Macao: Crossed fingers at Wynn; Confrontation at Melco

According to the Jornal Tribuna de Macau, by the end of the month, Wynn Resorts and the government of Macao “may sign” the long-awaited land tender upon which the fate of $2.7 billion Wynn Cotai rests. It “could be” a done deal by May Day — in which case I think Steve Wynn should brandish the hammer and sickle in celebration. All depends on the fickle whims of the Lands & Public Works Bureau, which moves in sluggish and unpredictable fashion. In the past, false alarms of this nature have emanated from within Wynn HQ, so the Jornal‘s report — citing a government source — deserves more credence than company announcements. Still, Wall Street is receiving the news with understandable caution. This wouldn’t be the first time Macao has toyed with Comrade Steve’s hopes, only to dash them cruelly within days.

At least Wynn is in far better odor than Melco Crown Entertainment co-chair Lawrence Ho, who got slapped down by the government this week. Last year, he (perhaps injudiciously) predicted that his takeover of Macau Studio City would include as many as 40o table games and 1,200 slots. Not so, says Secretary for Transport & Public Works Lau Si Io, who instructed Melco/Studio City to proceed sans casino. Kinda takes the fun out of the project … and kicks Ye Olde Profit Motive right in the caboose. Ho will have to grit his teeth, start construction — or will he? — and hope that City Hall changes its mind somewhere between now and project completion.

Getting less fanfare than the Wynn leak but of far greater significance are some by-your-leave remarks by lead Macanese casino regulator Manuel Joaquim de Neves. Looking back on a decade of free-market casino business in Macao, de Neves proclaimed it a success (to put it mildly) and said all six concessionaires were likely to have their licenses renewed. If you’ve got a casino in Macao, this should quell fears of eventual nationalization. However, if you don’t, de Neves says that it will be quite difficult for additional operators to be admitted into the market. Which is bad news for many and ought to be downright depressing for Caesars Entertainment, which blundered twice over: first, by not bidding for a concession when it had the chance, then by blowing $578 million on a golf course in 2007, on the blithe assumption that additional gaming concessions were soon to be forthcoming. This is as good a time to write off those links as any.

Showbiz scuttlebutt. Tonight, the Plaza Las Vegas officially opens its resident production of The Best Little Whorehouse in Texas. Judging by all the gloomy rumblings I heard from behind the scenes (last-minute contract hassles, minimal stage direction, etc.), I’m pleasantly surprised the show has staggered through previews. Now we’ll find out if Tamares Group has a viable competitor to the Smith Center‘s Broadway musicals or another Avant Garde on its hands. Unofficially, there are serious discussions to put Sirc Michaels‘ production of Evil Dead The Musical into the upstairs showroom. No one in authority will confirm anything for the record but everybody knows it’s in the works.

Phading Phantom. When I’m wrong, I say so and my crystal ball was badly cracked the day I predicted that Purple Reign would make a beeline from Hooters Casino Hotel to the Plaza. Not so! It plugged in its guitar at the opposite end of Fremont Street, at The D. (Incidentally, if you’re wondering who this Derek Stevens guy is who owns the former Fitzgeralds, then you’ll want to read Dr. David G. Schwartz‘s profile of the new Downtown mover and shaker.) Lastly, even with the National Association of Broadcasters in town, tickets for Phantom of the Opera have been slashed by 50% … and still weren’t selling as well as those for most any Cirque du Soleil show. Makes you wonder if Phantom will be able to eke out the last few months of its Venelazzo contract.