Gaming tycoon Stanley Ho plans Macau project

[HenryTo]

My guess it that they are overbuilding in Macau - especially under my China slowdown scenario. Give it another 9 to 12 months and it will be obvious for all to see.
---------------------------------------------------------------------------
Gaming tycoon Stanley Ho plans Macau project

Tue May 3, 2005 09:12 AM ET

MACAU, May 3 (Reuters) - Gaming tycoon Stanley Ho on Tuesday unveiled plans to build a HK$6.2 billion (US$795 million) entertainment and residential development in Macau, the latest in a spree of big-ticket investments earmarked for the booming former Portuguese colony.
The 83-year-old Ho, who's 40-year Macau gaming monopoly lapsed in 2002, said he plans to build his "Oceanus" project, covering 47,000 square metres, partly on reclaimed land.

Macau is in the throes of an investment boom, fuelled by a relaxation on visa rules that make it easier for many mainland Chinese to visit. The city of about 465,000 people an hour's boat ride from Hong Kong lured 16.7 million visitors last year, up 40 percent from 2003.

In March, U.S. gaming magnate Sheldon Adelson, who heads the Las Vegas Sands Corp. (LVS.N: Quote, Profile, Research) , announced plans for a strip of casinos, hotels and shopping malls costing up to $15 billion.

Ho told a news conference at his Lisboa Casino-Hotel complex that his project would be launched within a year and was scheduled to be completed in 2009. The project is being undertaken by Ho's casino company Sociedade de Jogos de Macau (SJM) in conjunction with two of his other Macau firms.

The project, to be designed by French architect Paul Andreu, includes hotel, residential, commercial and casino facilities.

The HK$6.2 million price tag excludes the land cost.

(US$=HK$7.