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Business: Galaxy Entertainment also targets Macao
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As gambling profits in Las Vegas and Atlantic City continue to plummet, the world's largest casino operators are scrambling to create a presence in Macao's growing gambling market. With several months of steady revenue growth, Macao seems to be the only destination that's alive and kicking in an otherwise dead gambling industry.
As we reported earlier, the Las Vegas Sands Corp. was the first major operator to announce plans to reinvest in Macao. Wednesday, Galaxy Entertainment confirmed that their plans to develop a $14 billion flagship property are also back on. Both projects are scheduled to be completed early in 2011. Together, they will add almost 20 million square feet of commercial space to the Cotai gambling district. The end result will be at least four major casinos and several hotels within walking distance. Sands' Sheldon Adelson has suggested that the area be named the “Cotai Strip.”
Steve Wynn, who stated last month that all his future gambling investments would be made in Asia, is working hard to secure a 52-acre parcel in Cotai. If the deal goes through, Wynn will begin development of his own Macao casino-resort as early as spring of 2010.
15-Nov-2009, 15:58
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