Before the recession hit and gaming expansion plans went south, Las Vegas Sands officials envisioned a gambling district in Macau rivalling the Las Vegas Strip, the Cotai Strip. Economic conditions caused the delay of a few plans and the abandonment of others, but now a casino consortium is opening a brand new resort by the Sands Venetian Macau, perhaps renewing expansion races.The City of Dreams Casino and Resort will open tomorrow because the second giant gaming complex on Cotai, located about five miles from the historic Macau gambling district. The gambling center is co-owned by Australian James Packer of Crown Casinos and Lawrence Ho, son of one-time Macau gaming monopolist Stanley Ho.
The venture brings both challenges and opportunities for Sands and its established casino. While the Venetian will have to fight to retain customers from the splendid new hotel, it also may revisit plans to develop restaurant and retail space in anticipation of a gaming boom on Cotai.
Sands officials had canceled plans, and in fact placed the true estate up for sale, because it seemed financial conditions would scuttle the advance of Cotai.
"If the ambition is to show Cotai into the brand new Las Vegas Strip, Macau needs City of Dreams to succeed," Billy Ng, a casino-industry analyst with JPMorgan, told the Wall Street Journal.
Even Sands majority owner Sheldon Adelson said he welcomed the brand new casino as one more reason for tourists to go to the realm.
"Macau is a large gaming market. The more action there is, the simpler it's for everyone," said Hamish Dodds, CEO of Hard Rock International.
Published on May 30, 2009 by PrestonLewis
Read More... [Source: Macau Casino Gambling News]
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