since opening the sands macau in 2004, he has expanded into other industries. including ferries. inging people from his resorts in hong kong to macau in high-speed boats. sheldon: what i recognized was one, there was not enough ferry service. so i set up the ferry -- a ferry company. what do i know about the ferry business? what i know about every business when i go into it. zero. but there's not much i cannot learn. i believe this industry in which we operate, the lodging or gaming industry, i believe it is a supply driven industry. if i put those buildings there, they will come. betty: and they did. sheldon: and they still do. betty: when we come back, the battle for market share pits him against the ho family. not just lawrence, but his sister, pansy ho. she tells us how she is trained -- trying to keep the gaming industry all in the family. pansy: my father paved for the foundation for macau today. we carry that torch. ♪ betty: sheldon adelson may be trying to conquer macau, but patriarch stanley ho's original empire is far from failing. his company, sjm holdings, operates the

macau and the impact it could have on u.s. operators of properties in the city like las vegas sands, mgm. ore. ♪ betty: counting down to the open with the top headlines. number five macau. "capital of agent may see its winning streak end. with that, maybe fortune of las vegas sands. slashing monthly gambling revenue forecast by 27% as xi jinping called on the couch to move beyond gambling. the city expects gaming revenue what atlantic city pulled in o ver a year. chad is an analyst at macquarie capital for more. las vegas sands do they have to be worried? chad: the chief executive of macau delivered his policy address. he delivered that through three groups feare -- to beijing, to the operators saying we need this to be a non-gaming destination. and to the local citizens who have had some major wage inequality. one of the most expensive places to live and wages are low. there are major social issues. make this an international place, not just for gambling. gaming will be an amenity but not the sole purpose. betty: all of these operators then this was coming. they have been preparing not ju

you may recall, i was on las vegas sands three years ago, we thought macau was going to come back, it's rolled over hard and it's dragged mgm down with it. and we would like to see mgm being -- china being a smaller part of this company. 85% of the ebitda comes from the united states. vegas is back for the first time since the financial crisis. so we think vegas being back, china being weak's creating the opportunity. they can pay down -- they have taxes coming up. they can pay down debt. lots of things going forward that suggest that this is the time for them to be looking at doing a reit. >> so just to play devil's advocate a little bit, this company is no stranger to capital markets and focusing on creating shareholder value. why do you think they haven't done it until now and is now the time that maybe rates peak. >> first of all, they weren't a taxpayer. they used up their nols in 2014. so now they're going to be a taxpayer. there is an urgency to looking at it. we've seen lots of reconversions and that's usually why they're delayed. number two, they had a pile of debt coming out