Macau, China—The first-ever Macau Jewellery and Watch Fair opened today, further proof that this former Portuguese colony is giving Las Vegas a run for its money.

Eager to capitalize on the Chinese love of gambling, American-operated casinos such as the Venetian, Wynn and MGM Grand, have opened outposts here in recent months, helping to speed the transformation of this city into the Las Vegas of the Far East, right down to the indoor canals and singing gondoliers at the $2.4 billion Venetian Macao-Resort-Hotel.

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