Macau, a tiny peninsula and 2 islands off of China, was controlled by the Portuguese, but handed back to China in 1999. It is 1/6 the size of Washington, DC. and is the only place in China that allows casinos.
Sheldon Adelson, the casino billionaire who controls Las Vegas Sands Corp., figured that Macau would take off, and so he opened up the Sands Macau Casino in 2004.
His bet paid off. Macau may unseat Las Vegas as the gambling capital of the world. Adelson spent $265 million on the casino, and he recouped his investment in one year. Adelson is now the third richest American on the Forbes 400 list.
Adelson's Las Vegas rival, Steve Wynn (number 107 on the Forbes 400), is now opening up his own casino in Macao.
0 comments:
Post a Comment