A new major casino is planned for Macau. The other casinos in Macau, operated by Las Vegas Sands Corp, MGM Mirage Inc and Wynn Resorts Ltd. will be joined by a new casino courtesy of Virgin Group Ltd., which has finalized arrangements for a $3 billion casino resort.
According to the Financial Times, Sir Richard Branson, a British entrepreneur and the owner of Virgin Group, met with Macau Chief Executive Edmund Ho on Wednesday to close a deal for the $3 billion entertainment resort, which will include three hotels and a casino. Virgin is close to securing a 20-hectare site for the casino.
Branson will probably fund the project with a mix of Virgin equity and debt financing from international banks. Virgin aims to target the 20-34 age group and expects to recoup its upfront costs within 18 months of opening. The casino is scheduled for a 2010 opening.
Macau recently exceeded Las Vegas as the world's gambling capital in terms of profit, with some analysts predicting its gambling market could more than double to $14 billion in revenue by 2010.
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