Sheldon Adelson is desperate to get into South Korea. He doesn’t need to articulate it: Las Vegas Sands‘ actions say as much. The company has vowed to do “whatever it takes” to penetrate 
the market. “Anything” includes raising the prospective investment from $2.4 billion to at least $10 billion. That’s almost double what Adelson spent building Marina Bay Sands in Singapore, a country with fewer restrictions on who can gamble and where. He’d also face more competitors in the megaresort market, whereas in Singapore he has only the (largely vanquished) Resorts World Sentosa to worry about. Marina Bay Sands CEO George Tanasijevich said the proposed investment could push past the $10 billion mark depending on “how many buildings we are allowed to build and how many locations we are allowed to build in.” He also identified South Korea as Sands’ number-one priority, meaning that Adelson has temporarily despaired — haven’t we all? — of any imminent breakthrough in Japan. The huge financial commitment Adelson is promising the Koreans represents the biggest gamble of his career, especially since South Korean nationals are barred from all but one of the country’s casino resorts, a situation that will not change until sometime in the next decade. So Adelson is either suicidal or crazy like the fox. His track record would seem to indicate the latter.
* China‘s government has promised help to Macao‘s casinos and delivered bupkes to date. However, when discussing the enclave’s gaming woes, it’s easy to forget that only 49 Chinese cities enjoy permission for their citizens to visit Macao. That leaves 80% of the Chinese market untapped. (Would Americans ever tolerate such restriction on their 
movements?) The Beijing government has talked vaguely of “optimisation and adjustment” of the Individual Visa Scheme. Brokerage Sanford C. Bernstein Ltd. endorses widening the IVS and increasing its frequency as a quick fix to Macao’s malaise. (The government also called for making Macao a “world centre of tourism and leisure,” which implies a de-emphasis on gambling as a tourist attraction.) IVS-enabled tourists are desirable, in the words of GGRAsia, “because the spending power of IVS visitors to Macau is thought generally to be higher than that of mainland Chinese visitors arriving on package tours.” They are also believed to gamble more.
The inaction in Beijing has not passed the notice of Stern Agee CRT analyst David Bain, who wrote, “We believe investors may be overly enthusiastic about recent mainland 
policy statements in support of Macau.” His counterparts at Telsey Advisory Group projected an 18% revenue decline for Macanese casinos this year but added, “Our discussions with company management teams suggest that there is some actual improvement in mass play, which is a positive dynamic, given the higher profitability of mass versus VIP and the need for mass market growth to support new Cotai projects in the future.” Said a quartet of Nomura analysts, “the mass gaming segment … has been slowing of late, which supports our view that Macau is about to see a moderate recovery but not a ‘V-shape’ rebound.” In other words, patience remains the watchword where Macao is concerned.
* PokerStars‘ operation of poker and casino games in New Jersey is officially a ‘go’ after a soft opening. Considering that PokerStars represents 70% of the global market for online poker, this could be a real (pardon the pun) game changer for host Resorts Atlantic City. In addition to its namesake game, PokerStars will be offering cyber versions of slots, blackjack, baccarat and roulette. “Working with our partner, Resorts Casino Hotel, we look forward to providing the most exciting, innovative and secure gaming experience to New Jersey,” said Daniel Baazov, CEO of Amaya, PokerStars’ parent company.
