City Of Dreams Casino Opens In Macau On Monday

James Packer thought he was going to have some stiff competition when it came to his new casino project in Macau. Several of the largest casino developers in the world had grand plans for new casinos in the area.

That was all before the global economy took a dive. Now, it is Packer and his City of Dreams casino that is the only project that will be completed in 2009. The casino opens officially on Monday after months of preparation.

"This is a huge risk to open a casino of this magnitude under the current economic conditions," said analyst Grant Grogan, "but, having said that, there is a chance this could become the premiere casino resort in Macau."

Melco Crown, the company that is jointly owned by Melco and Packer's Crown Limited, is the company producing the colossal casino. Although the risk involved is great, some analysts already believe that the casino will be a big success.

"Against the context of limited supply growth, improving market revenue trends, and City of Dream's scale and product, MPEL is arguably in the right place at the right time," said UBS analysts in a report.

This is the second attempt by Melco Crown to bring a successful casino to the city. Their first attempt, Crown Macau, did not meet expectations, and the company is hoping that City of reams does not follow a similar fate.

May 31, 2009
Posted By Terry Goodwin
Staff Editor, CasinoGamblingWeb.com
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