A proposed collaboration between Britain's Virgin group and Australia's Tabcorp to open a casino in Macau has collapsed.
Richard Branson, head of Virgin group, was interested in joining Tabcorp on the $3 billion casino project after he visited Macau last month along with his Tabcorp counterpart, Matthew Slater.
The casino is to be built on the Cotai Strip, a plush new gambling area being built in Macau, which will complete its transformation into the new gambling capital of the world.
Macau's few casinos already generate more revenue than their counterparts on Las Vegas' famous strip - almost $7 billion in 2006.
Virgin wants to cash in on a loophole that allows foreign operators to run casinos without a license in Macau and Branson is now looking for new partners for the project.
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