Macau In For Vegas-Like FaceliftPublished October 9, 2002 by OCR Editor
Plans are already in the making as the Chinese territory is on its way to become the Asian gaming industry capital, a-la Las Vegas.
While the Asian gaming Industry is growing rapidly, the government of Macau has come up with a plan to give its gambling industry a complete overhaul. The plan is intended to create a whole new concept for the Asian gaming Industry, thus creating an "Asian" Las Vegas-like city of Entertainment. The project would include resort hotels, money-spinning lavish casinos, convention centers and a golf course.
Last February, Stephen A. Wynn and Sheldon G. Adelson, Vegas's prodigious power figures, were granted gaming licenses therefore ending the Hong Kong Billionaire, Stanley Ho's forty year control over the Asian gambling arena. Mr. Adelson, who owns the $1.2 billion Venetian in Vegas, commented on the new plan, saying, "We are going to transform Macau. We want it to be known not just as a gambling resort but as an Asian Las Vegas." A number of affluent Hong Kong associates along with a prominent Macau lawyer and Galaxy Casino Co., powered by Adelson, pledged to the Macau government that it would guarantee the funding for the new project.
It is estimated that the Vegas power holders will spend over $1 billion on the construction of an arena, a convention center and a number of hotels resembling the Venetian Casino Resort in Vegas. At present, Mr. Adelson is working on a smaller type casino project. The Las Vegas Sands Inc. is expected to open sometime around the end of 2003. However, Adelson has not as of yet purchased any property for the new Vegas like project.
In the interim, it was reported that Wynn's cluster has leased the property next to the famous Lisboa and has stead- fasted itself to pay out $497 million on facilities in a seven year time frame.