On Tuesday, the world-beating gambling hub of China got a taste of some Hollywood enchantment as its newest casino-resort made its debut, with an ostentatiously attractive grand opening that masks turmoil behind the scenes.
American singer, record producer and actress - Mariah Carey, along with film stars - Leonardo DiCaprio, Robert De Niro and American director and producer Martin Scorsese, are among some of the celebrities who were enlisted to help launch Melco Crown Entertainment Ltd.'s $3.2 billion Studio City project in Macau.
The movie-themed casino-resort has a prominent attribute of the Batman flight simulator ride, a figure-8 Ferris wheel and Art Deco architecture recalling the Hollywood's early days.
However, the special Chinese region Macau finds that the chances that have quickly turned against it. Chinese who spend large amounts of money are staying away in the middle of a persistent economic slowdown and President Xi Jinping's continuing act of forceful regulation on corruption, both of which are having an adverse effect on lavish spending.
And the economic decline has cut into profits at U.S. casino operators such as the American casino and resort operating company - Las Vegas Sands Corp. and the developer and operator of high end hotels and casinos - Wynn Resorts Ltd., which have multibillion-dollar projects on the pipeline.
The founder of Pacific Financial Services (a consulting company that advises Asian casinos and junket companies) - Tony Tong, stated, "With the anti-corruption campaign and the political sentiment, a lot of wealthy people feel going to Macau is very risky. They don't want to be seen on the radar screen."
Nevertheless, co-chairman Lawrence Ho said, "We desire that the launching of Studio City will be part of a catalyst that will boost gaming revenues," "We have great faith in the long term."