Word: wynne
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...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 to mix it up on the ice, no matter the size...
...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 has become Macau's top casino for VIP high rollers. "A lot of people were surprised we turned it around so quickly against the big boys," Ho says...
...there is another Macau, one the high rollers never visit, that sounds plaintive rather than prosperous. Take a taxi from the dancing fountains in front of the Wynn Macau hotel to the working-class neighborhood of Hac Sa Wan, where you can meet Ng Iat-keong, one of the many poor Macanese for whom the casino boom has been a bust. Ng, 45, is a construction worker who helped build some of Macau's hotel-casinos, including the biggest of them all, Las Vegas Sands' giant Venetian. Yet the money sloshing around in their plush suites hasn't found...
...cracked down on crime and, more importantly, he introduced competition to the gaming market by issuing new casino licenses in 2002. Today there are six gaming operators. Eager to tap the burgeoning wealth of a rising China, some of the biggest names in gambling, including Las Vegas Sands, Wynn Resorts and MGM Mirage, came charging into Macau, and the economy roared. Ho was fêted as a miracle worker...
...first quarter: Chriss Wynn takes the opening Harvard kickoff all the way to the Crimson 49-yard line. A bad start for Harvard...