Pursuits
Melco Crown to Open $3.2 Billion Macau Casino Amid Slump
(Bloomberg) -- Lawrence Ho, chief executive officer of Melco Crown Entertainment, talks about the slowdown in Macau and the company's new casino opening there in October. He spoke yesterday with Bloomberg Television's Yvonne Man. (Source: Bloomberg)
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Melco Crown Entertainment Ltd. plans to open a $3.2 billion casino in Macau on Oct. 27, joining in a competition to lure Chinese tourists amid an industry downturn that has seen high rollers vanishing.
Melco, controlled by billionaires Lawrence Ho and James Packer, and other Macau gambling houses are spending $27 billion to build new resorts and tourist attractions to woo holidaymakers as China’s slowing economy and graft crackdown keep high rollers at bay. That has led to a 14-month downturn.