At midnight today, Steve Wynn opened his new hotel and gaming complex in the former-Portuguese colony of Macau, an island known as much for its casinos as for its rich cultural tradition. (Macau is also the biggest gambling city in the world now, surpassing Las Vegas when its casinos raked in $6.8 billion last year.) The $1.2 billion casino resort was showered with an impressive fireworks display. Wynn is taking a gamble with this ultra-luxurious property, as Macau's focus has been exclusively on gambling, and most visitors day-trip from Hong Kong (just a short jet boat ride away) rather than check into hotels. As explained by Reuters:
The Wynn Macau will be closely watched as an indicator of the viability of a planned $24 billion "neon alley" of hotels, conference centres, theatres, shopping centres and casinos being built on reclaimed land. The "Cotai Strip", where Wynn Resorts has a 50-acre plot and its rival, Las Vegas Sands Corp., is building a complex and luring several five-star hotel operators, aims to persuade people from gambling-mad China to stay a couple of days.
With 600 sleek, sophisticated guestrooms, Wynn Macau also boasts six gourmet restaurants, Las Vegas-style entertainment, plenty of meeting space, a health club, pool and luxurious spa. Let the good times roll.
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