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A Leap in "Macua" American money mixing with Asian money Casino mogul Steve Wynn has just come from his daily two-hour Chinese lesson. In addition to learning the basics, he says he's studying phrases he might need for his new venture: "Welcome to our hotel" and "I hope this is the beginning of a long friendship." A long and profitable friendship, that is. The man who invented the Las Vegas megaresort will open the first one next week on the southern Chinese peninsula of Macau. As usual, Wynn's leading the pack: Las Vegas gaming companies plan to invest about $20 billion in the province by 2010. This spring, the Las Vegas Sands Corp. will open the $2.3 billion Venetian Macau, with a façade three times the size of the Vegas version, to complement the Sands Macao, a casino-only property that opened in 2004. By the end of 2007, Wynn's resort (the $1.2 billion Wynn Macau, which NEWSWEEK has toured exclusively) will be neighbors with the $1.1 billion MGM Grand Macau. Macau's potential customer base is staggering. Las Vegas is within a five-hour flight for 450 million people; Macau, a former Portuguese colony returned to China in 1999, is the same distance for 3 billion. The existing casinos–dark and cramped, but still successful–attract day-trippers who take hydrofoil rides from Hong Kong. But Sands chairman Sheldon Adelson says China's growing middle class and the middle classes of Hong Kong, Japan and South Korea represent a pool of travelers interested in fancy hotels with shows, convention space, fine dining and high-end shopping. "We could build 10 Las Vegas Strips over here, there's so much demand," he says. Between the Wynn, Sands and MGM projects, and the easing of travel restrictions in some parts of China, Wall Street analysts predict Macau's gambling take could exceed the Las Vegas Strip's next year |
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American money sucks Chinese money like a vampire - Macau casinos are a crime greenhouse. There are many competitions - many other countries in the region (Singapore, Taiwan, Korea, Japan...) would turn on green light for casinos targeting at the most amazing Chinese gamblers. What's hidden behind China's Macau policy - just to survive a city and boost 1 country 2 systems, or for economic consideration. We only expect Steve Wynn brings some live music to town. Sands' shows are shxt.
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8/30/2006 4:11 pm |
Steve Wynn can get any ente3rtainer in the world to go anwyaere in the world.. but on the money deal.. it's all about "world economy".. and regardless how we may see money segeration on the working class end .. on the power broker end.. the boundraies have long ago been blurred.. It's also an employment factor that is a part of the element, but crime comes with capatilistic expansions.. they don't bring it, it follows and manifest itself.
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