Billion to be spent for Macau gambling

Gambling moguls such as Australia's Kerry Packer and the Las Vegas' Steve Wynn are betting on Macau becoming the next the Las Vegas.

Some $22 billion is poised to be spent during the next few years on building hotels, casinos, resorts and malls in the former Portuguese enclave that now has a population of 440,000 and is considered a special administrative region of China.

Packer's Publishing & Broadcasting Ltd. has partnered with Lawrence Ho, son of Macau gambling mogul Stanley Ho, to build a $250 million, six-star hotel and casino complex scheduled to open next year, The Australian reported Monday.

Wynn Resorts, which created the famed Las Vegas casinos Mirage and Bellagio, has a $700 million resort under construction.

Some 16 million visitors to Macau helped its gambling revenues grow 40 percent to $5.1 billion last year, just behind Las Vegas's $5.3 billion, The Australian said.
2005-03-12