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Adelson's optimistic $3 billion bet on Macau

Wednesday, September 14, 2016 - 01:24

U.S. casino mogul Sheldon Adelson has opened his fifth resort in the Chinese gambling hub of Macau to fireworks. As Ryan Brooks reports, it comes as signs emerge of a turnaround in the territory's fortunes after two years of falling revenues cast doubt on the wisdom of new developments.

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A pint-sized Paris in the heart of China's gambling mecca... ...but will all this glitz and glamour save Macau? American casino mogul Sheldon Adelson presiding over the Parisian's opening day- his Las Vegas Sands betting 3 billion dollars its fifth Macau resort. It may seem like overkill after years of decline in the city's gambling industry. But that bad luck may be turning around. (SOUNDBITE)(English) SANDS CHAIRMAN, SHELDON ADELSON, SAYING: "Based upon the pre-bookings and based upon the convention bookings we have, I think we have essentially hit the bottom." The Parisian's built more for holiday makers than hardcore gamblers... After Beijing's anti-corruption drive scared away VIPs, crushing the casinos... The city wants to rebrand as a family-friendly spot. (SOUNDBITE)(English) SANDS CHAIRMAN, SHELDON ADELSON, SAYING: "Macau still has good days to come. I can't predict what the percentage of growth will be. But I'm optimistic about the future." Steering away from gambling could be risky. With the family much less of a tried and tested business model. Gambling revenues may be down but they still bring in around 2 billion dollars a month. That's a third of what Las Vegas casinos make in a year.

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Adelson's optimistic $3 billion bet on Macau

Wednesday, September 14, 2016 - 01:24