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GAMING BOOM Las Vegas casino opens in Macau as other Asian countries follow suit
Source: Manila Bulletin
Author: -
Date: 2004-06-07
 
The opening last May 18 of the Las Vegas Sands casino in the former Portuguese enclave of Macau changes the landscape of the highly-promising casino industry in Asia.





Sands in Macau, with its 277 gaming tables and 405 slot machines, seeks to recreate the glitz and glamour of Las Vegas. Its owner is tycoon Sheldon Adelson who made a mark for putting canals and singing gondoliers in his famous Venetian Casino in the famed American gambling strip.



Analysts say this latest development signals the transformation of Asia into the next gaming mecca of the world. At present, the market is divided between Macau, the Philippines, South Korea, and Malaysia.



There are also legal gambling dens which continue to thrive in Cambodia, Myanmar, Vietnam, Nepal and even in the economic zone of Rajin, North Korea, near the Chinese border.



As a result, there are now strong indications that Thailand, Singapore, Vietnam, Taiwan and even Japan will follow the example of those countries which have derived immense economic benefits from legalized gambling.



Thailand, for one, is going to hold a referendum on legalizing casinos this year. The government arrived at the decision after finding out that billions of dollars went to underground casinos which thrived through corruption among policemen and local officials.



In Japan, plans are afoot to establish urban casinos in Tokyo and Okinawa. At present, it only allows slot machines called pachinko and pachisuro which brings in a whopping $150 billion yearly.



In Vietnam, the government has received a proposal from Las Vegas operators to open a mega-resort and casino in Quang Nam province.



Experts say that following worldwide trends, there is no other way for the gaming industry but to expand. Competition among various operators can only mean better service and bigger returns to governments in terms of revenues, tourism and employment.



Competition in fact has forced Macau mogul Stanley Ho to spruce up his aging Hotel Lisboa to keep up with the race posed by Las Vegas giants which won two out of three gambling concessions in the colony. Recently, he announced plans for the construction of the 40-story Grand Lisboa mega-hotel which will be Macau’s tallest building when finished. It will have 800 rooms and 30,000 square meters of casino space.



As one of the first countries in Asia to legalize gaming, the Philippines has been treading on the path of caution due to strong opposition from the Catholic Church to any expansion.



Philippine Amusement & Gaming Corp. (PAGCOR) Chairman Efraim C. Genuino earlier laid out plans to build a multi-billion Entertainment City which will be the country’s first urban special Tourism Enterprise Zone. PAGCOR, however, needs the nod of both Houses of Congress to extend its franchise when it expires in 2008 for investors to come in.



Next to Macau, the Philippines is touted to be a top gaming and entertainment haven. Casino Filipino is known as "Asia’s Friendliest" and its gaming personnel are known as one of the world’s best in terms of skills and expertise. PAGCOR is also the government’s top 3 revenue-earner and was in fact declared the most profitable Philippine company in 2002. Its income is used to fund projects related to community development, education, health, poverty alleviation and other charitable causes.
 

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