Macau looking to bypass Las Vegas as the gambling mecca of the world.
Casino owners and investors Adelson of Sands Las Vegas and Stephen Wynn of Las Vegas' Wynn Resorts are the biggest gamblers in the world. They are investing billions of dollars on casino resorts based on the island of Macau in the South China Sea. Adelson is actually building a bigger and better version of his Venetian Hotel & Casino on the island.
Macau is a lesser known island off the coast of China, an hour ferry ride away from more popular Hong Kong. It was once a Portuguese colony, and now has a population of nearly 0.5 million people. The residents of the Island as well as the investors gambling on Macau hope it will become Asia's premier tourist destination.
Casinos in Macau are already generating more revenue than their counterparts in Las Vegas.
"From January through November, Macau casinos took in $6.485 billion from slots and table games, beating the Vegas' $6.079 billion, according to Macau's Statistics and Census Service and the Nevada Gaming Control Board" (taken from http://www.usatoday.com/travel/destinations/2007-01-22-macau-1a-usat_x.htm)
More than 30 new casinos are slated to open by 2010, in hopes of more than doubling current gaming revenue. A current issue with that plan is that current casinos are not filling to anywhere near capacity. Only 72% of hotel rooms are currently filled, with more rooms coming. Also, outside of gambling, Macau does not seem to offer much. So the soon to increase costs of operating the resorts, do not guarantee success.