The Motley Fool – When you take a step back and look at the gaming industry, you can see that there’s been an incredible shift in power over the past two decades. When Steve Wynn built The Mirage in Las Vegas he was taking a massive risk and had to rely on junk bonds from Wall Street to finance his project.
But today, gaming companies not only have better balance sheets, they have the scale and cash flow to pick and choose expansion opportunities, both versus smaller competitors as well as in relation to markets where they operate. That shift in bargaining power should lead to strong returns for at least the next decade, even as gaming expands across Asia.
Las Vegas Sands, Wynn Resorts, and MGM Resorts were already industry powers when they entered Macau, but the region grew so fast and to such scale that they’ve become behemoths of the industry.
