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Posted At : January 22, 2009 03:46 PM | Posted By : D McKee
Related Categories:
International,Sheldon Adelson,Macau,Stanley Ho,Politics,Singapore,Labor
That ostensibly grassroots movement to run Las Vegas Sands out of Macao looks suspicious-er and suspicious-er. So far Macau Residents has been fortunate to find journalists who are either downright gullible or at least credulous.
Any claim to be shocked -- shocked! -- by Sheldon Adelson's Singapore project, Marina Bay Sands, indicates either disingenuousness or remarkable incuriosity, seeing as how Marina Bay has been in train for nearly three years (longer, if you count the courtship process). Nor has Sands proposed to "abandon" its Cotai Strip™ projects but rather to indefinitely suspend them ... although if you're an unemployed Macanese or a expat construction worker, that's probably a distinction without a difference.
Saying that LVS "recovered its capital investment within the first year of operation of the Sands Casino in Macau" is true only insofar as it applies to Sands Macao. When it comes to Venetian Macao and everything else, Sands is nowhere near being out of the woods. (I've seen much worse business plans than rolling the proceeds from Casino A into the construction of Casino B, which in turn bankrolls Casino C, but I doubt this one will be emulated anytime soon.)
As for the contention, "there was no significant incremental foreign tourism as originally represented and no substantial increase in convention business," what's Chinese for "bullshit"? To cite but one of innumerable tourism metrics, Macanese officialdom recently announced that it was seeing double-digit increases in visitation from Great Britain. It may not be a stampede yet, but you've got to start somewhere. Nor are Venetian Macao's convention and meeting statistics anything at which to sneeze -- not even remotely.
Sheldon Adelson may have a remarkable facility for making enemies but that doesn't mean this isn't a put-up job. Irate guest workers might want to redirect some of their wrath toward Peking, which is conducting a purge of non-Macanese labor (and if there's one thing Communist China is exceptionally good at, by golly, it's purging).
Oh, where did Macau Residents stage its press conference? At the Grand Emperor Hotel. And who holds the Grand Emperor's casino concession?
Why, it's good old Stanley Ho, of course.
The plot thickens ...
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