Melco opens $3.2 billion casino with bet on Batman to revive fortunes
By Farah Master
MACAU (Reuters) - Batman and Wonder Woman are just some of the superheroes casino operator Melco Crown Entertainment Ltd is deploying at its new $3.2 billion casino in Macau, which opened on Tuesday in the midst of a sharp downturn for the Asian gambling playground.
Mariah Carey headlined a star-studded opening ceremony for the Hollywood-themed Studio City resort, Melco Crown's third in the southern Chinese territory, the only place in the country where casino gambling is legal.
The opening ceremony was attended by top Macau government officials, including Chief Executive Fernando Chui and representatives from China's liaison office in the enclave.
It featured acts including acrobatic and jazz performances as well as a screening of The Audition, a multimillion-dollar advertorial for Melco, produced by Martin Scorsese and starring Leonardo Dicaprio and Robert De Niro.
Studio City represents a break from the other 37 casinos operating in Macau. It has no VIP baccarat lounges and will focus instead on mass-market casual gamblers, in a sign of the times for the world's largest gambling hub.
Macau's gaming revenues have slumped to around four-year lows as China's economic growth has slowed and corruption crackdown deter high-rollers. Studio City brings a new element to the city in terms of non-gaming amenities, but analysts say its opening will not change the industry's gloomy outlook.
"Until the macro situation is resolved, it is unlikely that new property openings no matter from which operator will add significantly to industry revenues," said Michael Ting, analyst at CIMB Securities in Hong Kong.
Studio City is the second resort to open in Macau this year after Galaxy Entertainment Group opened its Broadway casino and resort extension in May. Continued...