You are here: Home - Uncategorized -

Branson stakes his chips on Macau casino

0
Written by:
26/01/2007

UK businessman Richard Branson is reported to be close to finalising a deal to construct and run a £1.5bn casino in the southern China city of Macau, significantly extending the range of his Virgin empire across the globe.

The Virgin supremo said: “This venture will provide a family focus and world-class entertainment. The sector is growing, but existing resorts do not have enough greenery, swimming pools and all-round facilities for families.”

Regarding the venue he said: “It is a massive captive market, with 200 million people in the vicinity able to visit Macau. But a lot of people with families do not go.”

The Virgin Group is near to securing the land in Macau, but will need to negotiate a gaming licence or co-brand the project with one of the six gaming companies currently operating there.

However, there is a big incentive to move into the city as gambling revenues are forecast to more than double there to £7.1bn by 2010, the year that Branson hopes to open his doors.

Virgin will face extremely stiff competition from the likes of Las Vegas gambling kingpin Sheldon Adelson and Australia’s Jamie Packer. But Branson maintains Virgin has done its research and that his ‘gut feeling’ is that a Virgin casino would succeed in Macau.

Tagged:

Tag Box

Debt

Pension

Spending

Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

The essential Your Money guide to the April 2018 tax changes

As we head into the 2018/19 tax year, a number of key changes take place to existing policies while some new i...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

YourMoney.com Awards 2018

Now in their 21st year, our awards recognise the companies offering the best products and services to consumers

Money Tips of the Week

Read previous post:
Watchdog could insist on mortgage exit fee refunds

Watchdog the Financial Services Authority (FSA) has ordered mortgage lenders that charge high exit fees to cut them, with borrowers...

Close