NEW YORK (TheStreet) -- Las Vegas Sands (LVS) - Get Report CEO Sheldon Adelson is opening the doors to his $2.7 billion French-themed Parisian in the world's largest gambling hub, Macau, today. 

The new development includes 3,000 rooms, hundreds of shops, a theatre, a water park and an Eiffel Tower replica, CNBC reports. 

Adelson is opening the Parisian at a time when Macau's gaming revenues have seen an uptick after 26 months of retreating, CNBC's Susuan Li reported on "Squawk on the Street" on Tuesday morning. 

"Adelson seems to think that we've come through the worst of it, seeing that Macau gambling has now hit the bottom," she said. 

His thinking may be correct, considering global gaming shares have outperformed global benchmarks so far in 2016, she noted. 

Last month, Macau saw Wynn Resorts (WYNN) CEO Steve Wynn open the doors to the brand new, lavish, $4.1 billion Wynn Palace casino, Li added.

However, the Wynn Palace "targets the high rollers of premium gamblers," while Adelson is targeting the masses, she said. 

"[Adelson] is aiming at the family, the average player, and that, according to most analysts, is the winning strategy right now during China's anti-corruption drive, which just nabbed another top-ranking official this week," Li noted. 

Morgan Stanley is predicting that The Parisian will earn $300 million EBITDA in 2017, according to Li.  

"That's pretty good for the first year out - especially in these current conditions," she concluded. 

Shares of Las Vegas Sands were trading lower in late-morning trading on Tuesday. 

Image placeholder title


data by