AUSTRALIA: Packer's new $3billion Casino in Macau is open for business, but can it possibly work in today's economic climate? Unsurprisingly Packer thinks 'yes'...
There are all sots of gimmicks and marketing ploys in place to try and attract the sort of wealthy Asian gamblers the 'City of Dreams' Casino will need to succeed. The still highly popular 'Hard Rock Cafe' has a themed casino within the huge building and unlike in Australia the chain is still very popular in Asia - this is currently fully operational, however, the final touched are still being added to the majority of the 'City of Dreams' building.
To give you an idea of the scale of the project - there 1350 pokie machines and well over 500 game tables. There will also be a huge hard rock cafe hotel built into the development.
In The Sydney Morning Herald carried some interesting quotes regarding the casinos full opening in a month, Packer's chairman of the project, Lawrence Ho said (in the understatement of the year) we know the pressure is on us'... With the World in its greatest recession for 60 years, Mr. Ho was right on the money.
Packer's Crown operation (same operation that runs the Melbourne's Crown Casino) will have to take out a further $400 million debt to bolster the $1.75 billion they had already borrowed for the project.
Let's hope this rather ill timed project doesn't have an affect on any of Packer's Aussie based operations...