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Macau is doubling down even as the odds change. The world's casino capital this week welcomes the first of a new wave of lavish casino resorts for its up-and-coming Cotai Peninsula. It's a $20 billion bet by casino operators amid an extended losing streak in the tiny Chinese enclave. Lion dancers parade inside a new casino of the second phrase of construction at the Galaxy Macau resort in Macau, China May 27, 2015 . One of Macau's smaller players, MGM Resorts International makes its Cotai debut next year with a $3 billion casino resort.MGM's Macau business operates one other casino in Macau's older, crowded peninsula. Macau's most exclusive resort is being developed by one of its most flamboyant tycoons.Elevators will open directly onto each of its 200 suites, including the 2,790-square meter Royal Villa that will go for $130,000 a night.A four-decade monopoly allowed Stanley Ho's SJM to dominate Macau's casino industry until the market was opened to other players in 2002 .The company was slow in expanding into Cotai, Asia's version of the Las Vegas Strip, and is now racing to catch up with its first project there, the $3.9 billion Lisboa Palace, set for a 2017 opening.
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