Word: vegasized
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For most of the past five years, the Chinese gambling mecca of Macau seemed a sure bet. After the local government ended a decades-old gaming monopoly in 2002, some of the biggest casino and hotel operators in the world rushed in with new projects, eager to tap into the...
Las Vegas Sands is considering a range of ways to raise additional funding, including selling minority stakes in its existing Macau properties or listing its Macau operation on the Hong Kong stock exchange. The company "continues to pursue and consider a variety of options," says a Las Vegas Sands spokesman...
But what was once a promising new market for U.S. gaming companies has in the last 18 months become a money-sucking crap shoot. Recession and the global credit crisis have turned some bottom lines red, while major new projects have been shelved due to lack of financing and an...
In a statement, MGM Mirage - which operates the famed Bellagio hotel and casino in Las Vegas - said that "we disagree with the recommendation" and "we look forward to presenting our position." Pansy Ho in a statement said that "I and my advisers will need time to read and consider the...
Hardest hit has been Las Vegas Sands, whose chairman, Sheldon Adelson, envisioned transforming a stretch of reclaimed Macau land called Cotai into a new Las Vegas Strip with a $12-billion development of hotels and casinos. He launched the effort in 2007 with the opening of a 3,000-room...