Las Vegas Sands unveils plans for The Parisian resort in Macau

Apparently, the gaming industry needs two Eiffel Towers.

Las Vegas Sands Corp. Chairman Sheldon Adelson said Thursday in Macau the company would build a scaled-down replica of the Eiffel Tower as part of a new $3 billion hotel-casino on the Cotai Strip region.

Adelson unveiled plans for The Parisian during the opening of a Sheraton hotel, which is part of the second phase of the company’s $4.4 billion Sands Cotai Central.

On the Strip, Caesars Entertainment Corp. owns Paris Las Vegas, which includes a 46-story version of the Eiffel Tower, roughly half the size of the 1,050-foot-tall original in Paris.

Paris Las Vegas is attached to Bally’s Las Vegas. It opened in 1999 and was built by Hilton Hotels and was developed by the late Arthur Goldberg.

Adelson said The Parisian would have 3,000 hotel rooms and feature a “50 percent scale-to-scale” replica of the French monument.

He told media in Macau his company’s version of the Eiffel Tower would be more realistic than the Strip version because the legs would be free-standing instead of passing through other buildings.

“I guess copying is the highest form of flattery,” said Jan Jones, senior vice president of communications and government relations for Caesars Entertainment.

During a news briefing in Macau, Las Vegas Sands President Michael Leven said the company would fund The Parisian with $1.5 billion in bank loans and $900 million to $1 billion in cash.

The hotel-casino would include family-oriented facilities to lure middle-class gamblers from China, the company said.

David G. Schwartz, director for Gaming Research at the University of Nevada, Las Vegas, said there wouldn’t be much confusion between the Strip and Macau because the Sands version of Paris will attempt to attract middle-class Mainland Chinese customers.

“Since the middle-class Chinese market will not likely visit the Strip, this may be the only Eiffel Tower they ever see,” Schwartz said.

Macau is the world’s largest gaming region, producing more than $33.5 billion in gaming revenue in 2011. China’s economy has slowed, but Adelson dismissed concerns that Macau’s boom days were over.

“We would not be expanding if we did not think there was a future here,” Adelson said during the briefing.

Hong Kong-based CLSA Ltd. forecast gambling revenue in Macau would jump to $100 billion by 2020.

“Growth within the mass-market segment, particularly on Cotai, has remained exceptionally strong,” said a research report from Citigroup’s Hong Kong office. “We continue to favor the mass-focused Cotai operators.”

SJM Holdings and MGM Resorts International are awaiting approval from the Macau government to build hotel-casino projects on the Cotai Strip. Earlier this year, Wynn Resorts Ltd. was approved to build a $4 billion hotel-casino complex on the Cotai Strip.

A new rail line linking Macau to the Guangzhou region and relaxation of visa requirements will help drive up revenue, especially for resorts that target middle-class gamblers instead of the high-rollers, where demand growth has decelerated, said analysts at Citigroup.

Completion of the Cotai Central development would give Las Vegas Sands almost 9,000 hotel rooms in the region. The Sheraton has almost 4,000 hotel rooms, joining the much smaller Holiday Inn and Conrad properties. A 400-room St. Regis hotel is under construction. The hotels are connected by casinos, retail, restaurants and convention and meeting space.

In addition to Sands Cotai Central, the company operates the Sands Macau, the Venetian Macau and the Four Seasons Macau.

Macau is the only place in China where casino gambling is legal.

Las Vegas Sands is exploring gaming expansion opportunities in Europe, Japan, Korea and Vietnam. Adelson said he would also invest in Taiwan if the government legalizes casino gambling.

Earlier this month, Las Vegas Sands officials said they chose Madrid as the preferred location for a $22 billion integrated gaming and resort development, dubbed EuroVegas.

Contact reporter Howard Stutz at or 702-477-3871. Follow @howardstutz on Twitter.

UNLV Tech Park innovation building breaks ground
Construction on the first innovation building at the UNLV Tech Park is underway. (Bailey Schulz/Las Vegas Review-Journal)
Caesars Forum Meeting Center
Caesars broke ground Monday on its $375 million Caesars Forum Meeting Center (convention center) just east of the High Roller observation wheel. (Caesars Entertainment)
Technology reshapes the pawn shop industry
Devin Battersby attaches a black-colored device to the back of her iPhone and snaps several of the inside and outside of a Louis Vuitton wallet. The device, installed with artificial intelligence capabilities, analyzes the images using a patented microscopic technology. Within a few minutes, Battersby receives an answer on her app. The designer item is authentic.
Recreational marijuana has been legal in Nevada for one year
Exhale Nevada CEO Pete Findley talks about the one year anniversary of the legalization of recreational marijuana in Nevada. (K.M. Cannon/Las Vegas Review-Journal)
Young adults aren't saving for retirement
Financial advisors talk about saving trends among young adults. (Bailey Schulz/Las Vegas Review-Journal)
President Trump’s tariffs could raise costs for real estate developers, analysts say
President Donald Trump made his fortune in real estate, but by slapping tariffs on imports from close allies, developers in Las Vegas and other cities could get hit hard.
Las Vegas business and tariffs
Barry Yost, co-owner of Precision Tube Laser, LLC, places a metal pipe into the TruLaser Tube 5000 laser cutting machine on Wednesday, June 20, 2018, in Las Vegas. Bizuayehu Tesfaye/Las Vegas Review-Journal @bizutesfaye
Nevada Film Office Connects Businesses To Producers
The director of the Nevada Film Office discusses its revamped locations database and how it will affect local businesses. (Bailey Schulz/Las Vegas Review-Journal)
Opendoor isn't the typical house flipping company
Unlike most house flippers, the company aims to make money from transaction costs rather than from selling homes for more than their purchase price.
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)
News Headlines
Add Event
Home Front Page Footer Listing
You May Like

You May Like