Company to Open Temporary Casino in Macao at Year-end

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Last updated at: (Beijing Time) Friday, July 26, 2002

Company to Open Temporary Casino in Macao at Year-end

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The Galaxy Casino Company, which obtained one of the three new casino licenses in Macao, is poised for the operation of a temporary casino in the Macao Special Administration Region (SAR) at the end of this year, Xinhua learned Friday.

This will virtually put an end to the monopolized gambling business run by tycoon Stanley Ho over the past four decades. Insiders said the temporary casino housing less than 200 gambling tables would open at an existing hotel.

The Galaxy, part-owned by American entertainment corporation Venetian and Hong Kong property magnate Lui Chi-woo, has been given a 20-year commission on casino operation and plans to investas much as 8.8 billion patacas (1.1 billion US dollars) in Macao in the coming 10 years.

What the Galaxy wants to build in Macao before 2006 is a theme casino building featuring Renaissance-style opulence, with gondolas slowly floating down a canal inside the complex.

The company beat 18 rivals for one of the three casino licencesin February. The two other winners were Las Vegas billionaire Steve Wynn, who put together the Wynn Resorts (Macao) consortium, and Stanley Ho, who runs all the 11 casinos now in Macao and pays taxes that provide more than half of local government revenue.

The SAR government sponsored the ambitious move to spur effective competition on the gambling market that is expected to lead to healthy development of the pillar industry.

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