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Venetian Macau to impact on Hong Kong
MACAU – The opening yesterday of the US$2.4 billion Venetian Macau complex this week is expected to hurt Hong Kong’s tourism industry in the short term as the Venetian’s convention and exhibition facilities draw more business visitors to Macau.
“The opening of the Venetian Macau will inevitably bring novelty,” a spokesperson for the Hong Kong Tourism Board told The Standard business newspaper.
“We expect that there will be a certain impact on incentive travel and corporate meetings from some short-haul markets in the near future.”
The Hong Kong Convention and Exhibition Centre in Wan Chai has net space of 49,000 sqm – less than half of what the Venetian Macau offers.
However, the HKCEC’s size will expand to 60,000 sqm in 2009 after the completion of the Atrium Link Extension.
“The Venetian may create a little competition,” HKCEC managing director Cliff Wallace told The Standard. “[But] I don’t think it’s going to be competition we have to be concerned about.
“More positively, it’s going to be competition that will eventually be an advantage to Hong Kong and the HKCEC,” Wallace said.
“What Macau is bringing … is an enormous amount of new attention to this region.”
Hong Kong star Alan Tam sang a duet with the American legend Diana Ross at the opening ceremony, attended by 7,000 guests including Macau’s chief executive, Edmund Ho. The world’s renowned Cirque du Soleil created a special performance for the event.
Soon afterwards, thousands of guests began streaming through the doors to get their own look at The Venetian’s Grand Canal Shoppes, a wide selection of restaurants and the world’s largest casino.
“This is the first innings of a very long game,” said Sheldon G. Adelson, chairman and CEO of Las Vegas Sands Corp. “I pledge to you, the people of Macau, we’ll do what we’ve promised and more.”
“Today a new era begins for Macau,” said Bill Weidner, president and COO of Las Vegas Sands Corp.
Destination Macau reported that all 3,000 of The Venetian’s suites have been booked out until the end of the week, an indication of the new resort’s popularity.
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