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UPDATED: 14:26, June 25, 2004
Macao to set up 4 new casinos
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Macao Gaming Company Ltd. (SJM) is planning to set up four new casinos around the city, to face the challenge constituted by the establishment and operation of new casinos run by foreign investment.

An executive of SJM told Xinhua that the company will invest some 1.5 billion HK dollars (192 million US dollars) in the construction of a new casino/hotel complex adjacent to the Hotel Lisboa, SJM's leading casino. The 38-floor casino/hotel complex will comprise 800 rooms and suites as well as 30,000-square-meter casino halls.

Meanwhile, SJM is considering to open new casinos in two local hotels and Hotel Fortuna and Nam Yue Hotel could be the locations of its new casinos.

The SJM is also studying the viability of a plan on the transformation of Macao's only shopping center New Yaohan, a several-floor building, into a casino.

Local expert said all the measures taken by SJM are aimed to cope with new market situation that will turn to be more fierce after the establishment and opening of two casinos run by foreign investment, including the Las Vegas Sands Macao that will be partially open in mid May.

SJM, the sole operator of casino in Macao before 2002, is currently running 12 casinos in the city, with an annual profit of3.35 billion patacas (419 million US dollars) in 2003. The companypaid some 10 billion patacas (1.25 billion US dollars) in tax in the year of 2003.

Source: Xinhua

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