Wynn in Macau - FT.com Gamblers don't really care about their surroundings. The tackiness of earlier Las Vegas developments and now Macau, where the lotus flower-inspired Grand Lisboa casino dominates the skyline, are testament to that. But the authorities, with an eye on diversifying revenues, do care. Macau has just approved a 2,000-room, resort-style development from the habitually elegant Wynn Resorts . This however assumes that a Vegas-style shift to all-round entertainment will naturally follow in Asia. So far so good, admittedly. Gaming income is up by a quarter this year from 2011. Casinos have squeezed more out of their clients too: that jump came from an 8 per cent rise in overnight visitors. New resort-style developments such as Sands" Cotai Central have added capacity yet hotels are almost 90 per cent full. Shares in Sands China and Wynn Macau - 72 per cent owed by its parent - have outperformed the Hang Seng by more than 100 per cent apiece over the past two years. SJM Holdings, owner of the Grand Lisboa, has outperformed both again by a further 100 percentage points. For Wynn, it is not just the revenue growth but the returns: last year Wynn's parent produced $1.72 for each dollar of Macanese assets (SJM: $1.4) compared with 36 cents in Vegas. But Macau is not (yet) another Vegas. Three-fifths of hotel guests come from China and most are on brief junkets: stays averaged 1.5 nights last year, compared with 3.7 in Vegas. The gambling-cum-resort is still new in Asia, and success in the next few years assumes cultural interest as well as no hiccup in Asia's growing disposable income. For now, Macau's careful control of table numbers and the region's still limited casinos would suggest more gambling growth. The three trade at only 15 times forward earnings. But this new resort phase of Macau's story is not yet such a clear bet.