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Chips Down as Ho Feels Foreign Influx

16 Aug 2006

MACAU -- As reported by the Australian: "Foreign investment in Macau's recently liberalised gambling industry was squeezing Stanley Ho and his gaming flagship, Sociedade de Jogos de Macao, the tycoon has admitted.

"In frank comments widely quoted in Hong Kong this week, Mr Ho grumbled about the pressure he was feeling from Sheldon Adelson's Macau Sands.

"The move comes just weeks before the US-based Las Vegas Sands inaugurates a 250-table expansion and US casino impresario Steve Wynn opens his first casino in the former Portuguese enclave.

"'Dozens of our VIP halls are having difficulty maintaining business,' Mr Ho was quoted as saying. 'I can no longer keep myself from speaking up,' he added, noting with apparent regret that he had sold the land for Mr Adelson and Mr Wynn's casinos at the request of the Macau Government.

"Macau decided to liberalise the industry in 2001

"...This weekend was the first time Mr Ho had let slip any sign of dissatisfaction with the consequences of industry reform..."

 
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