Parisian Macau Casino Resort Opens in Macau

About one month after Steve Wynn opened the $4.2 billion Wynn Palace in Macau, Sheldon Adelson has followed suit with his $2.7 billion casino resort called the Parisian, located on Macau’s Cotai Strip. Needless to say, last night’s official opening drew hundreds of journalists from all around the world, including mainland China, Taiwan, South Korea, Japan, India, and Australia.
The Parisian comes complete with 410 table games and 1,600 slots, as well as all the features expected of a lavish casino resort, including a hotel with 3,000 rooms, more than a hundred shops, and numerous restaurants. In addition to a water park, its central attraction is a replica of the Eiffel Tower which is just over half the size of the 300 metre original in France.
The Parisian is the fifth property developed by Sands China to open in Macau, with the LVS Chairman Sheldon Adelson having now invested more than $13 billion in the world’s biggest gambling hub. Other resorts owned by Sands China includes Sands Macao which opened in 2004, the Venetian (2007), the Plaza Macao (2008), and Sands Cotai Central (2012). Commenting on its newest resort, Adelson stated:
“The positioning of The Parisian Macau caters well to both the current Macao market conditions and the long-term growth trends in Chinese outbound tourism. The Parisian will be a themed premium destination where the aspirational appeal of its public spaces, attractions and amenities, combined with affordable hotel accommodation, will provide a complimentary offering to the all-suite hotel at The Venetian Macao.”
Adelson also expressed optimism that the Parisian will help to contribute to future growth in Macau’s casino market, which last month broke a 26 month losing streak after posting a slight 1.1% year-on-year growth. Some analysts are not so sure, though, especially with the two resorts opened in the last year having had only a minimal effect. As analyst Praveen Choudhary from Morgan Stanley explains:
“We believe it is much more difficult to ramp up a new property in a low growth environment, based on Studio City’s and Galaxy Macau Phase 2’s performances.”