The VIP Model That Built These Resorts Isn't the One Growing Them Anymore

Four ownership groups, no coordination between them, all landed on the same conclusion this quarter: the junket-dependent VIP channel is structurally exposed in ways mass-market and online aren't. Newport and Belle prove the pivot works. Okada shows what it costs to move last. Here's where every operator actually stands in that transition, and why this isn't the same 'VIP' we've written about before.

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