Word: macau
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...same to the Vegas big shots. Melco Crown is one of only six companies permitted to run casinos in Macau, the Chinese enclave that has surpassed Las Vegas in total gambling revenue. And Ho, 31, has matched his competitors chip for chip. His first casino-hotel, the Crown Macau, saw few customers when it opened in May 2007. But Melco Crown swiftly closed the gap. Its market share of 16% in the first half of 2008 was just a whisker behind Wynn with 17% and Las Vegas Sands at 21%, according to Citi Investment Research. More impressively, the Crown...
...says he did it by capitalizing on his home-field advantage and ample gaming experience. His pedigree is certainly formidable. Ho is the son of Stanley Ho, the 86-year-old tycoon who held a monopoly on Macau's casinos for four decades until the government issued new licenses in 2002. Lawrence and sister Pansy both started working in the family business but struck out on their own after the market opened up - in competition with their father. Pansy teamed with Vegas firm MGM Mirage to develop casino-hotels in Macau, opening the MGM Grand Macau in 2007. Stanley...
...first, Ho looked unlikely to contribute much to the family empire. The venture's first major investment, the $524 million, 216-room Crown Macau, appeared a feeble alternative to the ornate 600-room Wynn Macau, which opened in 2006, and Adelson's gargantuan 3,000-room Venetian, a re-creation of his famed Vegas resort that opened three months after the Crown Macau. Located on one of the enclave's outer islands, the Crown was too far from the city's other casinos to attract walk-in gamblers. In the month of its opening, the Crown claimed an embarrassing...
...Bruce Springsteen, in his classic song Atlantic City, tells of the dangerous mix of vice and hope that the casinos brought to the New Jersey shore. "Down here it's just winners and losers and don't get caught on the wrong side of that line," he sings. In Macau, too many are already on the wrong side...
...motion a dramatic opening to the outside world. So far, that includes signing a deal to create a Louvre museum in Abu Dhabi--a franchising concept pioneered by the Guggenheim--and staging exhibitions of the museum's treasures in such places as Kobe, Japan, and Macau. U.S. museums are particularly benefiting, and not just the usual Louvre partners like New York City's Metropolitan Museum of Art. Loyrette set up an unprecedented three-year partnership with the High Museum in Atlanta and has sent exhibitions to cities like Seattle and Oklahoma City. He's also overhauling the museum's internal...