Arab Today, arab today hollywood stars to launch 32bn casino resort in macau
Last Updated : GMT 20:37:51
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

arabstoday
arabstoday

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

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 France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque
Arab Today, arab today Seeks to move past rift with Israel

GMT 08:00 2017 Monday ,08 May

Seeks to move past rift with Israel
View News in Arabic - Business: أخبار الأعمال
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Mozambique's gas boom dream under threat

GMT 16:29 2017 Monday ,08 May

Mozambique's gas boom dream under threat
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Jaguar displays XF Sportbrake line

GMT 14:36 2017 Monday ,08 May

Jaguar displays XF Sportbrake line
Arab Today, arab today BMW sees forecasts in reach

GMT 09:04 2017 Thursday ,04 May

BMW sees forecasts in reach
Arab Today, arab today Climate science: Bad news gets worse

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse
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