Macau, China, 2 June – Melco/PBL Monday in Macau launched it hotel and gaming complex named City of Dreams.
At an investment of US$2.4 billion, the City of Dreams, located at the entry to the area of reclaimed land between the islands of Taipa and Coloane so far includes three hotel units – Crown, Hyatt and Hard Rock – stores, restaurants, entertainment areas with multimedia facilities and a casino with 520 gaming tables and 1,350 slot machines.
Macau, which since Monday has a total of 32 casinos, currently generates more gaming and gambling revenues than Las Vegas and Atlantic City combined, after ending 2008 with revenue of 109.826 billion patacas (around US$13.728 billion) and 26.052 billion patacas (US$3.256 billion) in the first three months of 2009
Located in front of rival hotel and gambling complex, The Venetian, owned by Las Vegas Sands in Macau, City of Dreams is a project of the consortium headed up by Lawrence Ho, son of Macau gaming magnate Stanley Ho and Australian millionaire James Packer.
Macau is the only Chinese city in which gambling is legal. (macauhub)