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Packer's Macau Casino Delays Opening

Saturday, October 18, 2008

MACAO -- As reported by the Sydney Morning Herald: "James Packer's Macau casino joint venture has been tipped to delay the opening of its $2.4 billion casino and hotel project by three monthsPBL has big plans for its City of Dreams in Macau.
PBL has big plans for its City of Dreams in Macau.
  amid a downturn in the world's largest casino market.

"The company is relying on the City of Dreams to win back some of the 10 per cent market share it has lost since April, and to climb back to its perch as the third most successful casino operator.

"A gaming analyst at Merrill Lynch, Daniel Renshaw, said in a note to clients yesterday that the 1400-room hotel and 500-table casino was likely to be unveiled on July 1, instead of at the beginning of April.

"...It does not want a repetition of of its experience with its first casino-hotel project in Macau, which opened in May last year without all its gambling rooms in operation.

"...City of Dreams has experienced cost blow-outs during construction and is facing difficult gaming conditions..."

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