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05

Melco Crown to Open $3.2 Billion Macau Casino Amid Slump

By Tony Seruga

Melco Crown Entertainment Ltd. plans to open a $3.2 billion casino in Macau on Oct. 27, joining in a competition to lure Chinese tourists amid an industry downturn that has seen high rollers vanishing.

Melco, controlled by billionaires Lawrence Ho and James Packer, and other Macau gambling houses are spending $27 billion to build new resorts and tourist attractions to woo holidaymakers as China’s slowing economy and graft crackdown keep high rollers at bay. That has led to a 14-month downturn.

“Macau is going through a transitional phase from a very VIP gaming centric market to more mass focused,” Ho, co-chairman of Melco Crown, said in an interview in Macau. “It’s probably going to be a rough second half. Hopefully with Studio City opening it would be a new catalyst for the market.”…

Melco Crown to Open $3.2 Billion Macau Casino Amid Slump

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