Wynn-Adelson Vegas rivalry ended in Macau

Las Vegas Sands founder Sheldon Adelson and wife Dr Miriam Adelson (center) at the April 2012 opening of Sands Cotai Central in Macau, with then Macau Chief Executive Fernando Chui Sai-on (left) and then Las Vegas Sands president and chief operating officer Michael Leven.

Las Vegas visionaries Sheldon Adelson and Steve Wynn took separate routes to revolutionizing the Strip while ragging on each other. When their paths brought them to Macau, the Adelson -Wynn rivalry was expected to continue. Instead it fizzled, amid their radically different approaches to the great gaming opportunity of their lifetimes.

Former US diplomat and broadcast news producer Muhammad Cohen is Asia editor at large at ICE365, a contributor to Forbes, columnist for Asia Times and author of Hong Kong On Air, a novel set in his adopted hometown during the 1997 handover about TV news, love, betrayal, high finance, and cheap lingerie. See his bio, online archive and more at www.muhammadcohen.com; follow him on Facebook, Twitter @MuhammadCohen and LinkedIn.

Mohegan Gaming takes the long view

From its Connecticut base, Mohegan Gaming has expanded to Las Vegas and Korea. (Photo credit: Mohegan Gaming & Entertainment)

In its first quarter century, Native American casino operator Mohegan Gaming and Entertainment has expanded from its Connecticut base to Las Vegas and Asia. In an exclusive interview, MGE president and CEO Ray Pineault, the second Tribe member to lead its gaming arm, talks about those milestones and the Mohegan vision that looks 13 generations ahead.

Former US diplomat and broadcast news producer Muhammad Cohen is a columnist for ICE 365, a contributor to Forbes,columnist/correspondent for Asia Times, and author of Hong Kong On Air, a novel set in his adopted hometown during the 1997 handover about television news, love, betrayal, high finance, and cheap lingerie. See his bio, online archive and more at www.muhammadcohen.com; follow him on Facebook and Twitter @MuhammadCohen.

Genting brings Asian know-how to Vegas

Malaysian gaming giant Genting extends its global reach with Resorts World Las Vegas, combining Asian themes with Strip tradition. The $4.3 billion integrated resort, on the site of the legendary Stardust Hotel and putative Echelon project, is due to open next year.

Totally globalized native New Yorker and former broadcast news producer Muhammad Cohen is a editor at large for Inside Asian Gaming, contributor to Forbes, columnist/correspondent for Asia Times, and author of Hong Kong On Air, a novel set in his adopted hometown during the 1997 handover about television news, love, betrayal, high finance, and cheap lingerie. See his bio, online archive and more at www.muhammadcohen.com; follow him on Facebook and Twitter @MuhammadCohen.

New Vegas casino targets Asian Americans

From Chinese landscape murals in guestrooms to the tea sommelier, Lucky Dragon targets Asia American customers in the Las Vegas Strip’s first new casino since 2010.

Totally globalized native New Yorker and former broadcast news producer Muhammad Cohen is a blogger for Forbes, editor at large for Inside Asian Gaming and author of Hong Kong On Air, a novel set in his adopted hometown during the 1997 handover about television news, love, betrayal, high finance, and cheap lingerie. See his bio, online archive and more at www.muhammadcohen.com; follow him on Facebook and Twitter @MuhammadCohen.

James Packer’s Crown hedges Macau bet

With billions on the table in Sydney and Las Vegas, Australia casino leader Crown Resorts sells down its interest in Melco Crown, the NASDAQ listed vehicle running casinos in Macau and Manila.

Totally globalized native New Yorker and former broadcast news producer Muhammad Cohen is a blogger for Forbes, editor at large for Inside Asian Gaming and author of Hong Kong On Air, a novel set in his adopted hometown during the 1997 handover about television news, love, betrayal, high finance, and cheap lingerie. See his bio, online archive and more at www.muhammadcohen.com; follow him on Facebook and Twitter @MuhammadCohen.

Atlantic City: Macau’s past or Macau’s future?

Atlantic City came out of nowhere to top Las Vegas as the global leader in gaming revenue in the 1980s and ‘90s. Now, the New Jersey shore Queen of Resorts is shriveling, with four of its 12 casinos shuttered and a fifth due to close next month. Current global gaming leader Macau shares some troubling traits with Atlantic City and needs changes to avoid a similar fate.

Totally globalized native New Yorker and former broadcast news producer Muhammad Cohen is a blogger for Forbes and author of Hong Kong On Air, a novel set in his adopted hometown during the 1997 handover about television news, love, betrayal, high finance, and cheap lingerie. See his bio, online archive and more at www.muhammadcohen.com; follow him on Facebook and Twitter @MuhammadCohen.

Money from Asia fuels Las Vegas rebound

From betting on baccarat to backing resort projects, Asian money is leading the revival in Las Vegas. Top gaming consultant Steve Gallaway, a partner at Global Market Advisors, and author of Chopsticks and Gambling Desmond Lam give their views on Asia’s influence on Las Vegas.

Totally globalized native New Yorker and former broadcast news producer Muhammad Cohen is a blogger for Forbes and author of Hong Kong On Air, a novel set in his adopted hometown during the 1997 handover about television news, love, betrayal, high finance, and cheap lingerie. See his bio, online archive and more at www.muhammadcohen.com; follow him on Facebook and Twitter @MuhammadCohen.

Diversification with Macau characteristics

The Wynn Resorts quarterly earnings announcement released this week underlines a key difference between Las Vegas and Macau. It’s a difference that Macau casinos need to address, particularly because Beijing says so.

Net revenue for Wynn’s Las Vegas operations in the second quarter totaled $390.8 million. Casino net revenues were $158.3 million, meaning non-casino revenues – from rooms, food and beverage, retail and entertainment – represented $232.5 million, or 59 percent of total revenues.

(During the earnings conference call, Wynn Resorts founder Steve Wynn trashed President Obama. Wynn’s personal attack extended an emerging tradition for the billionaire mogul.)

In Macau, Wynn registered net revenue of $976.5 million. Gross non-gaming revenue totaled $94.6 million, or less than 10 percent of the total. That figure must rise, Chinese central government officials urge, and Macau’s government has made diversification a priority.

Don’t expect Macau to mimic the Las Vegas patterns for non-gaming revenue. Instead, look for diversification with Macau characteristics. What works in Vegas overwhelmingly hasn’t worked in Macau and may never succeed. My Asia Times article examines reasons behind those differences. Beijing will need patience to see significant changes in Macau’s non-gaming revenue percentage.

Totally globalized native New Yorker and former broadcast news producer Muhammad Cohen is author of Hong Kong On Air, a novel set in his adopted hometown during the 1997 handover about television news, love, betrayal, financial crisis, and cheap lingerie. See his biography, online archive and more at www.muhammadcohen.com.