October 01, 2016 | Updated at 02:19 AM EDT 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 reddit 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. 

© 2016 Enstarz, All rights reserved. Do not reproduce without permission.

  • SEARCH ENSTARS

Latest News

The 2015 NBC Upfront Presentation Red Carpet Event

‘Criminal Minds’ Season 12 Episode 2 Spoilers & Cast News: Damon Gupton becomes series regular; J.J's life will be in danger?

After Thomas Gibson was fired from the show, CBS reveals the new member to the BAU team as Damon Gupton is added as a series regular.

BUILD Series Presents Millie Bobby Brown, Gaten Matarazzo, Noah Schnapp, Natalia Dyer, Finn Wolfhard And Caleb McLaughlin Of 'Stranger Things'

‘Stranger Things’ Season 2 Update & Release Date: New characters to be expected; Producer admits feeling pressured

After a successful first season, fans are eagerly waiting for “Stranger Things” Season 2. Producer Shawn Levy admits feeling pressured in making Season 2 successful.

The 22nd Annual Screen Actors Guild Awards - Press Room

‘How to Get Away with Murder’ Season 3 Episode 3 Spoilers: Keating 5 goes to Atlantic City; Annalise framed up?

"How to Get Away with Murder" season 3, episode 3 takes the Keating 5 to Atlantic City for a high stakes case. The episode may also bring some other flash forward scene that could possibly give some light as to who might be framing Annalise.

Tesla Opens New Flagship Store In San Francisco

Tesla Model 3 EV News: Details about Car’s Features and Release Date

Tesla Model 3 EV is yet to be released but numerous consumers have already pre-ordered the car model. Just what exactly are the features of this vehicle and when is it officially available?

The Number #1 Korean drama in 2016 is Love in the Moonlight starring Park Bo-Gum as the Crown Prince Hyomyeong and Kim You-Jung as Hong Ra-on.

'Love in the Moonlight' tops the chart of Korean dramas

Having been tagged as 'Number 1' Korean drama, 'Love in the Moonlight' is set to bring back memories of love at first sight and mutual feelings. A sure hit with tv viewers who enjoys romantic comedy.

Real Time Analytics