Word: macao
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That is true even of Sheldon Adelson, who has lost more during this recession than anyone else on the planet. The 76-year-old chairman of the Las Vegas Sands Corp., which owns the Venetian hotel, the Sands Expo and Convention Center and the Venetian Macao, was in 2007 and '08 the third richest person in the world, with - by his estimate - a net worth of $40 billion. By February of this year, he said he had lost $36.5 billion - more than the GDP of half of the countries in the world. In the years before that slide, banks were...
...over, and almost everything proposed at the summit had to get past the emerging economies. Case in point: When Sarkozy proposed a global crackdown on tax-heavens, it was Chinese, not American, opposition that cut down the proposal substantially so it could protect financial centers in Hong Kong and Macao...
...fast-and-loose mortgage lending in the U.S. has now blown into a perilous global crisis of confidence that has revealed both the scale and the limitations of globalization. Finance is built on trust, and suddenly that trust has been replaced by fear: fear among depositors from Madrid to Macao over the safety of their money; fear among banks worldwide about lending to one another; and now fear among politicians, central bankers and regulators that they don't have adequate tools to fix the problem...
...These steps may slow the gambling boom, but to a cash-strapped populace, the sound of the clinking chips is simply too enticing to pass up. Lei Ka-ling, 20, opted out of college and enrolled instead in a free dealer-training course at the government-run Macao Tourism and Casino Career Centre. Lei says she had little choice. Her father, a hotel repairman, and mother, a janitor at a construction site, were barely able to support the family as Macau's costs rose. The salary Lei can earn as a dealer, roughly $1,900 a month, will instantly double...
...accessible and global, he has set in motion a dramatic opening up to the outside world. So far, that includes signing a controversial deal to create a Louvre museum in Abu Dhabi, and staging exhibitions of the museum's treasures in places like Atlanta, Oklahoma City, Kobe, Valencia and Macao. He's also overhauling the museum's internal workings to make it more efficient, more financially robust and better able to cope with a surge in visitors - up 60% since...