Las Vegas Sands
How Sheldon Adelson took a Las Vegas casino model to Macau and unlocked a fundamentally different market of wealthy Asian gamblers.
In two thousand and two, Macau opened its doors to foreign casino operators. Sheldon Adelson, who had built his fortune in Las Vegas, won a license to build there. Las Vegas depended on volume with low margins. Macau was fundamentally different. Wealthy Chinese businessmen played with different stakes. The minimum bet was five hundred dollars. A single gambler might wager a million dollars in one evening. Volume didn't matter anymore. Margin per hand was everything. The high-end gaming floors operated under entirely different economics. Adelson built the Venetian Macau for two point four billion dollars and it paid for itself in under three years.
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