Before the recession hit and gaming expansion plans went southern, Las Vegas Sands officials envisioned a gambling district in Macau rivalling the Las Vegas Strip, the Cotai Remove. Economic conditions caused the delay of some programs and the abandonment of others, but now a casino consortium is usually opening a new resort with the Sands Venetian Macau, possibly renewing expansion races.
The City of Dreams Gambling establishment and Resort will open tomorrow as the second huge gaming complex on Cotai, located about five miles from the historic Macau betting district. The gambling middle is co-owned by Aussie James Packer of Crown Casinos and Lawrence Ho, son of one-time Macau gaming monopolist Stanley Ho.
The endeavor brings both challenges plus opportunities for Sands as well as established casino. While the Venetian may have to fight to retain customers from the luxurious new resort, it also may revisit programs to develop restaurant and retail space in anticipation of a gaming boom on Cotai.
Sands officials had canceled plans, and actually placed the real estate up for sale, because it seemed financial conditions would scuttle the development of Cotai.
“If the end goal is to turn Cotai into the new Las Vegas Strip, Macau needs City of Dreams to achieve success, ” Billy Ng, a casino-industry analyst with JPMorgan, told the Wall Street Journal.
Even Sands vast majority owner Sheldon Adelson mentioned he welcomed the new internet casino as another reason for tourists to see the area.
“Macau is a big gaming market. The more action there is certainly, the better it is for everyone, ” said Hamish Dodds, CEO of Hard Rock Worldwide.
Published on May 30, 2009 by PrestonLewis