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Casino Magnate in Macao Ready to Face Opening of Gaming
Stanley Ho, casino magnate of Macao, said he accepts the fact of ultimate opening of local gaming industry, the Chinese newspaper of Macao Daily News reported Thursday.
Speaking to the press on a public occasion, Stanley Ho, general manager of the Macao Tourism and Amusement Company (STDM), said he "is ready to cooperate with the government."
The aged casino tycoon noted that he likes meeting challenges and is confident in vying for new casino license under the circumstances of fair competition.
Income from gaming industry takes up about one half of government revenue. According to the budget this year, the government plans to collect 5.2 billion patacas (650 million US dollars) from gaming taxation.
STDM has been running franchise casino business in Macao for decades. Its franchise contract with the government expires at the end of next year.
However, the monopoly used to cause severe public security problems and losses of taxation. With the founding of the Macao Special Administrative Region (SAR), there has been strong appeal that casino business should be opened up.
At the end of August this year, the SAR government invited a trans-national consulting company to act as an advisor in working out future strategies on the gaming industry.
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