Arab Today, arab today hollywood stars to launch 32bn casino resort in macau
Last Updated : GMT 03:03:04
Arab Today, arab today
Arab Today, arab today

Bullish about future despite slumping gaming revenues

Hollywood stars to launch $3.2bn casino resort in Macau

Arab Today, arab today

Arab Today, arab today Hollywood stars to launch $3.2bn casino resort in Macau

(L to R) US actors Leonardo Di Caprio, Robert De Niro, director Martin Scorsese
Macao - Arab Today

Hollywood stars including Leonardo DiCaprio are set to launch Macau's newest $3.2 billion casino and entertainment resort, as the southern Chinese enclave's high-roller gambling business takes a hit from China's corruption crackdown.

A day before the official launch of Studio City, developers of what is billed as an "integrated resort" said Monday they are bullish about the future despite the slumping gaming revenues.

Macau in September saw its 16th consecutive month of declining gaming revenue, 33 percent lower than the same month last year, as Beijing encourages the territory to diversify from gambling and reins in high-rolling visitors from the Chinese mainland.

Gross revenue for September was 17.13 billion patacas ($2.15 billion), according to figures from the former Portuguese colony's Gaming Inspection and Coordination Bureau.

Melco Crown Entertainment, which developed Studio City, said it remains positive about the future of the gambling industry in the semi-autonomous city.

"We hope that the opening of Studio City will be part of a catalyst that will improve gaming revenues," said co-chairman Lawrence Ho, adding that the numbers were affected by the mainland Chinese economy.

"We have great confidence in the long term," Ho said, adding that projects such as the opening of Macau's light rail and a bridge linking Hong Kong, Zhuhai and Macau would bring improvements in years to come.

The revenue decline has mostly been attributed to a corruption crackdown spearheaded by Chinese President Xi Jinping, which has dented the VIP gaming market.

Xi stressed during a December visit that the territory's economy must diversify from casinos.

Developers of the new resort, which boasts the world's highest figure-8 Ferris wheel and a flight simulator based on the Batman series, say it it is moving away from the traditional VIP market which once drove growth.

"We're the second least reliant on VIPs," said Ho, the son of gambling tycoon Stanley Ho.

The resort's opening will be marked by the premiere of "The Audition", a short movie filmed at Studio City, directed by Academy Award-winner Martin Scorsese and starring DiCaprio, Robert De Niro and Brad Pitt.

They each reportedly received $10 million to appear in the short.

Macau, the only part of China where casino gambling is legal, overtook Las Vegas as the world's casino capital in terms of revenue after the sector was opened up to foreign competition in 2002.

Its gambling revenues are still multiple times that of the American city.
Source: AFP

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today hollywood stars to launch 32bn casino resort in macau Arab Today, arab today hollywood stars to launch 32bn casino resort in macau

 



Arab Today, arab today
Arab Today, arab today Mohamed Bahari prepares new collection for spring 2017

GMT 06:15 2017 Monday ,27 February

Mohamed Bahari prepares new collection for spring 2017
Arab Today, arab today 17.4 million tourists visit UAE in 2016

GMT 00:47 2017 Monday ,27 February

17.4 million tourists visit UAE in 2016
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today UN envoy sets out framework

GMT 07:25 2017 Monday ,27 February

UN envoy sets out framework
Arab Today, arab today Ayat Abaza says state TV presented major stars

GMT 03:52 2017 Sunday ,26 February

Ayat Abaza says state TV presented major stars

GMT 08:51 2017 Saturday ,25 February

Shaking off dieselgate, VW races back into profit

GMT 08:48 2017 Saturday ,25 February

France's Macron takes on critics over 'vague' programme

GMT 10:10 2017 Friday ,24 February

France's Macron gets boost, but election is wide open

GMT 12:38 2017 Thursday ,23 February

Lower fares hit Qantas first half profit

GMT 10:57 2017 Thursday ,23 February

Chief executive out at Paramount Pictures

GMT 07:26 2017 Thursday ,23 February

A peek inside Qatar's 'gas capital of the world'

GMT 11:26 2017 Wednesday ,22 February

Dutch corporate takeover defences tough to breach
View News in Arabic - Business: أخبار الأعمال
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Reasons for the delay 'On the Stairs of Servants'

GMT 06:42 2017 Saturday ,25 February

Reasons for the delay 'On the Stairs of Servants'
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 07:23 2017 Friday ,24 February

Ola Ghanem hopes to work with M.Ramadan

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 10:51 2017 Saturday ,25 February

Pigs with edited genes show resistance

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 01:04 2017 Tuesday ,28 February

Nokia 3310 is back — and so is 'Snake'

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday