Sands to Continue Macau Build

Macau has definitely been the darling of the gambling industry in the past few months and this has continued this week with Las Vegas Sands Corporation announcing that they will be going back to work on their new gambling resort build in the region as of January 2010. The company needs to raise over $3 billion dollars to fund the venture and $500 million is needed now to re-launch the build. Once the casino build is back underway, it is estimated it will provide around 12,000 jobs in the region.

Sands has come through with a positive plan for the casino’s fund generation and estimates that around 30% of the turnover of the casino and resort complex will come from non Chinese customers. This is quite a statement as they are saying that they fully expect international travellers and gamblers to recognise Macau as the international Vegas of the Far East. At the moment, the majority of visitors to the area tend to be Hong Kong residents that are doing a day trip to the region to enjoy the legal gambling that is on offer. Macau is the only area in China that has been given a license to have casinos and where gambling is legal.

The Chinese government has worked hard to sustain the success of Macau during the financial downturn and as a result of their efforts, the region has seen relatively little losses compared to their counterparts in the west such as Vegas. Now that the area is doing so well as the economies seem to be in a sign of recovery, the focus is going to shift to encourage more longer distance visitors to the area. Chairman of the Sands co Sheldon Adelson discussed the Macau prospect “When people fly in, they bring a much bigger budget than does a day-tripper, highlighting efforts to drive business from Japan, South Korea, Thailand, Indonesia and India.”

Macau has seen a record breaking last three months of takings in its casinos and this has brought hope to the entire industry that the darling of the east is a sign that things are turning around in the casino industry. Some are sceptical that the opening of the new resort hotels will result in a shock to the market and a glut of accommodation landing on the market all at once will just devalue the existing rooms. The government however is working hard to avoid this result with a massive campaign to raise the profile and accessabilty of the region.

The casino that is being built has been on hold for some time and it is a welcome boost to have the schedule for construction resumed. The project has an opening date of 2011 and the plans are for 14 hotels with over 20,000 rooms to become available. The final result is hoping to emulate the Las Vegas strip and to attract wealthy businessmen from all over Asia to take their business to the new resort.

If you can’t wait until 2011 to check it out, you can try your hand online at the top online poker rooms, with the highest rates of rakeback.

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