Time Magazine's Global Business Section for November has a fascinating story about Wynn and Adelson in Macau:
Egos Bigger Than China
Categories: Business of Gaming, Macau Casinos and Hotels
"People say I've changed the face of Vegas, and now I'll change the face of Macau,"-Sheldon Adelson
He's built one shitty hotel, and now he's the self proclaimed king of vegas. Or that's what he thinks people say.
I hate to be so bias, but man I really hope Wynn Macau kicks ass! I'd love nothing more than to see Wynn take some major market share away from the Sands. I am very curious to hear the numbers this quarter. I look for Wynn to start posting a regular profit early next year.
Got a brief research report this morning about Macau from an analyst at a European bank. While I can't post a link to it, here is an extract:
"In Macau for golf on Sunday, I just missed my scheduled late-afternoon ferry back to Hong Kong. Needless to say, I was staggered when I was told there were no seats available in any class before midnight on the chopper or the ferry. The only exception was the 11.15pm which had a few spaces. I made a reservation and headed to Wynn to kill some time.
Wynn a hive of activity. The place was buzzing like I have never seen in Macau: the tables were full, the hallways were packed with people just
roaming around and shoppers were out in force. After a bit of reconnaissance, I sat at a blackjack table for a few hands. Without a
doubt this table has the worst luck I have ever witnessed (for the house that is - I walked away with about 10 times what I started with and can't remember losing more than just a few hands in more than two hours - Vegas-style the dealers were smiling, friendly and almost genuinely happy to see some winners!).
Taxis aplenty, not so ferries. I waited only five minutes for a taxi to the ferry with a constant stream of vehicles coming through. Back at the docks it was quite a different story: the place was in total chaos, with no fewer than 300 people in the standby line. I asked the attendant what time the first available ferry back to Hong Kong that night was and he
told me there were no seats - all night!"
I'll be back in Macau myself later next week and will spend a bit more time at Wynn Macau. I should be able to get some better photos than last time. Next door to Wynn, Galaxy Starworld is due to open up next week, so should be able to check that out as well. The MGM property is now taller than the Wynn hotel tower and moving along rapidly. Crown Macau also now just 6 months away from opening.
I like Venetian about as much as I like the others. It was one of those "gonna have to tell everyone about this" stories from my first trip. Of course, as far as Macau goes I like Wynn's ideas better than Adelson's because Wynn is basically building an outpost in the far-east to build high-roller clientele. Adelson is practically trying to airlift the whole image, culture, and concept of the resort corridor over there, and I cringe everytime I hear "the new Las Vegas," although I suppose the same hoopla was said about Atlantic City at one point, too.
OT Minor Vegas note: Boyd hands over control of the SouthCoast on or around the 25th. The 26th will be a grand re-opening of "Michael Gaughan's South Point" with some freebie snacks and maybe champagne. The new slot club will automatically grant you as many points as you generated at SouthCoast on your Club Coast card, although if they're copying those or transferring those (IOW, will Coast subtract your SouthCoast points from their card or leave them as a gimme for you to play at their other casinos?) I have no clue.
Thanks for posting, Detroit.
I didn't realize that the South Pointe transaction had already made it through the regulatory process. That seems pretty fast but I guess all parties are already well known to regulators so the background check isn't from scratch... I read a very interesting (to a geek like me) book on casino accounting and licensing that breaks down how all this stuff works in detail. I think only people on this blog would read what is actually a college textbook for pleasure. :-)
Hey mike_ch, I sent you an email and I just wanted to make sure you got it.
There's a great new Steve Wynn interview on Steve Friess' The Strip podcast. Lots of new interesting sound bytes.
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