NIGHTMARE AVERTEDJun 4th 2009

Summary
The article talks about a new Hard Rock Hotel and Casino that has been opened in Macau with City of Dreams’ owner, James Packer and Lawrence Ho. It was rumoured that Ho’s casino will be declaring bankruptcy since one of the chains has already declared bankruptcy. It was a surprise to people of the new project. Panic began to ebb in March as the contraction in revenues eased, asdid concerns over bankruptcy. The price of the shares of Las VegasSands jumped sevenfold, and those of its rivals rose strongly too. At the opening of the new casino, thousands of people lined up in the heat in Macau to go into the casino.

Connection
The type of competitions a firm faces will influence the price that is charged for the product. it will also affect the amount of the product available on the market. In idustries characterized by perfect competition, there are many firms producing only a small percentage of the total output. With the large numbers of firms, no individual firm has control over the price of its products and must accept the market price as it is the same for the Ho family. Perfect competition has enable them to build on the new casino because of the market price to the casino.

conclusion
The article say that the new Hard Rock Hotel and Casino's license was 900million which was 21percent to the total cost for building the new hotel and casino. Market competition might have led to the new hotel and casino but it is likely not to survive wiht the amount of money being spent on the new casino. Even with many people lining up to go into the new casino, the competitors were also very busy and full later after the opening of the new casino meaning that the long line up was just for the people's curiosity. Perfect competition doesnt seem to be working for Ho.