The Venetian Macao
casino resort will open in August
Las Vegas Sands Corp. (NYSE:LVS)
has scheduled the opening of its Macao casino for August 28th.
Macao,
the only place in China where gambling is legal, is banking on
the casino resorts to transfer the casual gambling in the
province to a holiday tourist destination for families and
gamblers.
According to a statement by the Las Vegas
Sands Corp, the Venetian Macao will feature over 3,000 hotel
rooms, casinos, shopping center, arena and much more. The casino
is part of 20,000 hotel rooms project on the Cotai Strip with a
reported budget of $11 billion. Las Vegas Sands Corp will build
and own all of the properties on the Strip, but operations will
be handed to other companies, such as Hilton and Sheraton.
With the gambling revenue of Macao surpassing
that of Las Vegas, Sands Corp made a good decision of being the
first foreign company to build a casino on the peninsula in
2004. The casino was the Sands Macao and ended the monopoly of
Stanley Ho of China's gambling market. Las Vegas Sands Corp is
also investing over $2 billion in hotels and condominiums in the
neighboring mainland city of Zhuhai.
Published on 06/14/2007
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