By hlee
What’s Up With Macau?
Last week, Macau announced that only those prospective casinos that have already had construction plans approved would be developed to fruition in the Special Administrative Region of China. It was a clear sign that Macau was actively governing limiting the development of casinos there.
Now, Macau Chief Executive Fernando Chui may reclaim land once promised to casino operators, and use those sites for other development purposes, such as small residential developments for the middle to lower-end market. In a statement to the media, Chui said that the government would follow all legal process to reclaim land that’s not being developed. Chui’s been at his post for only three months – replacing Edmund Ho in December – but he’s already shaking things up big time.
Not necessarily stellar news for four of Nevada’s premiere casino companies – Wynn Resorts Ltd., MGM Mirage, Harrah’s Entertainment, Las Vegas Sands Corp. – each of which had casino plans in predevelopment.
Is it political posturing? Only time will tell.
Published 1 day, 2 hours ago
