Macau to diversify its economy and demonstrate its capability of hosting international conventions.
She is also seeking other possibilities to develop her own business.
“We all know that in the future, especially now with the ability to build new projects that I’m sure that all of us, all the concessionaires, will be considering bringing on board into our future projects and developments areas of entertainment various attractions and investments in the non-gaming sector . . . I’m sure everyone (the gaming operators) is looking intently at working directly with or working in conjunction with other parties.”
From Macau Business, Joanne Kuai