More than a decade after Sands China opened its first Macau property, the company opened a new casino – the Parisian Macau – on Tuesday. Sands China, owned by Las-Vegas based magnate Sheldon Adelson, currently operates five properties in Macau.
The Parisian Macau was a $2.9 billion project and boasts a 3,000-room hotel, five signature restaurants, 150 table games, 2,500 slot machines, a water park, a theatre, and a half-scale Eiffel Tower – the biggest replica in the world.
A number of special promotions are running for the resort’s opening, including a “Parisian Loves Locals” promo for the next two weeks that includes 25-percent off restaurants, 30-percent of room rates, and discounts on the Thriller Live Show – all an attempt to combat the slipping Macau gambling market.
The opening of this new mega-resort comes as the Macau poker slump is finally looking up. In August, casino revenues rose 1.1-percent after 26 consecutive months of declining growth.
According to Bloomberg, recreational gamblers and tourists prefer Sands China to other competing casinos with about 30-percent of gaming win from that type of player.
“I see The Parisian performing within expectations, i.e. along with what the current market is doing. I don’t see the project driving substantial new visitation to Macau beyond a potential short-term rise of about ten-percent in gross tourist visitor numbers to Macau,” Global Market Advisors’ chief strategist, Jonathan Galaviz, told CNBC.
The Parisian Macau’s opening follows the opening of Wynn Palace (a $4 billion casino that opened in August) and precedes the expected $3 billion MGM opening next year.
Featured photo credit: Sands China
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