MACAU, Jan. 6, 2007 - If you're feeling lucky, then you might want to
book a ticket to Macau.

Forget Monte Carlo, Atlantic City, even Las Vegas. The sleepy coastal
backwater, an hour ferry ride away from Hong Kong, seems set to surpass
Vegas to become the gambling capital of the world.

The gaming revenues in the Chinese-held territory are expected to top
$6.8 billion this year, slightly more cash than Las Vegas' casinos will
bring in.

It has been a stunning transformation for this former Portuguese
colony. Macau had long been known throughout Asia as a gambling mecca,
but was dominated by a tawdry gambling scene, seedy nightlife and a
fair share of corruption and vice.

Most of the gamblers were day-trippers from Hong Kong, who would head
home flush or broke at the end of the night.

A Vegas Facelift

But, in recent years, Macau has undergone a multi-million dollar
facelift. Since the Chinese government allowed foreign casinos to begin
operating on Macau in 1991, major players have been setting up shop and
cashing in.

American casino magnate Steve Wynn opened a glitzy, Vegas-style resort
on Macau. The Sands group built what is now the world's biggest casino
here, and others have followed suit.

The result has been Southeast Asia's own version of the Vegas strip,
complete with all of the glamour and grandeur you'd expect, from lavish
fountains to neon lights. It seems to be a bet that is paying off in
spades.

Stephen Weaver, the vice president of Asian development for the Sands,
says the investment in Macau has paid off for the casinos.

"We earned back our investment in this property in nine or 10 months,"
he says. "That is a successful investment by anybody's standard."

Fun for Young and Old

With the encouragement of the Macau government, the newest casinos are
also selling themselves as resort destinations for the entire family
- offering recreation facilities, organized tours, health clubs, and
exotic spas. Their hope is that families will come and stay for several
days, as they now do in Las Vegas.To make certain the kids have
something to do, there is already a sprawling new 24-hour theme park
along the waterfront. "Fisherman's Wharf" is jammed with a variety of
restaurants, tourist shops, carnival rides, and faux wonders of the
world - a "forbidden city," a "Roman coliseum," and 130-foot volcano
that spews fire every night at sunset (so high into the sky that the
eruptions have to be delayed when the local tourist helicopter flies in
for a landing).

For the big-spenders, there is also more sophisticated entertainment.
In the posh "Tryst" nightclub at the Wynn, well-heeled customers dance
under crystal chandeliers or slip into plush red velvet sofas to sip
expensive Cristal champagne.

"We get great feedback; people love it," say the very excited American
managers, Cy Waits and Shawn Chester.

Veterans of the Vegas club scene, Waits and Chester are amazed by the
passion for gambling and spending they now see in Macau.

"When things are really kicking in the casino," says Chester, "you
can't get a seat at a table [where betting is] at $20,000 a hand.
People are betting over your backs, four or five people deep."

The casinos are doing everything they can to keep it that way.

Lucky Eights and Dragons

While Macau is drawing gamblers and tourists from across Asia and
beyond, the biggest business is coming from mainland Chinese citizens.
Macau offers the only legalized gambling on Communist Chinese
territory, and the government is allowing millions of mainlanders to
try their luck in Macau.

And the casinos are catering to the tastes of their Chinese clients -
offering more table games, and serving Chinese tea instead of
cocktails.

But, the boom isn't finished yet. The Sands is building a massive,
10-million-square-foot resort on land reclaimed from Macau's harbor.
When it's finished, it will sport 10 new hotels and casinos.

The Darker Side

Despite all its new-found popularity, there is still a darker side to
Macau that could spoil the party one day. The island has long been a
haven for organized crime, just as in the early days of Las Vegas.
Just a few years ago, Macau was still wracked by violent gang wars,
battles for control of money laundering, loan sharking and
prostitution. And despite the new look, the vices are still around for
the taking in a place where gambling is the number one industry.

Still, authorities say they are cracking down on crime. And they are
determined to Macau become a tourist destination built on more than
just gambling.

Helena de Senna Fernandes, a Macau tourism official, proudly points out
that Macau was named a UNESCO World Heritage Site last year, a nod to
the city's history, culture, and centuries-old Portuguese and Chinese
architecture.

Senna Fernandes says Macau's growing prosperity, the growing number of
investors and tourists are evidence that Macau's "darker image" is a
thing of the past.

"Law and order," she says, "is definitely very much the order of the
day."

Law and order ... and, place your bets. America's biggest casino
operators, the government of Macau, and a few hundred million potential
visitors from China are gambling that betting big on Macau will pay off.