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Macau is now boffo, big wicket, the wiseguys at Variety Magazine might say. When I first ferried across from Hong Kong in the 1980s, Macau was a Portuguese colonial backwater with mid-sized plans to restore its architectural heritage. It did so beautifully. But plans became more than a touch grandiose after Portugal ceded it to China and in 2010 Macau belts "Look at me now!" Money fleeing the sinking oasis of Las Vegas is placing its bets here. Macau, is out Vegasing Vegas already in gambling revenues and if you look at the otherworldly palaces rising from under the construction cranes, it will probably outbuild it as well.

I stayed for a week last month, at The Venetian, a hotel-casino that makes the one in Las Vegas look like a Motel Six, witnessed the preview of a spectacular US$250 million water show called "The House of Dancing Water," similar to Cirque du Soliel's "O" but more engaging, I think, went to visit the family jewels (the Ho family, who controlled gambling in Macau for decades) including a 216 carat diamond, took a stroll through the old Portuguese quarter under the glow of holiday Chinese lanterns and ended the night with a bang at the Macau International Fireworks competition.