Asia is the new destination for matters gambling, if the statistics of the past few years are to be considered. Macau, the former Portuguese colony is now the most popular gambling destination for many gamblers. Last year, gamblers spent a whopping $33.5 billion compared to $6 billion which was spent in Las Vegas. The allure of profits has attracted some of the world biggest investors in gambling into Asia. One of them being Billionaire Sheldon Aldelson, one of the most respected persons in the casino business. The Man made a fortune by investing in Asia and Las Vegas. His Singapore casino business made a profit of $1 billion last year. Mr. Aldelson is also the chairman of the world biggest gambling company by market capitalization
Last week, he opened a new $4.4 billion casino in Macau. Speaking at the opening of the Sands Cotai central, the Billionaire outlined plans to open more casinos in the Asian countries of Korea, Japan, and South Korea. This is in addition to the $35 billion that he plans to spend in the Spanish casino resort complex.
The phenomenal growth in the Asian market has attracted Asian gambling players to reap from this gravy train. Some of the Asian gambling players that have improved on their ante in terms of investing to generate more profits includes: the Malaysian Genting, Hong Kong galaxy entertainment, and Melco crown.
The rise of an Asian giant
The race to conquer new markets in Asia, has led to the emergence of new giants considering the profits generated. A prime example is in the Philippines were CLSA, an Asian brokerage forecasts an increase of gambling revenue to up to $3 billion in the year 2015, up from $1.3 billion in 2011.
Genting, owned by Lim kok Thay, a Malaysian business man is aggressively developing casinos in the Philippines islands under the flagship of the Genting Hong, while the parent company Genting, is overseeing operation is the country of Vietnam with the partnership of Vina Capital.
Other casino names interested in investing in the Philippines are Galaxy and Meco, the two have well established business in the Macau. Some of the firms that are currently doing business in Philippines are Belle corp, Universal entertainment, Bloomberry resort, and travelers. The travelers is a joint venture between Alliance Global and Genting.
Decline of Las Vegas?
The increase in popularity in gambling in cities such as Macau, will definitely be a hefty price to pay for the city of Las Vegas. More and more U.S operators are now committed to expanding and shifting their business to other Asian cities. In addition, to high profits, one of the main attraction to Asian destinations is few legal constraints compared to the many legal hurdles that have to be cleared before an operating license is issued in the United States. US operators are increasingly becoming wary of Asian operators threat to the United States.
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