Analysis
SOUTH EAST ASIA
way for both companies to cooperate on Cotai, chief executive officer, Ambrose So Shu Fai, revealed on 16 December 2010. Stanley Ho’s SJM is still waiting for the Government to approve the application for a plot in Cotai, which sits just beside the Macau Dome and the land where the company is set to build the theme park.
Grant Bowie, CEO of MGM China Holdings.
Pansy Ho, MGM China Holdings.
SINGAPORE Singapore may not be snapping directly at the heels of Macau, but as Mr. Fahrenkopf described, it remains the most substantial global development in the last 12 months. Asia's second global gaming superpower will overtake Las Vegas by the end of the year thanks to two million visitors drawn to two casinos in their first year of operation. Marina Bay Sands and Genting’s Sentosa Resorts World generated US$5.1bn in GGR since opening, making them the most profitable casinos in the world.
The number of Chinese mainland visitors to Singapore jumped 33 per cent in January of this year while the number of visitors from Hong Kong grew 51 per cent. Chinese mainland visitors spend about 26 percent more, on average, than others.
Steve Wynn, Wynn Resorts.
10 floating villas and a deck where 350 tons of sand surrounds a 4,000sq.m. wave pool - the largest in the world. It also incorporates 50 restaurants and various nightclubs, nine cinema screens (opening October) and a retail boulevard.
Meanwhile, Macau’s City Light Rail programme is the major industrial/tourist project taking place in Macau right now, linking properties and major urban housing sites. A land reclamation programme is also ongoing, with Taipa reclaiming 250 metres of land from the sea with the intention of developing more local housing. The government is also adding parks and promenades to counter clams that land has been given over too freely to casinos, ruining the environment for local inhabitants.
A further leisure project, though not one as intended, is the Harrah’s golf course and Macau County Club on Cotai. Having secured the largest parcel of land on Cotai, but without a licence to build a casino property, Harrahs Entertainment purchased the parcel with a view to
placing themselves at the front of the queue should a new licence be issued. Right now, however, Harrahs is the owner of what is thought to be one of the most expensive golf courses to build and play in the world.
Finally, Macau Theme Park and Resort controlled by Angela Leong On Kei, Stanley Ho’s fourth wife and an SJM director, has said that it intends to build a 10.4bn MOP family-oriented amusement resort and hotels complex in Cotai. The integrated resort project will be developed in three phases and each will take about two and a half to three years to complete. The company revealed that the entire family resort will consist of one 5-star, four 4-star and one 3-star hotels with over 6,000 guest rooms, shopping malls, convention facilities, an indoor beach and wave pool, amusement rides, a 4D theatre, an equestrian centre, a horse carriage trail as well as a water sports performance centre.
SJM Holdings is in talks with Macau Theme Park and Resort to try to find a
G3 I AUGUST 2011 I PAGE 29
Before 2010, Macau, Australia and South Korea accounted for 92 per cent of casino revenues in the region. In its first year, Singapore's revenues more than doubled those of South Korea. Resorts World Sentosa and Marina Bay Sands opened in Singapore in January and April 2010. Both had a very impressive start. Resorts World Sentosa, the flagship development of Genting Singapore, recorded $774.8m in its first nine months. Marina Bay Sands reported revenue of $485.9m in its first full quarter of operation.
Jaime Carion , DSSOPT director .
Estimates suggest that revenues will rise to $8.3bn by 2014. Some analysts also expect Singapore's gaming revenues last year to rival Las Vegas. Most visitors to Singapore are from Australia, Indonesia, India, and of course, China. About 25,000 people visit Singapore’s Marina Bay Sands every day.
Ambrose So Shu Fai, CEO SJM.
“Singapore is an integrated resort,” described AGEM’s Marcus Prater. “This approach means that only 10 per cent of the project can be dedicate to gaming. As a result we have seen Universal Studios theme park attracting visitors to Sentosa and MBS dedicating much of its business to conferences and concerts. As such, Singapore’s growth is not a negative for Macau. In fact, it’s an introduction for non-gamers to casino gaming and an encouragement to visit Macau to widen their experience.”
In terms of slots, Marina Bay Sands is expanding its 1,143 slots to 2,116 slots.
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