US billionaire Stephen Wynn will make one of his biggest gambles this week when he opens a sleek US$1 billion hotel-casino in Macau -- the booming Chinese territory that could soon bump off Las Vegas as the world's gaming capital.
Wynn is betting that his lavish rooms and trendsetting casino, which opens tomorrow, will attract the Chinese gambling masses eager to wager the money they've been raking in from the country's sizzling economy.
But his critics doubt that the crescent-shaped Wynn Macau complex -- a smaller replica of his Las Vegas resort -- has enough attractions to be successful in this former Portuguese enclave on China's southeastern coast.
Macau, which returned to Chinese rule in 1999, is the only place in China that allows casino gambling. For 40 years, the industry was controlled by local tycoon Stanley Ho (
Only two Las Vegas companies were allowed into Macau: Wynn Resorts Ltd and Las Vegas Sands Corp. -- run by Wynn's arch nemesis, Sheldon Adelson. Sands -- the world's largest gaming company -- got established first in Macau, opening in 2004 the gleaming Sands Macau, which has been wildly successful.
Last year, Macau was about even with the Las Vegas strip, which made about US$5.3 billion in income, according to figures from both places. Many analysts expect Macau to surpass the Las Vegas strip if the new casinos prove to be a good bet.
To be successful, the newcomers must transform Macau into an Asian Las Vegas: a multi-day destination for people who want to shop, see shows, eat in fancy restaurants and attend conventions -- as well as gamble.
Macau has never been like this. It has been a seedy day-trip destination with old smoky casinos, prostitution and organized crime. Chinese gamblers are notorious for being solely focused on gambling. They spend most their time at the tables and only take breaks for cheap meals or a quick massage.
Wynn and the Sands' Adelson are both credited for being vision-aries who transformed Las Vegas into a popular place for a business convention -- and even a family vacation. They intend to do the same in Macau. Adelson plans to attract a bigger crowd by adding convention space, and Wynn wants to lure them with luxurious resorts.
The Wynn Macau's Web site promises to offer "unparalleled luxury" and set "new standards of hospitality and entertainment" with six gourmet restaurants, a shopping esplanade, Las Vegas-style entertainment, a health club, pool and spa. The complex also has 9,300m2 of gaming space, with 200 tables and 380 slot machines.
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