Inside Asian Gaming

7 7 irst there was dark. After the huge rush of the big bang, the consensus view is that the universe first be- gan growing at a slowing rate. Then, about 5 billion years ago, the expansion began ac- celerating, and astrophysicists claim the uni- verse is now expanding faster every day. The days before the handover of Macau’s sovereignty to mainland China in December 1999 were dark indeed, with economic stag- nation exacerbated by triad turf wars. Expanding Galaxy and the Junket Wars Hong Kong-listed Galaxy Entertainment Group saw its profit plummet as Sands Macau made inroads into the high-roller market. Where will Galaxy stand in the city’s ever-growing gaming universe? Macau’s big bang came in 2004, when the city saw the opening of the first casinos from new operators after Stanley Ho’s 40- year gaming monopoly ended in 2002. In May 2004, Venetian Macau opened the mar- ket-revolutionizing Sands Macau, which at opening contained 277 gaming tables and 405 slot machines,and made the contentious boast of housing the world’s biggest chande- lier.Sands Macau now has 438 tables and 921 slots, and more are on the way. In July 2004, Galaxy Resort and Casino – renamed Galaxy Entertainment Group fol- lowing its backdoor listing in Hong Kong through the sale of 97.9% of its shares to K. Wah Construction Materials Ltd – opened the less spectacularWaldo Casino,which at open- ing had a mere 38 gaming tables and 150 slot machines. Waldo was hastily converted from an office building and its most notable fea- ture is its garish neon sign out front, but its concentration on VIP gaming enabled it to F