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Adelson Reveals Macau Plans22 July 2003MACAU, China – As reported by the Associated Press: “A Las Vegas casino operator unveiled plans Tuesday for a $5 billion to $10 billion project to turn a strip of reclaimed land in Macau into a huge resort patterned after its flagship Venetian property. “Las Vegas Sands Inc. is one of two new casino operators who will compete with Hong Kong tycoon Stanley Ho, who had held a four-decade monopoly on gambling in the former Portugese colony returned to China in 1999. “The resort imitating the Italian city of Venice will be on reclaimed land between Macau's islands of Taipa and Coloane. “…Sheldon Adelson, company chairman, promised to bring Macau the `glamor and excitement of The Venetian Las Vegas, with the beauty of the baroque Venice’ as he targets gamblers from throughout the Asia-Pacific region. “The initial phase of the development will focus on a mega-resort, The Venetian Macau, which is expected to be built in about three and a half years, the company said. “…It will have 1,500 suites, a casino, spa, theaters and shopping mall, said Peter Barge, chief executive of Jones Lang LaSalle, the project's real estate adviser. “In an attempt to get a quicker share of the gaming market, the company is building a smaller casino, Las Vegas Sands, on Macau's main peninsula - scheduled to open early next year…” |