After all, he had a lifetime of experience in Macau’s gambling arena.

Steve Wynn, a gaming visionary who almost single-handedly transformed Las Vegas into a world attraction, saw the business potential that Macau was offering. He immediately set his sights on a Macau license.

His Las Vegas neighbor, Sheldon Adelson wasn’t so lucky in the initial license awards but was able to secure a sub-concession license from the third successful license holder, Galaxy.

A little late to the party was MGM MIRAGE Inc. (MGM) that finally entered the field by partnering with Stanley Ho’s daughter, Pansy, and receiving a sub-concession from her father.

Oddly, European gaming companies never became involved in the Macau development, much to their dismay.

From the very first, Macau showed that it was going to become a major player in gambling. Although the majority of gamblers visiting the destination resorts are mostly from mainland China, marketing plans are focused on expanding its lure to other areas.

But even before that happens, Macau has shown its appeal by becoming the world’s most lucrative gambling center.

In May, its casinos reported total revenue of 17 billion patacas. With approximately eight patacas to the dollar, that places revenue at about $2.12 billion, more than double the amount recorded just a year ago.

With that kind of encouragement, it’s not surprising that both Adelson, with his Las Vegas Sands Corp. (LVS), and Wynn Resorts Ltd. (WYNN) have major expansion plans over the next two years.

Date Posted: 07-Jun-2010