Sheldon Adelson Optimistic On Macau With The Parisian Grand Opening
Last month saw a increase in revenues for the first time in two years for Macau. As we have reported in the last few years, Macau has undergone significant changes due to the Chinese government’s decision to crackdown on corruption and change the Macau economy to be more tourist orientated and not solely reliant on gambling.
This diversification has led to major gaming companies like the Sands and Wynn Entertainment to focus on new luxury hotel resorts aimed at luring holidaymakers that are looking for an overall entertainment experience like that of Las Vegas.
Casino Mogul Sheldon Adelson has always been optimistic on the future of Macau’s economy despite the falling revenues. As we reported he has openly stated that gambling is cyclical and there will always be ups and downs but in the end it balances out and stabilizes. The launch of his Paris- theme mega resort, The Parisian was a good chance for him to once again express his optimistic views on the future of gambling in Macau. He told reporters,” We are optimistic that we have hit the bottom. Macau still has very good days to come.”
The Parisian has 3,000 rooms, restaurants, shopping arcades and even a water slide, there are over 400 gaming tables of which 12 percent of them are expected to be occupied by VIP’s. The Parisian launch follows the $4 billion Wynn Palace opening which many believe is the major reason for August’s gaming revenue rise of 1.1 percent. Adelson also believes that the Sands’ concession will be renewed in 2020 due to their focus on non-gaming which is a top priority for Macau and Chinese officials who are determined to change the perception of Macau.