Adelson's optimistic $3 billion bet on Macau

US casino mogul Sheldon Adelson has opened his fifth resort in the Chinese gambling hub of Macau to fireworks. It comes as signs emerge of a turnaround in the territory's fortunes after two years of falling revenues.

MACAU (REUTERS) - A pint-sized Paris in the heart of China's gambling mecca, but will all this glitz and glamour save Macau?

American casino mogul Sheldon Adelson presiding over the Parisian's opening day- his Las Vegas Sands betting 3 billion dollars its fifth Macau resort.

It may seem like overkill after years of decline in the city's gambling industry.

But that bad luck may be turning around.

"Based upon the pre-bookings and based upon the convention bookings we have, I think we have essentially hit the bottom" said Sands chairman Sheldon Adelson.

The Parisian's built more for holiday makers than hardcore gamblers.

After Beijing's anti-corruption drive scared away VIPs, crushing the casinos.

The city wants to rebrand as a family-friendly spot.

"Macau still has good days to come. I can't predict what the percentage of growth will be. But I'm optimistic about the future"said Adelson.

Steering away from gambling could be risky.

With the family much less of a tried and tested business model.

Gambling revenues may be down but they still bring in around 2 billion dollars a month.

That's a third of what Las Vegas casinos make in a year.