Macau: Asia's Answer to Vegas?



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Code :BSM0030

Year :
2006

Industry : Business Model Leisure and Tourism

Region : Macau China

Teaching Note:Not Available

Structured Assignment :Not Available

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Introduction:The tiny island of Macau is the number one destination for gamblers in Asia. Local billionaire, Stanley Ho (Ho), monopolized the gambling industry for 40 years. In 1999, Macau was handed back to the Chinese and became a Special Administrative Region of China. In 2002, the government opened the gambling sector and awarded licenses to three casino operators: Ho's Sociedade de Jogos de Macau (SJM), Hong Kong-based Galaxy Resorts & Casino and Steve Wynn's Wynn Resorts based in Las Vegas, US.

The new entrants as well as the erstwhile holder of gaming monopoly rights were making huge investments to turn Macau into 'Las Vegas of the east' as well as attracting amore wider cross section of tourists. China and Macau signed a Closer Economic Partnership Agreement(CEPA) in September 2003. With the relaxation in travel restrictions between mainland China and Macau and increase in the amount of money Chinese citizens traveling abroad could carry with them, Macau's popularity as a gambling destinationwas expected to rival that of Las Vegas. At the opening of the Sands casino in May, Ho stated, "We have the opportunity to learn from one another. The cake is going to be bigger and bigger and we all could have a share".

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