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US mogul's $2.4bn Macao gamble

The American billionaire chairman of the Las Vegas Sands Corporation is opening a casino today in Macao.

Sheldon Adelson's newest casino resort, which has reputedly cost him $2.4 billion, is situated in the largest building in Asia and the second largest in the world.

As well as housing the world's biggest casino, the Venetian Macao resort includes restaurants, hundred of famous retail names, 1.2 million sq ft of conference space and a sports arena.

"The Venetian is the first big step in making Macau change from a day trip destination focused essentially on the Hong Kong and Guangdong province markets into a multifaceted and international destination for several days," said Las Vegas Sands president William Weidner, as reported by MacauHub.com.

This is the second Macao venture for Las Vegas Sands, which opened its first resort there in May 2004.

Earlier this year, Playboy Enterprises announced it intended to cash in on Macao's reputation as gambling paradise by building a replica of the Playboy Mansion on the former Portuguese colony.