Casino News

Casino shares up as Macao giant opens

2007-08-30 13:49:19

Shares of casino operators traded higher yesterday as Las Vegas Sands Corporation shares rallied after the opening of the Venetian Macao this week.

The new casino resort is the biggest in the world and cost $2.4 billion to build. It is situated in the largest building in Asia.

According to Forbes, shares of Las Vegas Sands added $1.65 to $99.26 in afternoon trading on Wednesday.

Casino president William Weidner said the casino is the "first big step" in turning Macao from a daytrip destination focused on the Hong Kong and Guangdong province markets into a "multifaceted and international destination".

As well as gaming rooms, the Venetian Macao resort includes hundred of famous retail outlets, 1.2 million sq ft of conference space, a sports arena and fine restaurants.

This is the second Macao venture for Las Vegas Sands, which opened its first resort on the former Portuguese colony in May 2004.