Issue 109
October 14-20, 2002
Volume 3
page 2

Maucau To Model Las Vegas

/Business Week/ - Macau's government has decided to give its gambling industry a facelift. Their model: Las Vegas, with its resort hotels, conventions, golf, and lucrative luxury casinos.

Macau in February awarded gaming licenses to Vegas titans Sheldon G. Adelson and Stephen A. Wynn. That ended the 40-year gambling monopoly of Hong Kong billionaire Stanley Ho. "We are going to transform Macau," says Adelson, owner of the $1.2 billion Venetian Casino Resort in Las Vegas. "We want it to be known not just as a gambling resort but as an Asian Las Vegas." The Vegas rivals are ready to finance the Maucau project. Galaxy Casino Co., owned by Adelson, a Macau lawyer, and several wealthy Hong Kong partners, has promised the government of Macau that it will spend more than $1 billion building a convention center, an arena, and as many as five hotels including one modeled after the Venetian.

Although Adelson has yet to acquire the land for that project, he's about to begin construction on a smaller casino called the Las Vegas Sands Inc., which should open in late 2003. Wynn's group has a lease on land adjacent to the Lisboa and is committed to spending $497 million on casinos within seven years.

Mexico Debates Casinos - /North County Times/ - Controversial legislation being debated by the Mexican Congress would allow more than a dozen casinos to be built at popular Mexican tourist and border cities, including Tijuana, Puerto Vallarta, Acapulco, and Cancun. Mexican law currently prohibits most forms of gambling. Nevertheless, an estimated $500-million-a-year gambling industry operates there in a legal gray area that includes sports betting, horse racing, cockfights and casinos. Harrah’s Entertainment spokesman Gary Thompson says Harrah's would consider partnering with Mexican investors to develop casinos in Mexico, though there are no plans to do so now. "In the past, there have been periodic talks by the Mexican government about legalizing casinos but they have never proceeded," says Thompson. "We are taking a wait-and-see attitude." Unlike past legislation, the new bill - the Federal Law on Gambling Games, Sweepstakes and Casinos - has the support of Mexico's three largest political parties, major labor unions, the hotel and tourism industry, and President Vicente Fox. Opponents of the measure say gambling will attract drug cartels, money-laundering operations and will feed gambling addictions, but business leaders argue that the law will bolster Mexico's sagging tourism industry.

Harrah’s to Sell Wagon Wheel Casino - DENVER, CO - Harrah's Entertainment Inc. of Las Vegas is selling its Wagon Wheel Hotel & Casino in Central City to Centaur Colorado LLC. Centaur Colorado is a wholly owned subsidiary of Centaur Gaming Inc. of Indianapolis. The Wagon Wheel has 118 hotel rooms, 1,055 slot machines and 22 table games. The deal is expected to close by the end of the third quarter. Harrah's has owned the Wagon Wheel since July 2001, when it acquired Harvey's Casino Resorts. "As we indicated we would do when we acquired Harvey's, we have evaluated the Wagon Wheel and concluded it is a non-strategic asset for us," said Phil Satre, chairman and CEO of Harrah's Entertainment, in a statement. The sale price wasn't disclosed.

Aerosmith, Kid Rock

Aerosmith will perform at the Grand Garden Arena
at MGM Grand Hotel Casino on November 9.

$45.00, $75.00, $125.00

7:00 p.m.

Reservations Recommended

For more information please call: (800) 646-7787
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