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Venetian Macau Becomes the World's Largest Casino

Friday, August 31, 2007

MACAU – As reported by the Associated Press: "Its construction involved filling in the sea between two of Macau's islands to recreate the Las Vegas strip, and then carefully cutting outThe Venetian Macao Resort Hotel is now the largest casino in the world.
The Venetian Macao Resort Hotel is now the largest casino in the world.
  tiny canals to provide at least a hint of Venice. On August 28th the Venetian Macau, the world's biggest casino, opened its doors to an ocean of people eager to get to its tables.

"A packed ceremony in the casino's 15,000-capacity arena culminated in Diana Ross singing “Ain't No Mountain High Enough”—reflecting, perhaps, the hopes of both the gamblers with their stacks of chips, and the firm behind the casino, Las Vegas Sands. It would be hard to find a project more amenable to hype, or an industry less shy about disclosing its extravagance. The enormous building, Asia's largest, required 20,000 construction workers and 3m sheets of gold leaf. Running it takes 16,000 employees and enough power for 300,000 homes. Construction costs swelled from $1.8 billion to $2.4 billion—more, the South China Morning Post pointed out, than Macau's entire public-works budget for the past five years.

"The Venetian has 870 tables and 3,400 slot machines in the world's largest gambling hall, which is encircled by 350 shops, more retail space than any Hong Kong mall. That is also over twice as many tables as existed in all of Macau in 2002, when a local monopoly was broken and the Las Vegas operators were allowed in. This brought together American firms, with their business plans and architectural schemes honed in Nevada, and enthusiastic Chinese punters. Macau's old casinos could not compete. Las Vegas Sands opened its first casino in Macau in 2004, and it became profitable overnight, as did casinos opened by fast-moving rivals. Investors took a while to understand the market's potential, but between late 2005 and early 2007 shares in Las Vegas Sands doubled…."
Las Vegas Sands Corporation
3355 Las Vegas Boulevard South
Room 1 A
Las Vegas, NV 89109
Phone: (702) 414-1000
Website: www.lasvegassands.com
Las Vegas Sands Corporation owns and operates casino resorts, including The Venetian in Las Vegas and The Sands Macao Casino in Macao. The company is also developing casino resorts and properties in Las Vegas and Macao, including The Palazzo Resort Hotel Casino and hopes to build a casino in Singapore.
Venetian Macao Resort Hotel
Macau
Phone: +853 2882 8888
Website: www.venetianmacao.com
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