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With the imminent arrival of the world’s largest casino (the 3,000-room Venetian), and a mammoth MGM Mirage slated to follow suit, gamblers just can’t get enough of Macau’s new temples of cash. Since loosening gambling restrictions in 2002, the “Sino-Lusitanian Las Vegas” has eclipsed even Sin City’s gaming revenues (climbing to $7.2 billion last year), to become the gaming capital of the world. But can the former Portuguese colony, once dismissed as Hong Kong’s down-market cousin, maintain its stellar growth and keep its seedier elements in check?
Sure, the big guns of Vegas — namely the Wynn (pictured) and Adelson’s Sands — are now giving Macau’s longtime monopolizer, Stanely Ho, a run for his money. But some hospitality insiders worry that the bubble may burst, with an impending labor crisis spiking development. Others fret that growing competition for gamblers’ funds (single bets of $1 million are not uncommon), may foment turf wars between rival casinos, and could scare off visitors attracted to the enclave’s family-friendly resorts. With several recent incidents of gamblers and junket operators involved in suspicious deaths, the bad old days of organized crime may be resurfacing. And so, the future? As always, the casinos are betting that the house will triumph in the end.
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