the good old days were not too long ago... when stock markets were bubbling, and property prices rocketing, along with household wealth. or when Europeans were still parking money in hedge-fund Iceland, Americans still importing and Singaporeans still buying High Notes 5...

and not too long ago did i comment on the rapid development of the gambling industry in Asia. casinos were springing up from coast to coast. no doubt that i was fascinated, about the new architecture and vibrancy and prosperity. but i was doubting if this was sustainable, albeit through the micro-perspective of Las Vegas Sands.

it was almost crazy to think that way then, eh. Sands' CEO Mr Sheldon Anelson would have called that "wrong" and asserted that "if you build, they would come," the way he labelled Wynn Resorts' CEO Mr. Wynn's decision not to bet too much on Macau and championed Sands' US$12 billion commitment in the territory. well, Anelson was proven right by the market: he earned almost US$1 million an hour between 2004 and 2006, and rose spectacularly from number 60 to a coveted 3 on Forbes' list of richest Americans.

but as soon as the credit crunch hit, Anelson was losing US$3.5 million an hour, his assets nosedived from US$32 billion to a "mere" US$2 billion, and Wynn Resorts overtook Sands to be the world's biggest casino operator by market value just last month. Anelson doesn't look like he's gonna be richer than Bill Gates any time soon.

and Anelson has also been forced to suspend his Macau developments. his only lifeline now is Singapore's Marina Bay Sands integrated resort. and because of events that have unfolded, i suddenly feel a little prophetic; the time has come for Anelson and Sands to choose, between Macau and Singapore.

after all this, i wanna acknowledge that i still respect Mr. Anelson a great deal. he used to be a bagel salesman before starting up his tradeshow business, and finally dominating the casino world. to quote his former associate, Mr. David Kaminer, "if the world came to an end, there would be cockroaches and Sheldon, and Sheldon would immediately be smart enough to open a pest-control company."

point is, humility shines.