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Despite problems caused for casino companies operating in Macau, which is located off of mainland China and is the only place in the country where gambling is allowed, Sheldon Adelson‘s Las Vegas Sands has been granted permission from the Chinese government to construct another hotel and casino called The Parisian, for $2.5 Billion
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Various sumptuary laws and a crackdown on gambling in China have sent shares of many casino companies like Wynn Resorts, which has strong exposure to Macau, tumbling. However, Las Vegas Sands CEO Sheldon Adelson obviously believes brighter times are ahead, and the Macau’s gambling industry will flourish once again, even as China’s President Xi Jinping said Macau needs to diversify beyond gambling.
Adelson issued a statement defending positive impact the gambling industry has made in Macau, “Our investment has provided tens of thousands of new jobs in areas such as retail, entertainment and hotel operations. We’ve enabled local companies and suppliers to grow their businesses, and we’ve helped the government expand its tax base and diversify its economy. The Parisian Macau is 100% consistent with that vision.”
While there is not a set date yet for opening, Mr. Adelson said the Parisian’s hotels would be open in November or December 2015 and the casinos are expected to open in March 2016.
