Adelson sees Macau ‘at or near’ bottom of gambling downturn

Hard-hit: The MGM Macau casino resort. Macau’s casino industry has been on a downward spiral since mid-2014 as China’s anti-corruption campaign keeps high rollers at bay and a slowing Chinese economy hurts mass-market gambling. — Bloomberg

LAS Vegas casino billionaire Sheldon Adelson said he expects Macau’s economy and hard-hit casino industry, in the midst of an 18-month downturn, to start recovering next year.

“I think we are either at the bottom or near the bottom and then will turn around in the near future, certainly within 2016,” Adelson, the chairman of Sands China Ltd, said at a press conference in Macau where the casino operator is opening a 400-room St Regis hotel.