January 29, 2015 | Updated at 11:55 PM EST The Latest Entertainment & Celebrity News

New Resort by Billionaire Sheldon Adelson Opens in Macau

U.S. billionaire Sheldon Adelson opened his latest resort in Macau on Thursday, adding to a string of casinos in the world's largest gambling destination that has helped the high-profile donor to the U.S. Republican party earn most of his multi-billion dollar fortune.

By Farah Master, Reuters on Sep 20, 2012 11:46 AM EDT
facebook tweet this pin it plus
Sign Up for Newsletter
  • Macau Chief Executive Fernando Chui Sai-On chats with Las Vegas Sands Chairman and CEO Sheldon Adelson
  • Macau Chief Executive Fernando Chui Sai-On chats with Las Vegas Sands Chairman and CEO Sheldon Adelson (C) and his wife Miriam Ochsorn (R) during the opening ceremony of Sheraton Macao hotel at Sands Cotai Central in Macau September 20, 2012. U.S. billionaire Adelson opened his latest resort in Macau on Thursday, adding to a string of casinos in the world's largest gambling destination that has helped the high-profile donor to the U.S. Republican party earn most of his multi-billion dollar fortune. (Photo : Reuters)
  • The Sands Cotai Central logo
  • The Sands Cotai Central logo is seen in front of its hotel in Macau September 20, 2012. Las Vegas Sands deceived a Nevada court in an attempt to stall a lawsuit by the former head of its Macau operations, a state judge ruled on Friday, fining the casino operator and abridging its right to object in a fight over key evidence. (Photo : Reuters)
  • A man looks at a gaming machine inside a casino on the opening day of Sheraton Macao hotel at Sands Cotai Central in Macau September 20, 2012.
  • A man looks at a gaming machine inside a casino on the opening day of Sheraton Macao hotel at Sands Cotai Central in Macau September 20, 2012. (Photo : Reuters)

MACAU (Reuters) - U.S. billionaire Sheldon Adelson opened his latest resort in Macau on Thursday, adding to a string of casinos in the world's largest gambling destination that has helped the high-profile donor to the U.S. Republican party earn most of his multi-billion dollar fortune.

Adelson, chairman of Las Vegas Sands Corp and its Macau unit, Sands China Ltd, presided over the opening of his Polynesian-themed casino and Sheraton Macau hotel, adding to his Sands Cotai Central property, which opened in April.


The new casino can only add new gambling tables starting in 2013 due to government regulations, so Adelson compensated by moving close to 200 tables from his existing Venetian and Sands Macau casinos.

The impact of Sands' fifth casino in Macau, the only place where Chinese nationals can legally casino gamble, will be relatively muted due to the lack of new tables, analysts said.

While Macau's gambling revenue growth slowed significantly in the second quarter from a year earlier, overall revenues have risen and casino companies are still pledging billions to expand their footprints.

Macau's gambling revenue growth for the year is expected to reach between 10-15 percent, say analysts, most of whom have downgraded their estimates from around 20 percent, due to slower-than-expected growth particularly in the lucrative VIP sector made up of wealthy Chinese.

The latest opening comes as Adelson is the focus of a series of lawsuits and investigations in the United States and Macau.

Sands Cotai Central is adding another Sheraton hotel tower early next year and also plans a St Regis hotel tower. When completed, Sands will have more than 9,000 hotel rooms, which it says will help drive business.

The total cost of Sands Cotai Central is expected to be $5 billion upon completion, more than twice the cost of Galaxy Entertainment's Galaxy Macau, which opened last year.

Adelson, worth an estimated $25 billion by Forbes, has one more land site left to develop in Macau and is expected to start construction on the site, known as parcel 3, in November. It will be designed as a replica of the Eiffel Tower and is expected to take between 24 and 44 months to build. The phase will cost Adelson $2.5 billion.

Michael Leven, chief operating officer for Las Vegas Sands, said $1 billion of the financing will come from the company's equity base with the remainder coming from international banks.

The Macau government recently granted Sands an extension until 2015 to complete construction on parcel 3. 

© 2015 Enstarz, All rights reserved. Do not reproduce without permission.

facebook tweet this pin it plus
Contribute to this Story send us a tip send us a tip send us a tip
Sign Up for Newsletters

Around The Web

  • SEARCH ENSTARS

Bow Wow, Erica Mena

Erica Mena & Cyn Santana Call It Quits For Good On 'LHHNY,' 'It's Unfortunate'

Erica Mena and Bow Wow can now breathe a sigh of relief. While they plan their wedding the drama between Mena and her now ex-girlfriend Cyn Santana has been playing out on VH1's 'Love & Hip Hop New York.' But in a new clip Santana and Mena call it quits for good.

Kailyn Lowry & Javi Marroquin

Is 'Teen Mom 2' Star Kailyn Lowry Expecting Her Third Child?

Kailyn Lowry took to Twitter on Monday to address rumors of a third pregnancy.

The cast of 'Red Band Society' a new Fall 2014 Drama Series on FOX

5 Things We Want Too See Before 'Red Band Society' Ends

The final episodes of Red Band Society are set to begin airing in just a few days, and fans are preparing to say their goodbyes to the freshman drama series, which was cancelled by FOX after it failed to receive high ratings.

Hannah "Hott Dogg" Guidry of 'Party Down South'

Meet The Newest Cast Member Of 'Party Down South!'

Fans have been dying to know who would replace Taylor 'Lil Bit' Wright on the new season of Party Down South, and finally, they've been given an answer.

The cast of "Scandal"

What's Going To Happen To Olivia Pope In Mid-Season Premiere of 'Scandal?'

'Scandal' is finally back tonight on ABC. The mid season premiere 'Run' is only hours away from making its debut, and fans are eager to find out what happened to Olivia Pope.

WWE

WWE 'Royal Rumble 2015' LIVE STREAM: Watch Brock Lesner Battle John Cena & Seth Rollins Online

Find out who will enter the WWE World Heavyweight Championship match at WrestleMania

Miss Universe

Watch Miss Universe 2015 In Live Stream

It's almost time for Miss Universe 2015 and there is a link where viewers can watch the show in a live stream.

Katee Sackhoff

Will 'Longmire' Get A Longer Season On Netflix In 2016?

'Longmire' will only have 10 episodes for its fourth season, but it's still possible that Netflix will be looking to expand the series come season five.

Robert Scott Wilson

Which Characters Could Be Cut From 'Days of Our Lives?' FInd Out Here

There's a chance that some of the faces fans have gotten used to seeing Salem could soon disappear on Days of Our Lives.

Longmire

Walt Walking A 'Lonely' Road On 'Longmire' This Season?

It looks like some heavy betrayal might be headed to 'Longmire' this season.

'Mob Wives' Reality Star Karen Gravano

Karen Gravano Is Out For Blood

Karen Gravano is a mother cub and she's ready to attack Natalie Guercio for talking trash about her daughter and her parenting skills.

The cast of 'Red Band Society' a new Fall 2014 Drama Series on FOX

Find Out What Will Happen On The Final Episodes Of 'Red Band Society'

Fans of Red Band Society will need to get their tissues out when the final episodes of the series finally hit TV screens.

Bow Wow, Erica Mena

Bow Wow & Eric Mena Slammed After Rapper Comes For Singer Mya After Strip Performance, 'You Sound Stupid'

Bow Wow and 'Love & Hip Hop New York' star Erica Mena have faced lots of criticism since announcing their engagement last year. But now the rapper and actor has put his relationship back in spotlight after he slammed singer Mya for putting on a strip show.

Amina Buddafly

Amina On Peter Gunz's Romantic Vacation With Tara Wallace, 'I've Moved On'

Fans have been waiting to see Amina's reaction to her husband, Peter Gunz, secretly going to a romantic family vacation with his ex-girlfriend, Tara Wallace on VH1's Love & Hip Hop New York.

The cast of 'Red Band Society' a new Fall 2014 Drama Series on FOX

Could Fans Still Potentially Save 'Red Band Society' Despite Its Being Cancelled?

Fans were devastated to learn that after the final three episodes of Red Band Society air the series would be over, but that hasn't kept them from still trying to see if there is any way possible to get the show revived and back on the air.

Latest News

Teen Wolf

Will Liam Get A Love INterest on 'Teen Wolf'? Young Beta May Take Larger Role

Find out what's next for Dylan Sprayberry's Beta.

Doctor Who

Could The Doctor's Daughter Return On 'Doctor Who'? Peter Davison Talks Jenny

Find out what Peter Davison thinks of a new spin-off.

Revenge

Major Deaths Planned On 'Revenge'? Gabriel Mann Teases Bloody Future

Find out who could be the next character to fill a body bag.

Supernatural

Aliens, Again? 'Supernatural' Dean & Sam Cringe At New Theory In 'About A Boy' Sneak Peek [VIDEO] & [PHOTOS]

It's not aliens, it's not fairies, and, unfortunately, it's not the Trickster.

The Walking Dead

'The Walking Dead' Inspires Spinoff Movie

Hold on to your seats 'Walking Dead' fans because this surprise is for you. The AMC hit show is releasing a spinoff movie scheduled to be released on March 20.

Jordin Sparks

Jordin Sparks, Tamar Braxton & Plenty More To Be Guest Judges On 'RuPaul' Season 7

After a sneak peek of 'RuPaul's Drag Race' Season 7 got revealed, so were the names of the celebrity guest judges.

The cast of "Scandal"

What's Going To Happen To Olivia Pope In Mid-Season Premiere of 'Scandal?'

'Scandal' is finally back tonight on ABC. The mid season premiere 'Run' is only hours away from making its debut, and fans are eager to find out what happened to Olivia Pope.

Featured Videos

From Our Partners

Radiation Island

'Radiation Island' Releases For iOS: A Stunning Survival Adventure Game With MFi Support [TRAILER]

If you didn't know better (and you squinted a bit) you would think Radiation Island was for consoles. It's a first-person game that sees you exploring a massive open world with all sorts of dangers, puzzles... and zombies, and the graphics are almost too good to be true.

Clash Of Clans

Clash Of Clans Limited Time Update: Train Your Barbarians And Dragons At Insane Speeds!

Supercell has announced a limited time event in which Barbarians and Dragons have their training speed increased significantly. How fast? Very, very, very, very fast.

San Jose Sharks

DUCKS vs SHARKS Watch FREE Live Stream Online: Anaheim at San Jose

Tonight at 10 p.m. ET, the Anaheim Ducks (32-10-6, 70 points) and San Jose Sharks (25-17-6, 56 points) take the ice for the fifth and final meeting against each other this season live from the SAP Center in San Jose. The game can be live streamed for free here. Anaheim fans can hear all of the action on KLAA 830 while San Jose fans can do the same on KFOX 98.5.

Destiny

Destiny Best Legendary Weapons: Our Guide To The Top Purple Tier Guns In Each Category

Exotic gear in Destiny will highlight your arsenal and act as your signature pieces, but Legendary items will serve as your foundation. With the limit of one Exotic weapon and one Exotic piece of armor allowed at any given time, your Legendary gear will need to be up to snuff if you want to take on the game's highest-level sections.

India cricket

India vs England WATCH FREE Online: 6th Match Carlton Tri Series Cricket @ 3:20 GMT

The loser is finished, the winner moves on to face Australia in the winner-take-all tournament final.

UAE National Team

Iraq vs. UAE Live Stream Online: 2015 AFC Asian Cup 3rd Place Match, Projected Lineups and Tactical Preview

Two teams chasing third place in the 2015 Asian Cup will do battle today in a match between Iraq and the United Arab Emirates. The clash scheduled for 4 a.m. ET will be held at Hunter Stadium in Newcastle and can be live streamed here. Additional TV coverage can be found on One World Sports.

Aaron Harrison

KENTUCKY vs MISSOURI Watch FREE Live Stream Online: Wildcats at Tigers

Tonight at 9:00 p.m. ET on ESPN the struggling Missouri Tigers (7-12, 1-5) will try to pull off a shocker at Mizzou Arena when they host the Kentucky Wildcats (19-0, 6-0) who are shooting for their 20th consecutive victory of the season. Live stream the SEC clash free by clicking this link. Kentucky fans can listen to the radio broadcast on WKYM 101.7, while Missouri fans may do likewise on ESPN 100.5.

Pau Gasol

LAKERS vs BULLS Watch FREE Live Stream Online: Chicago at Los Angeles

Tonight at 10:30 p.m. ET the Chicago Bulls (30-17) will head to Los Angeles to take on the Lakers (12-34) in a matchup on TNT of glamour franchises heading in opposite directions. Live stream the game free by clicking this link. Bulls fans can listen to the radio broadcast on ESPN 1000, while Lakers fans may do likewise on 710 ESPN.

Mortal Kombat X

Mortal Kombat X Appearing On Conan Tonight: Marshawn Lynch And Rob Gronkowski Face Off Ahead Of Super Bowl [Preview Video Here]

Forget the Super Bowl: Marshawn Lynch and Rob Gronkowski will be settling the score in Mortal Kombat X.

Orange is the New Black Cast

Orange Is The New Black Season 3 News And Rumors: What We Know So Far

There has been a great deal of speculation surrounding what the upcoming season of Orange is the New Black will be like on its return. We've rounded up some of the juiciest rumors for season three of the series.

Real Time Analytics