Word: melco
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Business in Asia is played very much like ice hockey. The big guys - state-backed behemoths, massive conglomerates and supertycoons - almost always pin smaller enterprises against the glass to score the plum deal. So it seemed for Lawrence Ho, CEO of NASDAQ-listed casino operator Melco Crown Entertainment. Less than a year ago, the giants of the gaming industry - Vegas legends Steve Wynn and Sheldon Adelson, chairman of Las Vegas Sands - had shoved the little-known Ho to the edge of Asia's casino market. But his rivals should have taken note of how Ho, a recreational hockey player, likes...
...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...
...trick economy that is dangerously reliant on the gaming industry. Gambling taxes now account for three-quarters of the government's revenues. The industry has grown so rapidly, it is even stunting the development of other sectors by vacuuming up the best talent. Says Lawrence Ho, CEO of Melco Crown Entertainment, one of Macau's casino operators: "When one sector grows so fast, the rest of the sectors can't catch...
Nehru, now touring the United States the "learn about America," drove up to the President's House at 1 p.m. in a melco of screeching sirens and black cars. While over 200 students gawked from outside, he quictly met President Conant and retired to the lawn for pictures (above...