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Gambling Firms Bet on China

Visitors to the Venetian Resort Hotel Casino in Las Vegas this past week were greeted by a prophetic sight: a massive banner with Chinese characters wrapped around the faux bell tower of the structure, which is built to look like the Doges Palace in Venice.

The banner, put up in honour of the Chinese New Year, is emblematic of far more than the annual celebration. It is an overt cross-marketing gesture by the Venetian’s management Las Vegas Sands designed to reach out to the global gambling industry’s fastest-growing customer segment: Chinese gamblers.

The China Center for Lottery Studies at Beijing University estimates that about 600 billion yuan (S$118.8 billion) in gambling money flows out of the country every year.

The Chinese government, looking to retain as much of that money as it can, deregulated its gambling industry in 2001.

The move opened the gates to foreign operators, including Sands, that have pined for the opportunity to set up shop in Macau, a gambling enclave that for 40 years was controlled by a single casino operator, Stanley Ho.

Read the entire article at: The Business Times 

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