Mostly an acurate accessement. Sadly still a couple of snakes remain in management. The money hole is very deep. At this stage their only option is to try and trade their way out. I also believe the shareholders support this strategy for the time being provided the losses can be controlled.
Unfortunately Macau isn't an overly user friendly environment for an independant operater, just look at James Packer's present predicament with his investments there. There are a lot of underlying politics in play, especially from big brother just over the border.