Whilst the Macao government has eased licensing new casinos, three operators are pursuing land applications to shape the future of the Cotai Strip. Despite Macao?s gaming market slowdown in recent months, positive predictions remain about tourist expansion in the Asian territory.
Wynn received government approval on 2 May to build on a 52-acre reclaimed plot of land behind City of Dreams. Construction of the complex started in June and is planned to open in 2016 with 2,000 hotel rooms, 1,000 slots and 500 tables. The location is prime, situated next to the ferry terminal and future monorail.
?Growth of the market has been so spectacular, the expansion so dramatic,? commented the Wynn CEO Steve Wynn upon receiving approval, ?The interesting thing here is that once the government sends you the signal and gives you permission to proceed, then they give you all the tools you need to get the job done.?
Local rivals MGM and SJM are both still waiting for government approval of their planned casino projects and each is confident they will be given the go-ahead soon.
MGM China co-chairwoman Patsy Ho told reporters this week that the company?s application for a plot of land in Cotai continues to go ?smoothly?. She added that their planned casino resort will feature more non-gaming areas than MGM Macau.
Jim Murren, CEO of MGM Resorts, parent of MGM China, said, ?I would expect we will be on the ground starting this year and keeping to our timetable to open this resort in late 2015.?
SJM is also hopeful to begin building in Cotai by the end of the year. The company filed a land application with the government back in 2007, but Sands China won the initial bid. The government withdrew Sands? authorisation in 2010, giving SJM another opportunity, which according to Ambrose So, is now making headway.
Ambrose So, SJM Holdings CEO, spoke at the Global Tourism Economy Forum this week, expressing optimism about the growth of Macao?s tourism sector, with the recent relaxation of entry permits. He referred to the construction of the Guangzhou-Macao train and Hong Kong-Zhahai-Macao bridge as turning point for Macao to become ?a centre for world tourism.?
During his keynote, he said ?the new arrangements will bring additional visitors; I think the city can handle 30 million visitors. After 10 days of implementation, we see a slight increase of visitors. But we need to see a more long-term trend to see the effects.?
Macao?s casinos offer far more than slot action and roulette wheels, catering to a diverse wider market with world-class entertainment, state-of-art conference facilities, shopping and dining. These new-model casinos have become fully-fledged holiday destinations as well as places to gamble.
The World Tourism Organisation now rates Macao as one of the top-five holiday destinations in the world. Attracting workers from all over the globe to work in, serve, and build its new integrated resorts, Macao is now one of the most densely populated areas on the planet.
Last year, casino revenues in the city soared to an all-time high of over $33 billion, more than five times the revenue of Las Vegas. Figures for 2012 show accrued revenues of $15.5 billion from January through May alone.
More InformationMGM China: MGMChinaHoldings.com
SJM Holdings: SJMHoldings.com
Wynn Macau: WynnMacau.com
Macao Government: Gov.mo
Global Tourism Economy Forum: GTE-Forum.com
World Tourism Organisation: UNWTO.org
Contact reporter Michael Robinson at mrobinson@innovategaming.com
or +44 (0) 208 144 2578. Follow @innovate_gaming on Twitter.
hana taylor momsen xbox live update joan rivers gary carter dies oolong tea survivor one world
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.