Macau vs. Las Vegas
The biggest bet in Macau is how fast luxury shopping and other non-gambling pleasures will take off in the Chinese casino enclave, and the Las Vegas players putting chips on the table agreed this week.
Macau gambling revenue has surpassed that of the Las Vegas Strip, and casino operators see more and more Chinese coming, but a key question is whether the shoppers heading for Hong Kong will make a detour.
Las Vegas Sands Inc. (LVS.N) plans to build more than 3 million square feet of shopping malls and luxury hotels, expecting the melange of activities that now drive Las Vegas will generate new business in Macau, rather than increased competition that would drive down profits.
"If we can convert 15 to 20 percent of the mainland Chinese who are coming to Hong Kong to come to Macau to shop, dine and be entertained ... that changes the game," Las Vegas Sands' Chief Operating Officer William Weidner said, speaking at the Reuters Hotels and Casinos 2007 Summit in Los Angeles.
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Source - Reuters
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