"In Macau, the invitation has been rather one-dimensional -- just gambling" Wynn said at a news conference referring to the days before opening his hotel. "Now the invitation is being enriched at a pace not seen in any other destination in the world. The speed of development is dizzying."
The new 600-room casino resort is smaller in scale than his $2.7 billion Las Vegas property, which sports 2,700 rooms and a 111,000 square foot casino. In Macau, the resort has 380 slot machines and 210 gaming tables with rooms starting at $385 a night and increasing to $2,700 for a suite.
Though Wynn did not open his casino before Adelson, he dismissed the notion that it mattered. "We don't do down and dirty quickies," said Wynn at the news conference. "We're hardly ever the first, but we've always been better than the other guys."
The resort also features statues of camels in its swimming pools and an 80,000 piece, 10-meter-long, crystal dragon in one of its six restaurants.
Adelson shot back in an interview with the Associated Press (AP) last week that Wynn Macau is not a fully “integrated” resort.
"There's no resort around it. There's no 50-meter swimming pool. There's no wave pool. There's no exhibition center," he told AP. Adelson also added that he felt Wynn would have to close some of the six restaurants at the new casino since very few Chinese gamblers leave the table to eat. Adelson closed two at his property since its 2004 opening.
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In recent analyst reports, the prognosis on the Macau market was mixed even though Macau is the only place in China where casinos are legal.
"High quality new supply can create new demand," reported JP Morgan. "We believe new projects will attract new visitors, resulting in significant growth for the overall market."
However, Morgan Stanley analysts is concerned about the spending habits of the Chinese in Macau. "Simply adding facilities will not be enough as there are already good restaurants and hotels in Macau and Chinese gamblers choose not to spend money on eating and staying at those establishments," the report said.
Next up is Adelson’s latest creation, also a knock off of an established Las Vegas entity. When the Venetian Macao-Resort-Hotel opens up next spring, the 3,000-suite mega resort will feature more than 1,000,000 square feet of convention and meeting space, 350 retail shops, 30 restaurants and a 15,000 seat event center. According to information on the property’s website, the convention center is large enough to hold 90 Boeing 747 jumbo jets.
He is attempting to change the market paradigm by bringing in a new type of customer that will support the immense facility.
Macau is only 37 miles from Hong Kong and more than half of all arrivals were from there. Twenty Nine percent were from mainland Chinese and 14.1 % were from Taiwan. Other major visitor segments came from Japan, South Korea and Southeast Asia. Only about 10,000 people a year arrive from North America. There are more than one billion people within a two-hour flight of Macau. More than 19 million people visited the area last year and more are expected this year.
Fueled by growth of both new casinos and non-gaming amenities, the destination is predicted to top more than $8 billion on 2007, according to a forecast by Globalysis.
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