67
Lawrence’s bet?
Macau gambling heir Lawrence ho is looking to
expand his empire to Taiwan as it ends a decades-
old ban on casinos. But not if it risks upsetting
China, which claims sovereignty over the island
L
awrence Ho, the 31- hit after Beijing last year tightened
year-old son of Macau visa restrictions on mainland visi-
gaming tycoon Stanley Ho, tors to Macau, who constitute the
said he was enthused by the ap- bulk of their customers.
proval by Taiwan’s parliament of It resulted in a 10 percent
a bill allowing casinos to be built drop in Macau’s gaming revenues
on its offshore islands. for the third quarter last year, of-
“Subject to the credit market, ficial statistics showed.
we are very interested,” the chief But Ho said he believed the
executive officer of Melco Crown city’s economy would rebound af-
Entertainment said. ter hitting the bottom in the fourth
“I have given a few speeches quarter and China would relax
in Taiwan. We’ve looked at that its visa policies over the next few
market quite a bit extensively in months.
the past few years.” “We are very bullish,” he
But he cautioned that good added, speaking after announcing
cross-Strait relations were cru- that his 2.1-billion-dollar enter-
cial. tainment resort, City of Dreams,
“Our relationship with China would open as planned in the sec-
is key to us, we wouldn’t want to ond quarter of this year.
do something to piss them off,”
he said in English, adding the is- Not a bad time to invest
land’s internal politics would also
be a factor. His company will recruit
Self-ruled Taiwan split from 7,000 people over the next few
the mainland in 1949, and bilat- weeks.
eral relations are only just starting “It is not the worst time in the
to warm up under the new China- world to open a new property,” he
friendly administration that took said.
power in Taipei last year. “We are the only large-scale
Ho said Japan was another construction that’s still opening in
big Asian market that interests Macau. So we will have the best
him but that he would ensure any pick” of the labour.
expansion would not hurt his gam- The project, centred around a
ing business in Macau, which will casino with 550 tables and 1,500
remain his base. machines, is nearing completion
Ho’s company, a Nasdaq- on the Cotai Strip, where Shel-
listed joint venture with Austral- don Adelson’s Las Vegas Sands
ian entertainment tycoon James has the Venetian Macau and Four
Packer, is one of six concession- Seasons.
aires allowed to operate casinos in Ho said City of Dreams -
the southern Chinese city. which, apart from the casino,
His competitors include will count several hotels as well
US giants Wynn and Las Vegas as restaurants, shops and a lav-
Sands, Sociedade de Jogos de ish entertainment venue - would
Macau (SJM) run by his father, complement its gambling-focused
and MGM Grand Macau, a joint neighbour.
venture between his elder sister But he hoped Las Vegas
Pansy and Vegas firm MGM Mi- Sands would resume its expansion
rage. in the long run so that together
Like his rivals, his six-star ex- they could attract a critical mass
perience hotel Crown Macau was to Cotai. AFP
february 2009
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