Macao's gross gaming revenues have increased considerably in the past decade since casino liberalization to more than 6 times that of the Las Vegas Strip (Nevada). Macao's global dominance in gaming revenues is in contrast to Macao's meetings, incentive travel, conventions, and exhibitions (MICE) development. With comparisons to the Las Vegas Strip model of a balance between gaming and conventions, Macao's MICE industry has not advanced in tandem with Macao's casino expansion. Macao's bolstering gaming revenues have presented little incentive for most gaming operators to move beyond, with conventions and exhibitions remaining on the fringes of hospitality offerings as a supporting unit to casino product positioning.
As the Cotai Strip enters its second wave of integrated resort construction an increasing number of MICE, as well as other nongaming venues, will be included within the resort designs. A key vision behind casino liberalization, as well as an expressed wish by the Chinese authorities, is for Macao to diversify its tourism portfolio to include more MICE development. Examining Macao's casino tourism growth trajectory, this article suggests this limited growth in MICE could continue. Isolating key limiting factors, strategic actions are presented in the paper as approaches to further involve and potentially advance MICE development along Macao's Cotai Strip. 相似文献
At any point in time a firm faces three restructuring choices: diversify, refocus, or do nothing. This study analyses the causes and the consequences of these actions in a unified framework using the appropriate methodologies. Various factors, such as firm's characteristics and multinational nature, its industry's characteristics, its exchange and index inclusion, and divested (or acquired) segment(s)' industry conditions, are considered as the determinants of the diversifying and the refocusing decisions. The estimation results from the corresponding multinomial logit model suggest that refocusing occurs generally due to firm‐specific reasons, and diversification due to outside factors, such as industry and economic conditions. Added or dropped segment's industry profitability, its relationship to the core business of the firm, and its relatedness to the businesses of the conglomerate's other segments have a nontrivial effect on either decision. In a related analysis, the paper explicitly models and estimates the valuation consequences that are sustained by the firm after it undertakes a refocusing or a diversification action. To isolate the changes in firm's value that are due to these decisions only, a 2SLS estimation is used to control for endogeneity that arises because the factors that affect a firm's value are likely to have also induced the firm to make the corresponding decision. The novelty of my approach is in its inclusion of variables measuring the consequences due to both actions, the diversification and the refocusing, in the same valuation equation. Contrary to some earlier findings, I find no evidence of ‘diversification discount’ or ‘refocusing premium.’ The choice of this paper to analyse all corporate restructuring decisions in a unified framework yields valuable business insights into the reasons for undertaking such corporate events.相似文献