Fireworks greet opening of $2.7B Parisian resort in Macau

MACAU

Las Vegas Sands Corp. said “bonjour” to Southeast Asia on Tuesday, opening the 3,000-room, $2.7 billion Parisian Macao with a flurry of fireworks and an electrifying lighting of its half-scale Eiffel Tower on the Cotai Strip.

The resort is Sands Chairman and CEO Sheldon Adelson’s fifth property in Macau, and it completes his vision of bringing a piece of Las Vegas to China’s lone legal gambling destination, where a growing market of middle-class tourists are expected to travel in the years ahead.

Hailed by colleagues Tuesday as the inventor of the integrated resort, Adelson for 45 minutes took translated questions from reporters speaking four languages before enjoying the high-octane opening ceremony and a VIP dinner to celebrate the newest addition to China’s version of the Strip.

Adelson, accompanied by his wife, Miriam, walked onstage with Rob Goldstein, president and chief operating officer of Las Vegas Sands, and Wilfred Wong, president of Sands China Ltd., the company that operates the company’s Macau holdings. The three executives took questions from the nearly 800 reporters who traveled to Macau for the opening.

Adelson talked about his first glimpse of Cotai.

“When the government (of Macau) sent me out to Cotai, I frankly thought they were exiling me because the big activity, the resorts and the gaming, was on the peninsula,” Adelson said. “So I went back to the government after I went out to Cotai and I said, ‘Where’s the land?’ And they said, ‘Well, it’s under the water.’ And I said, ‘Do I need a helicopter or something to pick it up?’ And they said no, you’ve got to reclaim the land. We had to bring in barge after barge of sand to reclaim the land.”

He said he originally wanted to build 20 properties on Cotai but could only get permission to do six.

His 3,000-room Venetian Macao, completed in 2007, was Cotai’s first property. In subsequent years, a Four Seasons-branded hotel went online, followed by Sands Cotai Central — a collection of hotel towers with casinos branded by Conrad, Holiday Inn, Sheraton and St. Regis, in 2012.

The Parisian is the last property on Adelson’s Macau agenda, but he said he’d gladly build more if he got the government’s permission.

Adelson also pointed out at the news conference that all of Sands’ Cotai properties are connected, making it possible for guests to visit any retail outlet, casino or show without going out into the oppressive heat or the pounding rain.

“This is the only place in the world … that you can go, under one roof, to 13,000 rooms and suites, more than 900 retail shops, 2½ million square feet of MICE (meetings, incentives, conferencing and exhibitions) space and countless restaurants,” Adelson said.

In the long term, Macau holds strong appeal, as operators are increasingly generating revenue from retail, hotels and mass-market gaming, said David Williamson, head of AM Capital in Hong Kong.

“We estimate this stage to last till 2030. After 2030, we expect the industry to enter maturity stage, which will be characterized by a steady but low-growth and high-dividend payout,” Williamson said.

Monthly gambling revenues grew in Macau for the first time in over two years in August, inching up 1 percent, amid signs that wealthy gamblers are starting to return and operators are learning to make money from mass-market visitors.

“We conclude that Macau is now at the start of a mass-led GGR (gross gaming revenue) recovery. Importantly, both base mass and premium mass are growing again,” said Karen Tang, an analyst at Deutsche Bank in Hong Kong.

The Parisian joins the connecting property at Four Seasons and shares the distinction of being the largest hotel in Macau, with 3,000 rooms. It was expected to open with 410 table games and 1,600 slot machines. The company was allowed to shift tables from some of its other properties because the government allowed only 100 new tables for the opening with 50 more approved for next year and beyond.

The Parisian also has a 1,200-seat theater where “Thriller Live,” a production show based on the music of Michael Jackson, will open Sept. 30.

One journalist asked Adelson whether he had made a campaign donation to Republican presidential nominee Donald Trump. Adelson said he didn’t want answer any political questions Tuesday, choosing instead to talk exclusively about the resort and Macau.

After the news conference ended, the crowd was ushered to the steamy outdoors for a 45-minute grand opening event that included video of Adelson’s commitment in 2005 to building the Cotai Strip. It included images of the waterway between two islands that had to be reclaimed before crews could build.

The event also included a ballet performance, the introduction of several government dignitaries from the Macau Special Administrative Region, acrobats, clowns, an appearance by Belgian pop singer Lara Fabian who sang a French love song, and a choreographed fireworks display.

Fireworks were unleashed from the rooftop of the Parisian, the 2,000-ton, half-scale Eiffel Tower and from one of the Sheraton towers at Cotai Central.

Las Vegas Sands operates The Venetian, Palazzo and the Sands Expo and Convention Center on the Las Vegas Strip.

Reuters contributed to this report.

The Review-Journal is owned by the family of Las Vegas Sands Corp. Chairman and CEO Sheldon Adelson.

Contact Richard N. Velotta at rvelotta@reviewjournal.com or 702-477-3893. Follow @RickVelotta on Twitter.

ad-high_impact_4
Business
The Venetian gondoliers sing Italian songs
Gondolier Marciano sings a the classic Italian song "Volare" as he leads guests through the canals of The Venetian in Las Vegas. (K.M. Cannon/Las Vegas Review-Journal)
Building In Logandale
Texas homebuilder D.R. Horton bought 43 lots in rural Logandale. (Eli Segall/Las Vegas Review-Journal)
Indoor farming in Southern Nevada
Experts discuss Nevada's indoor farming industry. (Bailey Schulz/Las Vegas Review-Journal)
Former Fontainebleau could have become a Waldorf Astoria
Months after developer Steve Witkoff bought the Fontainebleau last summer, he unveiled plans to turn the mothballed hotel into a Marriott-managed resort called The Drew. But if Richard “Boz” Bosworth’s plans didn’t fall through, the north Las Vegas Strip tower could have become a Waldorf Astoria with several floors of timeshare units. (Eli Segall/Las Vegas Review-Journal)
LVCVA CEO Rossi Ralenkotter announces plans to retire
Rossi Ralenkotter, CEO of the LVCVA, on Tuesday confirmed a Las Vegas Review-Journal report that he is preparing to retire. Richard N. Velotta/ Las Vegas Review-Journal
Cousins Maine Lobster to open inside 2 Las Vegas Smith’s stores
Cousins Maine Lobster food truck company will open inside Las Vegas’ two newest Smith’s at Skye Canyon Park Drive and U.S. Highway 95, and at Warm Springs Road and Durango Drive. Cousins currently sells outside some Las Vegas Smith’s stores and at Fremont Street and Las Vegas Boulevard. (K.M. Cannon/Las Vegas Review-Journal)
Las Vegas home prices to continue to rise, expert says
Lawrence Yun, chief economist at the National Association of Realtors, gives homebuyers a pulse on the Las Vegas housing market. (Eli Segall/Las Vegas Review-Journal)
NV Energy announces clean energy investment
The company is planning to add six solar projects in Nevada, along with the state's first major battery energy storage capacity. Bailey Schulz/Las Vegas Review-Journal
3 Mario Batali restaurants on Las Vegas Strip to close
Days after new sexual misconduct allegations were made against celebrity chef Mario Batali, his company announced Friday that it will close its three Las Vegas restaurants July 27. Employees of Carnevino Italian Steakhouse, B&B Ristorante and Otto Enoteca e Pizzeria, all located in The Venetian and Palazzo resorts, were informed of the decision Friday morning. Bastianich is scheduled to visit the restaurants Friday to speak to employees about the next two months of operation as well as how the company plans to help them transition to new positions.
Nevada has its first cybersecurity apprenticeship program
The Learning Center education company in Las Vegas has launched the first apprenticeship program for cybersecurity in Nevada. It was approved by the State Apprenticeship Council on May 15. (K.M. Cannon/Las Vegas Review-Journal)
Las Vegas union members voting to authorize the right to strike
Thousands of Las Vegas union members voting Tuesday morning to authorize the right to strike. A “yes” vote would give the union negotiating committee the power to call a strike anytime after June 1 at the resorts that fail to reach an agreement. (Todd Prince/Las Vegas Review-Journal)
Small businesses struggle to find qualified candidates
A 2018 survey found that over two-thirds of small businesses in Nevada find it somewhat to very difficult to recruit qualified candidates. Bailey Schulz/Las Vegas Review-Journal
Nevada secretary of state website offers little protection against fraudulent business filings
Property developer Andy Pham tells how control of his business was easily seized by another person using the secretary of state website.
Caesars may be going solo in its marijuana policy
Several Southern Nevada casino companies aren’t following Caesars Entertainment’s lead on marijuana testing.
How much is the Lucky Dragon worth?
Less than a year-and-a-half after it opened, the Lucky Dragon was in bankruptcy.
Gyms and discount stores take over empty retail spaces
Grocery stores used to draw people to shopping centers. But many large retail spaces have been vacant since 2008. Discount stores like goodwill and gyms like EOS Fitness are filling those empty spaces, and helping to draw shoppers back in. K.M. Cannon/Las Vegas Review-Journal
Funding source of Las Vegas stadium for the Raiders is sound, expert says
The stadium is funded in part by $750 million of room taxes, the biggest such tax subsidy ever for a professional sports stadium. Robert Lang, executive director of Brookings Mountain West and The Lincy Institute at UNLV, says that is a good use of public funds. (Richard Velotta/Las Vegas Review-Journal)
Las Vegas needs light rail, expert says
Robert Lang, executive director of Brookings Mountain West and the Lincy Institute said he is afraid of a "congestion mobility crisis." Las Vegas needs a light rail system, he said, to accommodate the city's growing number of attractions. (Richard Velotta/Las Vegas Review-Journal)
Three takeaways from Wynn Resorts' Earnings Call
Matt Maddox came out swinging in his first earnings conference call as Wynn Resorts chief executive officer, boasting of record Las Vegas quarterly revenues and applicants lining up for work.
Star Wars VR Comes to Las Vegas
Sneak peak at the new "Star Wars: Secrets of the Empire" VR experience at the Grand Canal Shoppes.
Elaine Wynn continues her fight to change Wynn Resorts board
Elaine Wynn, the largest shareholder of Wynn Resorts Ltd., is seeking to kick a friend of her ex-husband Steve Wynn off the company’s board of directors. (Todd Prince/Las Vegas Review-Journal)
Zillow is getting into house flipping in Las Vegas
Las Vegas Review-Journal real estate reporter Eli Segall says flipping houses has waned in popularity after the housing bubble burst.
Ellis Island Buys Mt. Charleston Lodge
Ellis Island, which operates a casino, brewery and hotel just off the Strip, purchased the Mt. Charleston Lodge in early April.
Casinos to be penalized for allowing drug-impaired customers to gamble
Nevada Gaming Commission Chairman Tony Alamo talks about an amendment making casinos subject to the same disciplinary standards of preventing people to gamble if impaired by drugs as they are for letting them play while intoxicated by alcohol.
Terrible Herbst to open large travel center in Southern Nevada
The 50,000-square-foot commercial travel center will include 96 fuel pumps and the third White Castle restaurant in Southern Nevada. Wade Tyler Millward reports.
Art Bell’s Top 10 Shows
A selection of radio host Art Bell’s most popular shows.
Hooters owner talks about room upgrades at his hotel-casino
George Ruff, founder and senior principal of Trinity Hotel Investors L.L.C., owner of Hooters Hotel and Casino in Las Vegas, talks about recent room upgrades at the hotel. K.M. Cannon/Las Vegas Review-Journal
Passengers Discuss Allegiant Air
Allegiant Air passengers voice their views on the airline at McCarran International Airport on April 16, 2018. (Bailey Schulz/Las Vegas Review-Journal)
Longtime Las Vegas attorney John Momot dies at age 74
Criminal defense attorney John Momot, who represented mob figures and even played himself in the movie “Casino,” has died.
Trump Slams Amazon for Not Paying Enough in Taxes
Trump Slams Amazon for Not Paying Enough in Taxes Trump tweeted his concerns about the company on Thursday. This isn't the first time Trump commented on the issues via Twitter. August 2017 December 2017 Amazon did hold back on paying state taxes in 1995, but the company has been routinely collecting state sales taxes since then. In 2016, the company's report from the Securities and Exchange Commission confirmed it paid $412 million in taxes.
TOP NEWS
News Headlines
Home Front Page Footer Listing
Circular
You May Like

You May Like