Behind every billionaire there is a story!

US rivals bring Las Vegas battles to Chinese territory

Sheldon Adelson looked like a genius when he recouped the $265m he spent to build the Sands Macao casino within a year of its May 2004 opening. After a crowd of thousands literally broke down the casino’s doors on opening day, Mr Adelson laughed all the way to the bank, transforming the Sands Macao’s explosive early returns into a blockbuster initial public offering of Las Vegas Sands that vaulted him overnight into the top ranks of US billionaires.

Given a history of rivalry in Las Vegas between Mr Adelson and casino developer Steve Wynn, the Sands Macao’s success sparked a new competition.

Last year, six months before opening the $704m initial phase of the Wynn Macau casino hotel, Mr Wynn reached a deal to sell subconcession casino operating rights for $900m to a joint venture between James Packer’s Publishing and Broadcasting of Australia and Melco International Development of Hong Kong.

Mr Wynn had yet to take his first bet in Macao and was already up almost $200m. Mr Adelson had no rights to sell as he was already operating under a subconcession from his former local partner.

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