American casino mogul Sheldon Adelson presiding over the Parisian’s opening day- his Las Vegas Sands betting 3 billion dollars its fifth Macau resort.
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Adelson, chairman, CEO and executive director of Sands China, made the remarks during a press conference ahead of the grand opening of The Parisian in Cotai.
The Eiffel Tower attraction, a half-size replica of the Eiffel Tower in Paris, stands at the Parisian Macao casino resort, operated by Sands China Ltd., a unit of Las Vegas Sands Corp., in Macau, China, on Tuesday, July 26, 2016. Adelson also hosted a gala dinner attended by about 1,500 people from different sectors including top government officials and legislators in Macau.
Opening a new casino in the special administrative region brings with it some risk at what has been a hard time for the market, which finally ended its run of consecutive months of year-on-year casino gross revenue declines on 26 with August’s result of 18.84bn patacas (£1.79bn), up 1%.
“We expect the returns on investment to improve over time as the market pivots to the mass market segment and the infrastructure projects come online”, said Bumazhny.
“We are optimistic that we have hit the bottom”, said Adelson.
“Macau still has good days to come”.
US billionaire Sheldon Adelson, center, speaks between Las Vegas Sands Corporation President and Chief Operating Officer Robert Goldstein, left, and Sands China Ltd. President Wilfred Wong during a press conference for the opening of Parisian Macao in Macau, Tuesday, Sept. 13, 2016.
“We’ve got six lots; we’ve filled up the six lots”.
“We think the remaining few months of the year will show positive year-on-year growth (in gaming revenues) and we are looking for 10% growth in 2017”, said Aaron Fischer, gaming analyst at brokerage CLSA.
Reuters reported that Adelson also said this week: “If the [Macau] government is listening please note we are interested in building more here”.
Adelson said that since he was able to break even in one year with his Sands property in Nape, he hopes The Parisian would do the same – or at least within four years.
Analysts said that while Wynn Palace, which opened on August 22, has attracted interest from high-end customers, its luxury shops and fancy restaurants are mostly empty.
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Regarding his company’s sub-concession agreement with the government that is due to expire in 2022, Adelson said he was “very hopeful” that the government will renew it based on his company’s effort in bringing non-gaming elements to the city. If they give us more land we are available to build new tourist developments.
