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In Macau's Gaming Room, Trust Trumps Risk

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In Macau's Gaming Room, Trust Trumps Risk 第３種郵便物認可 Special Economic Reports The Japan Times Wednesday, august 1, 2012 5 World Eye Reports Macau www.worldeyereports.com Asian gaming epicenter aims to strengthen multi-industry portfolio Melco Crown Entertainment’s trump card for diversity acau is one of the most cent mainly because of the influx 2011 this spe- fter the liberalization of the gaming market In a further bid to broaden its offerings and reach unique success stories of of visitors from mainland China. cialty within the by the Macau Government in 2002, Melco a wider range of customers, Melco Crown Entertain- the 21st century. What Much of this growth can be at- gaming sector ACrown Entertainment secured a gaming sub- ment acquired a majority stake in Studio City in 2011. M concession through its Macau subsidiary and began Studio City is envisioned as a large-scale integrated used to be a simple fishing village tributed to Macau’s pro-business resulted in about and trading port has been trans- environment. “Ever since China’s 75 percent of to- planning to build a unique, integrated entertainment entertainment, retail and gaming resort targeting visi- formed into one of the world’s top resumption of the exercise of sover- tal profits. resort in the territory. Lawrence Ho, co-chairman and tors from mainland China and the rest of Asia, with a destinations. eignty over Macau in 1999, Macau “Today, VIP CEO of Melco Crown Entertainment, foresaw great cinematic theme that is an ideal marriage of entertain- As China and Japan celebrate enjoys wide-ranging and close rela- rooms are do- potential in Macau. ment and lifestyle attractions. their 40th anniversary of normal- tionships with most global econo- ing very well for The company’s first casino hotel, Altira Macau “This site is perfect as a mid-segment mass-market ized relations in 2012, the former mies,” says Sou Tim Peng, director both the industry (formerly Crown Macau), was opened in 2007. Mel- venue,” says Ho. “Altira Macau is our exclusive VIP Portuguese colony of Macau — of the government’s Macau SAR and Macau. As co Crown Entertainment also owns Mocha Clubs, property. City of Dreams is our higher-end anchor now one of China’s special ad- Economic Services. one of the driv- Macau’s largest non-casino-based operator of elec- property. Meanwhile, Studio City will welcome the ministrative regions (SAR) — is “Pursuant to its free port poli- ing forces in the tronic gaming machines. Its flagship integrated re- masses. positioning itself to be a regional cy and market economy system, gaming industry sort, City of Dreams, welcomed its first visitors in “We aren’t cannibalizing ourselves,” he affirms. tourism center for both the gam- Macau SAR applies no restrictions in Macau, we 2009 and was the only new resort to open in Macau “The movie theme presents a wide spectrum of de- ing and non-gaming sectors. It also on the flow of goods,” he contin- expect further that year while others struggled to cope with the sign options. Though we haven’t unveiled any of the aims to broaden its business port- ues. “Low taxation, unrestricted growth and sub- global financial crisis. graphics yet, I can say it will be different in style from folio in other industries while con- financial movement, social stabil- stantial profits Following the company’s NASDAQ listing in City of Dreams and Altira Macau. We’re packing it tinuing to capitalize on its primary ity and relatively low operating and in the VIP sector 2006, Melco Crown Entertainment completed a dual with lots of attractions, including something similar to sector today: gaming and hospital- labor costs provide Macau with a overall,” com- MELCO CROWN ENTERTAINMENT listing on the Hong Kong Stock Exchange in Decem- the Bubble, the dome-shaped venue hosting the multi- ity. good environment that attracts in- ments Kenny Macau continues to grow its spectacular skyline defined by an astronomical level of luxury and ber 2011, and subsequently captured the attention of media show Dragon’s Treasure, but even better. There vestors. Additionally, its strategic Leong, CEO of class, an example of which is Melco Crown Entertainment’s City of Dreams. The City of Dreams investors around the world by posting an approxi- will also be a Kids’ City, all with movie motifs. There Growing Macau location, together with a well-estab- Asia Entertain- is just one of Macau’s widening array of integrated hotels and casinos. mately 17-fold gain in earnings and a 27 percent rise will be facilities available for productions such as real- From sleepy port city to pulsing lished legal system, gives Macau a ment and Re- integrity above all other consider- greatly support Macau’s goal of in net revenue for the first quarter of 2012 as com- ity shows, along with a multipurpose theater — plenty success story has taken Macau only competitive edge.” sources, one of the biggest players ations, and preserve a strong rela- bettering regional cooperation and pared to the same period in 2011. of things for customers to relax and enjoy.” a little more than a decade. With a in this profitable niche sector. tionship with all levels of the field effectively promote Macau’s de- Melco Crown Entertainment is committed to offer- Beyond Macau and mainland China, Melco Crown population of just about 500,000, Macau as the global gaming epi- With Macau now the world’s – casinos, suppliers and end us- veloping diversified business port- ing visitors a full range of gaming and non-gaming Entertainment has set its gaze at extending its suc- Macau’s gross domestic product center new gaming epicenter, beating out ers,” explains Larry Xiao, general folio,” he adds. options that work together to create a complete ex- cessful strategic mix of gaming and entertainment in (GDP) has grown nearly 8 times Much of Macau’s development Las Vegas and newcomer Singa- manager of the electronic gaming “Macau serves as a potentially perience. The House of Dancing Water, the world’s Asia. “We have recently conducted careful research of since 2001: from $1.75 billion by can be credited to its tourism and pore, its government is expecting equipment tester GLI Asia. “Reli- strong platform for both Japanese largest and hugely successful water-based show at the Japanese market,” Ho concludes. “We are closely the end of 2001, to nearly $10.5 gaming industries; both have sys- more investment to come, attracted ability and accountability lie at the and international businesses look- City of Dreams, has been playing to packed audi- monitoring the progress of gaming liberalization there billion by the end of 2011. tematically driven Macau’s econo- by the dynamic gaming industry. core not just of our company but ing into both China and South- ences since its opening in September 2010, while ca- while formulating our regional investment plans.” Overall retail sales volume for my in recent years. The gaming in- Expectations are high as companies also the entire gaming industry in east Asia,” says Jackson Chang, sinos run round-the-clock are just a few steps away. www.melco-crown.com Macau has also seen exponential dustry alone represents 40.2 percent are expecting further growth in the Macau. It’s important that there is president of the Macau Trade The three luxury hotels — Hard Rock Hotel, Crown growth in recent years. From 2010 of Macau’s GDP, while the tourism influx of visitors and players from a high level of trust throughout the and Investment Promotion Insti- Towers and Grand Hyatt Macau — located through- to 2011, it increased by 44.2 per- industry attracted 28 million visi- mainland China, Japan and around marketplace.” tute. “For companies looking into out the City of Dreams perfectly support the resort’s tors into Macau in 2011 alone — the world. China, Macau has strengthened premium-focused strategy, particularly in the mass- 12 percent higher than visitor rates Macau’s growth is attracting new Macau’s diversification its relationship with the mainland market segment. in 2010. investments not only into classic An increased level of govern- through the Closer Economic Melco Crown Entertainment has continued to Previously dominated by “the casino gaming and related tourism, ment support is also being made Partnership Arrangement (CEPA). broaden the Macau visit experience through Dragon’s King of Gambling,” Stanley Ho but also into the automated slot- available to non-gaming industries. Macau’s infrastructure is also well Treasure, an award-winning multimedia attraction, of SJM/STDM, Macau’s gaming machine type gaming sector. “We “The Macau SAR government has prepared for the future, especially Kids’ City and Club Cubic. City of Dreams also has industry today is divided among are introducing our best products increased its efforts to promote a with the upcoming Hong Kong- other exclusive entertainment productions including six major gaming concessions and into Macau, the most exciting and more diversified development in Zhuhai-Macau Bridge, and the Legend Fighting Championship, the mixed martial sub-concession holders: Sociedade entertaining ones for the end user,” Macau’s economy,” says Ma Iao new railway link being developed arts (MMA) tournaments, and SPLASH, the hottest de Jogos de Macau (SJM), MGM says Kurt Gissane, managing direc- Lai, president of the Macau Cham- between Guangzhou and Zhuhai. pool party series in Macau. Another trailblazing ini- Paradise Limited, Galaxy Enter- tor of Asia-Pacific for leading slots ber of Commerce. “Recent pro- These projects will all greatly con- tiative is the exclusive, limited-run cabaret produc- tainment, Las Vegas Sands Corp., producer Bally Technologies. “In business policies have contributed tribute to Macau’s overall growth tion, Taboo, which opened this summer.
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