Recreating Macau in the Image of Las Vegas
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The fact that current gaming revenue is already approaching that which
is produced in Las Vegas is especially impressive given the relatively few
casinos (17 in Macau vs. 83 in Las Vegas) and gaming tables currently in Macau
(Casino City Times). The revenue per table in Macau is about $18,000,
compared to about $2,500 in Las Vegas, according to Aaron Fischer, an analyst
at CLSA Asia-Pacific Markets (New York Times). With a dramatic increase in
the number of casinos and tables coming on-line in the near future, the gaming
market could grow from $9 billion to $12 billion in the next five years (Las
Vegas Sim).
The potential of Macau to surpass Las Vegas as the “Gambling Mecca
of the World’' does not seem unrealistic. Other than Australia and New Zealand,
it is the only place in Asia with legalized full-fledged gambling, and it sits
within a five-hour flight of 3 billion people—nearly half of the world’s
population. Las Vegas, by contrast, is the same distance from only 450 million
people (U.S. News and World Report).
More importantly, Macau is the only place in China where gambling is
legal, and the Chinese love to gamble. Traditionally, gambling is a major
element of Chinese popular culture, and the casino scene available in Macau
seems to be an especially enticing form of entertainment, since there are no
other legal alternatives. As China continues to develop, and more of its 1.3
billion people accumulate wealth, Macau will be an attractive and accessible
place to spend it. Sheldon Adelson, head of the Sands Corporation, is quoted in
a recent issue of Fortune as predicting that Macau’s Cotai Strip will become
Asia’s—and thus the world's—biggest gambling and entertainment mecca in
five years (Kirkland).
The recreation of Macau in the image of Las Vegas, along with its easy
accessibility for Asian gamblers, may also have consequences for the economy
of Las Vegas. Asian tourist gamblers have become an important source of
income for present-day Las Vegas. To remain competitive in retaining its
current flow of Asian gamblers, and to fap the vast new source of gaming
revenue among the growing number of Chinese with money to spend, may
require changes in the way Las Vegas casinos do things. Some changes are
already visible, including the greater availability of Asian card games like Pai
Gow, the expanding number of Asian restaurants, dressing up the town with
seasonal ornaments for the Lunar New Year celebration, and staging concerts
with pop stars from Asia. However, those changes are just window dressing that
delights the vacationers and casual gamblers. To attract more serious players
from Asia, Las Vegas may have to take more drastic measures and adopt some
of the casino rituals and practices now found in Macau: more room for baccarat
tables and greater tolerance for card-bending, card-throwing behaviors. It may
also have to change the rules of playing blackjack to allowr the hostile takeover,
just like in Macau. The bottom line for cultural globalization is that market
forces ultimately determine the direction and content of the flow between
cultures.