A monumental meltdown in Macau's gaming revenues hasn't halted expansion in China's gambling mecca, with new billion-dollar resorts continuing to pop up in the area as recently as last week.
In an interview with CNBC, Las Vegas Sands board member and SpringOwl Asset Management CEO Jason Ader says his near-term expectations for Macau are low. That said, a new betting platform—daily fantasy sports—is now the hottest trend in gambling.
Last week the Galaxy Macau opened its enormous Phase II addition, which now includes six hotels, 200 shops, and 120 bars and restaurants. The debut comes amid a push by Chinese officials to crack down on corruption and to create a more family-friendly, Vegas-style environment. Those shifting policies have led, in part, to 11 straight months of gaming-revenue declines in Macau, as high rollers have shied away from the area.
"There's a lot of supply being created in the Macau market … in the backdrop of a very serious anti-corruption crackdown," Ader said on CNBC's "Fast Money" recently.
Ader said that while Macau is well-positioned long term as "the only game in town" in a region with "1.3 billion people who love to gamble," his expectations for the near term are "fairly low."