毒蜂2ag中端:The high-roller's guide to the Galaxy

CASINO gamblers hate two things. One is losing. The other is understated decor. There is no risk of the latter at the Galaxy, Macau’s latest shrine to excess, which opened on May 15th. Its owners, Galaxy Entertainment, a firm controlled by the family of Lui Che-woo, a Hong Kong cement magnate, claim to have slapped enough gold leaf on its fixtures to cover 87 football pitches. To recoup the $1.9 billion it cost to build the Galaxy, it will have to attract a lot of losers.

赌场的赌徒们向来最讨厌两件事情：一件是输钱，另一件就是赌场装修的不够气派。但是对于澳门5月15日新开张的超一流赌博圣地Galaxy来说，有关装修的担心则完全可以忽略。Galaxy所属的Galaxy Entertainment公司由Lui Che-woo家族所控制。Lui Che-woo是香港建筑业巨头，他声称新建的赌场占地有87个足球场那么大，并且内饰奢华。Galaxy共耗资19个亿，要想收回成本，它就必须吸引大量的赌徒前来赌钱。

Macau, a former Portuguese colony known for gambling and other vices, was handed back to China in 1999. By this accident of history, it became the only place in the People’s Republic where casinos are legal. Stanley Ho, an ageing local tycoon, lost his monopoly over the business (though his family still controls or has fingers in roughly half of it). Glitzy Western casino operators arrived to challenge his bedraggled gambling dens with their spit-stained carpets. The Sands opened in 2004, the Wynn in 2006 and the Venetian in 2007, each fancier than its predecessor. The Galaxy tops the lot. What will come next?

澳门作为葡萄牙的殖民地，在1999年回归中国之前，以赌博和情色业等而闻名。出于历史的偶然性，澳门现在成为了中华人民共和国境内唯一可以合法开设赌场的地方。Stanley Ho，这位年事已高的澳门本地商业大亨，正在逐渐丧失他对澳门赌博业的垄断（尽管他的家族现在仍然控制或插手澳门赌博业大约一半的生意）。Glitzy Western赌场的老板就仗着自己赌场的名声远道而来向他发起挑战。另外The Sands赌场也与2004年开业，the Wynn赌场和the Venetian赌场分别于2006年和2007年开业，每一座新建的赌场在规模和装修上都会超过先前。Galaxy的规模和豪华程度更是世所罕见，下一个又会是谁呢？

Possibly not much. Granted, the Sands hopes to open an even bigger casino next year, and three out of the four other operators (Wynn, MGM and Mr Ho’s SJM) have ambitious plans. But there are new constraints. Macau’s government, perhaps at the urging of Beijing, recently capped the number of gambling tables in Macau at 5,500, approximately the current number. Another 3-4% will be allowed annually, split between all the operators. That hardly allows room for mega-projects—the Galaxy alone added 450 tables.

也许不会有太多了。尽管the Sands集团希望在明年开一个规模更大的赌场，并且四大赌场老板中有三位(Wynn, MGM and Mr Ho’s SJM)仍然在计划扩大规模。但是澳门政府已经出台了新的限制政策。澳门政府最近通过与北京协商，打算将赌桌的数量控制在5500桌左右，大约相当于现有的规模。另外澳门政府将允许赌桌数量每年有3%-4%的增长，这一增长将平分给澳门所有的赌场。所以像Galaxy这种一次性增加450桌的大手笔已经一去不复返了。

Perhaps the government will relent. Demand shows no sign of slacking. From December, the three-hour bus ride from Guangzhou to Macau will be replaced by a 47-minute trip on a high-speed train. Eager punters from the Chinese interior will suddenly find temptation nearer. Aaron Fischer, an analyst with CLSA, a broker, predicts that gambling revenues in Macau will rise by 35% this year, 25% next year and 20% thereafter, while the supply of new tables will rise only gradually. Fat profits beckon.

但是也许澳门政府在不久的将来会放松限制。因为市场对赌桌的需求没有丝毫的放缓。自十二月起，从广州到澳门的高速列车将会开通，届时原本需要3个小时的车程将会被缩短至47分钟。中国内陆的赌徒也许突然会觉得诱惑离自己更近了。Aaron Fischer是CLSA的一名分析师，同时也是一名经纪人，他预测澳门赌博业的收入增长在赌桌增长受限的情况下，今年会保持在35%左右，明年会保持在25%左右，以后每年则会保持在20%左右。澳门的赌博业将会收入颇丰。


The greatest threat to Macau’s licence to print money is that the Chinese government may grow jealous. It has in the past limited the number of visas it issues for mainland visitors to Macau. And there are rumours that it may allow casinos on other patches of its territory, such as Hainan, an island province in the south. Casinos are popular, pay a lot of taxes and please well-connected developers. It would hardly be a surprise if the government in Beijing decided to grab a piece of the action.

也许对澳门赌博业来说最大的威胁来自于北京的嫉妒。北京在过去已经开始对内陆游客前往澳门的签证进行了限制。并且有谣言说北京将在除澳门之外的地方开设赌场——海南将会是北京的一个选择。开赌场不仅盈利前景看好，并且可以给政府带来高税收，还可以满足那些背景雄厚的开发商的投资需求。所以如果北京决定在赌博业分一杯羹的话，这大可不必感到奇怪。