Stanley Ho has created a gambling Mecca in Macau that is rivaled by none on the planet, including Las Vegas. Now his son, Lawrence Ho, is getting in on the fun, as Melco International Development, which is run by Ho, has shown a profit during the first half of 2007.
A year ago Melco showed a loss of $29 million dollars in the first half, but this year, the company has rebounded, showing a profit of $36.5 million.
The difference in the numbers seems to come from the Crown Macau, which has become an upmarket VIP property, opened in May and has made a world of difference.
Macau has overtaken Las Vegas in gambling revenue, and Stanley Ho is a big reason for that.
Melco is in the process of building City of Dreams, a resort which is to feature an acrylic and glass gambling hall where guests will be able to view real marine life.
The other major advancement in the Melco company is its expansion of its technology and slot machine units. The idea behind this move is the company wants to tap into the Asia market. It is thought that in the next 5 to seven years, slot machines in Asia could double to almost 74,000.
As the gambling continues to grow around the world, it appears that the Ho family will be an integral part of the growth.
Hong Kong Will Not Compete With Macau For Gambling Supremacy
Macau has spent billions of dollars to build up their gambling empire, which has taken tourism away from neighboring Hong Kong, but officials say they will not compete with Macau for the gambling dollar.
Hong Kong Secretary for Commerce and Economic Development Frederick Ma stated that Macau’s growth in casino gambling certainly presents a problem for Hong Kong, saying, “It’s definitely somewhat of a challenge to the tourism industry.
He then went on to say, “The government doesn’t think it would help the tourism industry if Hong Kong built one or two casinos because Macau has many casinos like Las Vegas.”
Currently in Hong Kong there are only three forms of gambling, a numbers game, horse races, and soccer matches.
The fact that Macau beat out the Las Vegas Strip as the center of the world’s gambling only seems to be the beginning for Macau, which is planning to build a casino resort area in the recently reclaimed Cotai strip, which links to islands in Macau.
Currently, The Sands has is running the new Venetian Hotel and Casino on the Macau strip, which is the first step towards making the city an all in one stop complete casino, dining, shopping, pools, spas, shows, and more. The more casinos that are built like the Venetian, the more Macau will take away business from Las Vegas casinos.