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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:
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,
entire article at:
The Business Times
2004 Online Casino News Archive