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Casinos Macau Casinos Macau: Background and Future (And What About Monaco and Vegas?) william n thompson professor emeritus of public administration university of nevada, las vegas european association of gambling studies loutraki, greece september 20,2012 The Speaker in Las Vegas--The Macau (?) of the West European Casino Model The First Capital of Casino Gaming: Monaco Monaco-Monte Carlo Casino Europe and Monte Carlo Development New nationalism renders casinos as adversaries Casinos close or limited: Germany, France Monaco welcomes casinos for tourism Amenities combine with Monopoly Status Casinos seek elite players not mass markets As Europe Opens it maintains high status and local markets European Casinos 1. Monopoly Locations 2. Excessive Taxation/some gov’t ownership 3. Limited Access: Id’s required, dress codes, fees, no credit, limited alcohol, few comp’s, no advertising 4. Limited hours 5. Local markets 6. Career employment, tips pooled-big part of salary 7. Table gaming dominates 8. Quiet Décor, Ambience, windows, blue motif Las Vegas Emerges As Monaco’s Successor 1950s-2000 Las Vegas Attributes 1. Demographics 2. History 3. Visitors 4. Gaming—The Win Win Phenomenon 5. Hotels 6. Restaurants 7. Entertainment 8. Shopping Factors in Las Vegas Success 1. Transportation: Jets (Fast, High, Big); Airport Location; Location of I-15 2. Air Conditioning 3. Hoover Dam: Power and Water 4. Convention Center Location 5. Synergy: Kefauver factor 6. An OPEN City—Y’All Come—Investors, Operators 7. LOW Taxes 8. From a 40-60 model to a 60-40 model on amenities A-Ma Macau Macau was the FIRST European colony settlement in Asia. The Portuguese came in 1557 to Stay—for 442 years. They came to trade, and to establish an outpost for The Society of Jesus and others to spread Christianity throughout Asia. And to sort of oversee a bit of sin! Development of Macau 1. The Portuguese Come,Trade, Play and Pray--1557 2. Opium Wars, Coolie Trade, Sins (several) and Religion 3. 1800’s A rival port in Hong Kong stifles trade, but bans gaming 4. Gambling emerges as a primary activity –regulation 1847 5. The first monopoly Tai Xing (Fu Ta k Yam) 1934—1962 6. The STDM (Stanley Ho) monopoly 1962-2002 7. China regains sovereignty 1999 8. Licensing opens up—three then six licensees 9. Macau gaming (imitates) overtakes Las Vegas Lots of $--Gaming Revenues in Macau and in Nevada Year Macau Nevada 2002 (11) $2.8 billion $9.5 billion 2003 (11) $3.6 billion $9.6 billion 2004 (15) $5.2 billion $10.6 billion 2005 (17) $5.6 billion $11.6 billion 2006 (24) $7.1 billion $12.6 billion 2007 (28) $10.4 billion $12.8 billion 2008 (31) $13.6 billion $11.6 billion 2009 (33) $14.9 billion $10.4 billion 2010 (33) $23.5 billion $10.5 billion 2011 (34) $33.5 billion (STRIP $8 billion) Isn’t it Time to Put Macau on the Map Just Across from Hong Kong and Disneyland Macau, Taipa, Coloane as One Casinos Spread Out/No Walking Portion of Las Vegas Strip Revenue from Gambling--Macau—Consistent 90%+ (Data from the Nevada Gaming Abstract) 1989 59.0% 2000 45.8% 1990 56.9% 2001 43.4% 1991 57.7% 2002 42.2% 1992 56.5% 2003 42.4% 1993 56.5% 2004 41.4% 1994 54.9% 2005 40.5% 1995 53.6% 2006 40.4% 1996 52.6% 2007 40.8% 1997 51.3% 2008 39.3% 1998 50.2% 2009 38.3% 1999 47.8% 2010 38.7% Macau Should Be MORE than Just a Cash Cow Ruins of St. Paul—World Heritage Site Guia Hill—Lighthouse is First in Asia Modern Times--Upward Bound Portugal and China: Happiness Taipa and Room for Expansion Looking Over to Cotai Strip Taipa and Cotai Strip Central Macau Wynn at the Center Charismatic—Macau’s Leaders Sheldon Adelson--Venetian Steve Wynn—Of the Wynn, of Course Kirk Kerkorian—M.G.M. Hong Kong’s Lui Che Woo-- Galaxy Asia’s Stanley Ho (SJM) Holds the Gold (or is mooncake) Lawrence Ho (Mocha and Melco) Australia’s James Packer--Melco Pansy Ho—Partner with M.G.M. Ho’s SJM (formerly STDM) Casinos “We are Chinese. We should unite against foreign capital. We cannot keep silent. If not the foreign capital will bury us” S. Ho 2005 “You never know the effect his words can have,” response by S. Adelson 2004—Ho had 11 casinos 2011—Ho has 20 casinos Macau Revenues: 2004 $5.2 billion--2010 $23.5 billion Before 2004 Ho’s $=$3.4 billion—2010 Ho’s $=$6.4 billion And Look what happened to Lisboa when it got “buried.” Ho took over 1962—Lisboa 1970 Grand Lisboa 2007 Monopoly down) Competition (up) Is this Good Feng Shui? Ho in “HIS” Colony—Portugal Ho’s Ponte 16 Grand Emperor by Ho Ho’s Mandarin Oriental Ho’s newest—Arc de Triumph Casa Real—A Ho Casino Sheldon Adelson’s Casino Clones Adelson also told Ho: (In response to his remarks) “If you do not have the ability to compete, the don’t complain. If you cannot compete, you will have to face elimination.” Both are doing fine, doing just fine. Venetian--Largest Casino in the World—that’s NOT Vegas Venetian—Vegas Experience Venetian’s Sands Racetrack View—Galaxy, Venetian Woo’s Galaxy World Galaxy World and Grand Waldo Galaxy’s Starworld Galaxy’s President Casino Lawrence Ho & James Packer’s Melco--Crown of Cotai Strip Crown of Melbourne Melco’s Altria City of Dreams and Hardrock on Cotai Strip The First Wynn-Macau Then the Encore MGM and Ho’s Arc de Triumph M.G.M. (Pansy Ho and Kirk Kerkorian) Inside the MGM Summing it Up--Bigtime Basic lesson:Why Las Vegas Ruled: Lisboa--Monopoly andCompetition Customers? 1.4 Billion in China One Billion two hours away by Jet Sixty Million just one day by car China allows individual visas—2 times each 3 months Hong Kong—50 minutes by Hydrofoil—owned by Ho Some things Las Vegas cannot beat Are there Obstacles in the path? A. Reluctant political support—Visa questions B. Gambler Fatigue C. The Unforeseen Calamity:Weather, Quakes,Wars,Epidemics D. Competition (Singapore, Malaysia, Korea now, Japan, India Viet Nam soon?) The Las Vegas Brand: Is this a Macau Model? A. Forces in Las Vegas History: dam, military bases, crack-down on illegal gaming, airport, airconditioning, highway, B. An Open City C. NOT a government project. D. Amenities Triumph—shows, restaurants, shopping, hotel rooms Change for Macau---BUILD TOURISM A. Live the History B. Walk the City C. Circle it with buses D. Access the region—open visas E. Sands on the Beach F. More amenities—Rooms, shows, meals G. Ecotourism (Liqufaction problem) H. Medical tourism I. Language outreach. This Would REALLY Help: ME Now Was this a Las Vegas Experience? It’s Been My Pleasure .
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