As Macau gambling revenues pass 6 times the revenue of Vegas this
year, I found an interesting quote on Macau..
“No one really looks at Macau seriously,” adds an analyst at Lehman
Brothers in Hong Kong. He says reports of rampant corruption and inside
deals puts off investors, and opportunities are minimal in Macau. (Year 1997)
Sands China Ltd. (1928), the Asian arm of Adelson’s Las Vegas company, next
month will open the Cotai Central resort with a 300,000-square-foot casino,
almost 6,000 hotel rooms and cascading waterfalls tailored for the 16 million
mainland Chinese tourists who visited Macau last year.
Competitors see the additional rooms and novelty of a fresh resort drawing
more Chinese to gamble on the island, where gaming revenue is estimated by
CLSA Ltd. to top $100 billion by 2020 and where hotels are near capacity. Success
for Sands would expand the industry in Macau, the only place inChina where casinos
are legal and where Melco Crown Entertainment Ltd. (6883), Wynn Macau Ltd. (1128),
Galaxy Entertainment Group Ltd. (27), MGM China Holdings Ltd. (2282), SJM Holdings
Ltd. and Sands China get almost all their revenue.
“We welcome the competition and we think this will bring more traffic to Macau
and helps grow the market and drive our business,” said Francis Lui, deputy
chairman of Galaxy Entertainment Group.