Melco Resorts has confirmed it will pull the plug on the VIP operations at Altira Macau with a shift of strategy seeing it concentrate on the premium mass gaming sector. The transformation is expected to take 12 months to be completed.
Melco’s Chairman and CEO Lawrence Ho said: “At Altira, starting in the third quarter of this year, we’ve embarked upon a strategic shift that aligns Melco’s first integrated resort with the company’s broader focus on the high-margin premium mass segment. We will refocus some of the existing VIP gaming space to cater to the premium mass segment, and reallocate non-gaming assets to support the premium mass initiative. We do not believe it will be necessary to incur material capital expenditures to implement this strategic shift.”
Altira’s junket and VIP operations will be relocated to City of Dreams or Studio City. The onset of the pandemic has seen a huge decline in the number of VIP players visiting Altira Macau, making results from the property’s gaming floor even more volatile.