Wynn takes on China: Opens Macau casino, plans another resort in Cotai

Steve Wynn is no stranger to a challenge. The billionaire’s Wynn and Encore at Wynn in Las Vegas have shown strength against the decaying economy over the past few years, and now Wynn is placing his bets overseas. Wynn opened his latest hotel and casino in Macau on Wednesday, and at the same time announced plans to build another resort in Cotai starting next year.

At a press conference in Macau, Wynn described the new $600 million Encore hotel and casino as a “boutique hotel” meant to cater to high rollers. The casino is relatively small by Macau standards with only 400 suites, four 7,000-foot villas and 61 gambling tables. However, the new resort has already been referred to as the “the ritziest hotel in China” and according to reporters in Macau, the rooms raise the bar for China’s luxury tourism market.

The Washington Post reports the new resort would feature less than 2,000 rooms, and offer gaming tables, restaurants, shopping and meeting rooms sprawled out across 50 acres of gardens and landscape. Wynn said the luxury hotel and casino complex should be completed before the end of 2013 and feature about 450 gambling tables.

“What makes people happy and what don’t they get in China? …. What you don’t get in China is space, and the heart of a resort is space – gardens, places to gambol, not gamble,” Wynn said in an interview in Macau. “I know what I want to do on the 51 acres, not build four hotels or six hotels or any of that foolishness,” he said to the press. “I am going to build one hotel of modest size with gardens and extended space wherever you are.”

Wynn’s timing, as usual, is spot on. Macau is one of the world’s most lucrative casino markets and was one of the first places to bounce back from the global recession. So lucrative, in fact, that Wynn told CNBC he is considering moving his company headquarters from Las Vegas to Macau. Wynn Resorts reportedly gets about 60 percent of its revenue from operations in Macau.

[via Washington Post]

Opposition growing to Gettysburg casino

The fight for the future of Gettysburg National Military Park is heating up once again. Four years ago, the local community and thousands of history buffs stopped plans to construct a casino on the outskirts of town, and now a new attempt to build a casino is starting the battle once again.

David LeVan, who is behind the casino project, says it will bring much-needed jobs to the area, which despite getting more than a million visitors a year has a spiraling unemployment rate. Opponents say it’s disrespectful to the sanctity of the historic site and that casinos are “predatory” businesses that rarely deliver the economic boom they promise. The anti-casino group has set up a website and an online petition.

The Evening Sun, a regional paper, conducted a poll and found the majority of residents approve of the casino, but the poll was widely criticized by casino opponents as biased, prompting an angry editorial defending the poll.

It’s difficult to see who will win, but in the meantime you might want to check out some of these lesser known battlefields, none of which have casinos. Yet.%Gallery-73514%

East of Africa: Sapphire of Ilakaka

After hours of driving through untouched landscape, a speck of civilization appears on the horizon. It’s a sizable town; modest in structure, but full of activity and commotion -even at a distance.

A patchwork of low-grade wooden structures stem from a single main road. Electrical wires criss cross each other in all directions, connecting small shanty homes with restaurants and makeshift offices with pre-fabricated Zain mobile phone shops.

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The main road is filled with pedestrians. A man with a turkey slung over his back fervently tries to make a sale with a local butcher. Several children pile onto a improvised sled, transporting an oil barrel that’s adorned with a hand painted message in English: “God is Good”. Next to them, three Chinese men in business suits carry large black briefcases into a shiny building that is marked as a gem brokerage.

It feels like we’ve rolled into a strange, Malagasy version of the Wild West, minus the cowboy boots and the saddled horses. This is Ilakaka, population: 30,000, and home to Madagascar’s booming sapphire trade.

As soon as we stop on the side of the road a few hawkers approach us. I try to explain in French that we’re not here to buy anything, but they insist that I come see their shop. Curiosity gets the best of me and I follow them to a small stall where a few men are clutching tiny plastic zipper bags filled with purple and blue stones.

There’s nothing elaborate about the presentation of the stones. They clear a bowl of meat for sale off of the table and empty the contents of the bags for me to inspect. An aging Indian man with a long beard sits behind a metal grille and counts out the prices for the stones. When it’s apparent that I’m really not going to buy anything, the bags get packed away as fast as they were dumped out.

I’m told that the Sri Lankans, Indians, and Thais control most of the gem market here, with a majority of the mining done by poor Malagasy father-son teams. They are lured by the dream of making over $10,000 USD in one find; truly a temping proposition in a country where two thirds of the population live on less than a dollar a day.

In the past eleven years, Ilakaka has been subject to an expansion that could be compared to California’s gold rush of the 1800’s. Sapphire deposits were discovered in 1998, when only 40 people inhabited the area. Now, 50% of the world’s sapphire comes from Madagascar, and Ilakaka is at the heart of the fever. The current official reports document 30,000 inhabitants, but locals insist that there are closer to 60,000 people in the town…a number that’s hard to track amidst high turnover in workers and unreported children belonging to working families.

Walking further down the road, I notice that the diversity for such a concentrated population is striking. Apparently, each of Madagascar’s 18 ethnic groups are represented in Ilakaka; and businessmen from all over the world come here to buy Malagasy gems. But because of the profitable nature of the business, violence has become prevalent in the rogue town.

The word on the street is that one of Osama bin Laden’s relatives was gunned down last year because of his visible success in sapphire trading. Another victim was shot in his hotel room only months ago while carrying a sapphire worth nearly $25,000. The local police claim to be attempting to control criminal activity, but low salaries and high bribes seem to be getting in the way of any tangible results.

But the violence doesn’t seem to be keeping anyone from coming to Ilakaka just yet. There are bars, brothels, and casinos…plenty of economic activity. But there are no established banks or sources of electricity from the national grid. Most of the shacks that the miners camp out in have no running water or sources of light; which on one hand, is good news for the ToughStuff sales team.

Within an hour, they’ve negotiated several deals and have even captured the interest of some of the wealthy gem brokers. They say that Ilakaka will be a good opportunity for trade and entrepreneurial expansion; undoubtedly a familiar sentiment in this dusty, lawless town.

Catch the previous articles in the East of Africa series!

CityCenter Las Vegas time lapse video


After more than three years of construction, and an estimated $8.5-billion budget, CityCenter — Las Vegas’s newest money pit — opened for business yesterday. Three years isn’t that long, really, when you consider the size of the Strip’s largest project to date. At nearly 17-million square feet spread across 76 acres, this city-within-a-city boasts thousands upon thousands of rooms spread across nearly a half-dozen hotels, multiple casinos, countless restaurants, entertainment and retail districts, residential condos, and the Strip’s first grocery store.

And now you can watch it all come together in the Las Vegas Sun’s timlepase video above. They make it seem so easy!

Five reasons to visit Monaco next year

Surrounded by France, except for a stretch along the Mediterranean, Monaco is a destination for the wealthy, as well as those with a penchant for auto racing or roulette. The only other ostensible reason to visit this tiny principality is curiosity — especially for Americans, it’s hard to believe that a plot of land that small could actually be its own country! Well, good things tend to come in small packages, and Monaco is no different. Monaco stands on its own, warranting a visit that’s more than an add-on to a vacation in France.

Need a reason? I have five for you, all at least a tad off-beat.

1. You can walk the entire country end-to-end
So, it’s not a journey worthy of a Jules Verne story, or for that matter, Michael Palin. But, it’s still pretty cool to brag that you’ve walked an entire country … in only one day. Monaco is only 0.76 square miles, so you’ll even be able to stop for lunch and a spin of the wheel at Casino de Monte-Carlo.

2. The Prince is everywhere
Every business establishment has a portrait of the country’s ruler, Prince Albert II, displayed prominently. It’s like experiencing a touch of North Korea in Europe: creepy but not scary.

3. The changing of the guard is … ummmm … unique
I had visions of Arlington National Cemetery while waiting for the changing of the guard in Monaco: proud, disciplined, military personnel flawlessly executing tightly scripted movements. Nope. Some were a tad tubby to bee soldiers. A few had trouble staying in step. Rifles were propped at varying angles, though fortunately all on right shoulders. It was comical. I offered to help, but Prince A. still hasn’t responded to my open letter.

4. You could be set for life
There’s always a shot that you could find fortune at the casinos. Win big, and you won’t have to worry about working again (hey, stretch out that vacation a bit!). Since the house always wins in the end, you’ll probably want to have a backup plan. I suggest love. Try to score a future as a mistress or boy-toy: Monaco is committed to equal opportunity. The hours are great, as is the compensation. But, the work can suck from time to time.

5. Nerds are welcomed desired
Actuaries and risk geeks should hit Monaco during the annual Rendez-Vous conference for the reinsurance industry. Even if you aren’t part of the official festivities, this event is one of the country’s biggest draws, beat only by the Grand Prix in terms of cash brought in. Everyone loves the risk crowd, so drop your slide rule, and get busy!

Oh, and you can do all the usual stuff, too. Tour the palace, hit the beach and try to sneak onto a rich guy’s yacht — it’s all in good fun. Just make sure you can outrun the local army if you try this last one. It’s not hard, though, and you’re never more than a few miles from the border.

[Photo by Salvatore.Freni via Flickr]