In a sentence, I’ve seen a lot and had a really good time here. I’ve also got a links to Stanley Ho and Steve Wynn’s thoughts on Macau.
Xinhua online, the official Chinese news agency, ran an interesting interview with Macau casino tycoon Stanley Ho:
In the first half year, Macao received 7.73 million visitor arrivals, which exceeded the total number of the whole year’s counting in 1999. In the first 10 months of this year, the number amounted to 13 million, which was 1.8 million more than that recorded for the whole of last year.The gaming-tourist industry has been the foremost sector benefiting from the tourist influx. Ho’s flagship company SJM now runs 13 casinos. The other two casinos in operation were opened this year by his two rivals, namely, the Sands, a casino operator from Las Vegas, America and Galaxy from Hong Kong.
“Despite the competition, SJM’s gaming tax will grow by the end of this year based on that of the previous year. SJM has its bets of continuously holding the lion’s share on the market,” said Ho.
SJM contributed over 35 percent of its gross revenue to the government’s tax coffer as well as culture, education and social welfare causes.
Ho said that in the building of SJM’s new investment projects, the company has sustained its traditional concept of elevating the city’s overall cultural taste.
Among SJM’s biggest construction projects is the flagship GrandLisboa with an investment of 3 billion Hong Kong dollars (384 million US dollars). Designed with an egg-shape base, the building will have an elongated lotus-like shaft, which symbolizes Macao’s image as a “lotus city,” said Ho.
Macao Fisherman’s Wharf and the Ponte 16 (or No. 16 Harbor) theme parks, which will open to the public by July next year and the end of 2006, respectively, were meant to diversify the cultural elements in the small city.
“May gaming industry bolster Macao’s economic growth”: casino tycoon
Read the full story here: http://news.xinhuanet.com/english/2004-12/09/content_2314539.htm
American casino genius Steve Wynn was no less enthusiastic about the prospects. From the LV Sun:
Less than five months before he’s slated to open his $2.7 billion Wynn Las Vegas, and with structural steel pilings in the ground for his $704 million Wynn Macau, Wynn Resorts Chairman Steve Wynn says his company is poised to capitalize on the two most powerful gaming markets on Earth.In Macau, Wynn has abandoned his intent to use his 20-year concession in the Chinese enclave to sign a joint-venture partner to build additional properties.
Even though prospective partners would have had to cough up all of the cash to build a property that would split revenue with Wynn Resorts, Wynn says the emerging power of the Macau market makes a joint venture unlikely.
“Why would you want to share?” Wynn said of his company’s Macau opportunity. “I’m going to exploit my opportunities in Macau.”
Instead of developing second and third Macau properties with other hotel owners, Wynn says the power of Macau is too valuable to sell, and that he’ll build at least one, and possibly two properties on the island.
“I don’t want to own the town,” Wynn said Tuesday. “I just want to own the best two or three places.”
Wynn said he had talked with a couple of high-profile casino operators about their desire to partner with his company but decided Wynn Resorts would do better to build on its own.
Read the full story: http://www.lasvegassun.com/sunbin/stories/gaming/2004/dec/09/517958057.html
Seeing things here, I can understand what all the excitement is about. At 3 in the afternoon on a weekday, I saw casinos that were as crowded as the Las Vegas Strip on New Year’s Eve. It’s absolutely unbelievable. As in Las Vegas, I think people are holding their breath in anticipation of the Wynn property opening. But already, things here are really wild.
I’ll probably post again when I’m back in the US in a few days. I’ll have a full rundown of the conference and my other travels.