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Venetian Resort opens in Macau in August with territory's 27th casino
 Message was posted: 05:25 Jun 17th, 2007     
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Venetian Resort opens in Macau in August with territory's 27th casino

[ 2007-06-14 ]

Macau, China, 14 June – The Las Vegas Sands group said Wednesday in Las Vegas that it was due to inaugurate on August 28 the tourist development named Venetian Macao Resort, located in the landfill area between the islands of Taipa and Cotai, at a total investment of US$11 billion.

The Venetian Macao, built over an area of 945,000 square meters and which is a replica of the canals of the Italian city of Venice, includes a casino with 850 gaming tables and 4,100 slot machines, which will be Macau’s 27th.

In an initial stage the development will have a Sheraton hotel with over 3,000 rooms, a convention and exhibition center with an area of over 100,000 square meters, a shopping center with 350 stores, restaurants and 1,800 seat amphitheatre for shows by Canadian group Cirque du Soleil.

The statement issued by the Las Vegas Sands group said that the Venetian Macao complex would also include several hotels with a total 20,000 rooms to be managed by the Four Seasons, Sheraton, St. Regis, Hilton, Traders, Conrad, Raffles, Swiss Hotel, Intercontinental, Holiday Inn, Cosmopolitan Fairmont and Shangri-La hotel chains.

In March, Starwood Hotels announced the opening in Macau of the largest Sheraton hotel in the world with 4,000 rooms, which is due to be concluded in 2009.

The US group recently acquired 10 catamarans for links between Hong Kong and Macau.

The Las Vegas Sands group began operating in Macau in 2004 when the 40-year monopoly on gaming and gaming held by Stanley Ho’s Sociedade de Turismo e Diversões de Macau (STDM) ended.

The US group also announced that it was in negotiations with the Zhuhai Chinese authorities to invest US$2 billion in a tourist development on Hengqin Island.

The Sands casino in Macau, was responsible for 58.75 percent of the operating revenue of Las Vegas Sands, according to a report from the company published in the US in February.

According to the same figures, the operating profit at the Sands casino, the largest gambling venue in the world, totaled US$413 million, as compared with the US$289.9 million of the Venetian casino in Las Vegas.

The report from the US company, which has been operating in Macau since 2004, also said that in the last quarter of 2006, the net profit of the Macau casino rose 27.1 percent to a total of US$343.3 million, which is some 54 percent of the company’s total net profit.

Gaming and gambling activities in Macau posted gross revenues of 55.884 billion patacas (US$6.985 billion) in 2006, a rise of 22 percent against the figures for 2005, the Gaming Inspection and Coordination Bureau (GICB) has said.


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