Macau is already the leader in gambling, generating $6.95 billion last year, while the Las Vegas strip made only $6.69 billion in gambling revenue. Today marked the grand opening of the mega-resort and the world's biggest casino in Macau, The Venetian.
Sheldon Adelson, American billionaire and chairman and chief executive officer of the Las Vegas Sands Corporation held a press conference yesterday and stated, "Today is the beginning of what has been a dream of mine for some time to reproduce the capital of entertainment in Asia for Asians."
The Venetian at Macau is modeled after it's sister casino resort, the Venetian in Las Vegas, but it's twice the size of the Las Vegas property, boasting 10.5 million square feet, and is the second largest building in the world. The complex is a renaissance Venice-themed property and will entertain visitors with beautiful canals, singing gondoliers, luxurious art, a replica of St. Mark's Square and of course plenty of shopping. In addition, they will have their own permanent Cirque de Soleil troupe and a sports stadium that will hold 15,000 people and will host a pair or National Basketball exhibition games.
The Venetian has hired 15,000 people, or 5 percent of the city's workforce. It's a good thing too because the hotel has 3,000 guest suites that need to be cleaned, retail space for 350 stores and 1.2 million square feet of convention space that needs to be maintained.
"It's no overstatement to say that the opening of The Venetian Macau represents a massive paradigm shift for Macau and the future of tourism development in Asia," said Sheldon. The Sands Corporation has entered into agreements to develop gaming properties in the United Kingdom and is exploring other gaming entertainment opportunities in Asia, Europe and the United States.
Adelson hopes that the Venetian will contribute greatly to launch a massive, concentrated resort area on the Cotai Strip, similar to what we see on the Las Vegas Strip today. Look for more hotels to pop up in Macau, such as The Four Seasons, The Sheraton and St. Regis to ensure that Macau stays on top.
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