August 23, 2005

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Ho Sends You Swimming with the Fishes

An article I read today in that scurrilous Malasian rag, The Star Online, reminded me of the massive changes occurring on the Macau gambling scene. Stanley Ho is investing, among other things, in a US$1 billion casino that will allow gamblers to look at aquatic life as they throw their money away on the roulette wheels (I believe the Ho casinos generally have 0 and 00 as well, stacking the odds very favorably towards the house). Like the fish, the Hos hope that the gamblers are constantly in motion, 24 hours a day, shielded (as always) completely from the passage of time outside.

The article points out two major trends: 1) the US$15 billion or so being invested in new casinos in Macau are going to target the mass market segment; and 2) the casinos, as Vegas did 15 years ago, are starting to target a more family-oriented audience.

On point 1, it is fascinating that not only was turnover for Macau's casinos greater than that for Las Vegas last year, but that only 20% of its US$5.1 billion came from people that bet US$15 or less. In fact, until Sands opened, no casino even offered table space for such small bets. The VIP market, which consisted of gamblers that bet more than US$1 million per visit, actually made up over 70% of the entire market. But the billions being spent to create a mass-market audience could mean that 50% are small bet gamblers by 2010.

On point 2, I certainly hope that is the case, although I am not sure how that will play out in relation to point 1...we shall see.

posted by HK Dave on 08.23.05 at 09:29 AM in the




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