Casino News

Ho opens new Macau casino

2007-02-13 16:13:22

Casino mogul Stanley Ho has opened a new casino in Macau as tourism in the area continues to expand at a rapid pace following the introduction of a number of land-based gaming venues.

The new five-floor Grand Lisboa joins existing and forthcoming resorts from the likes of Wynn and MGM Mirage in the region, and cost $384 million.

The lavish opening event was hailed as a success by casino insiders, but for Mr Ho it may have been something of a bittersweet event, given that until 2002 he had maintained a 40 year monopoly on casinos in Macau.

But the billionaire remained confident that the new competition would not prevent the Grand Lisboa from establishing itself.
"We are the leaders, not the followers," he said. "We know the city well," the Associated Press reported him as saying.

Last year it was revealed that Mr Ho's current casino empire was under threat from his own sister, who claimed that the company owed her $386 million in unpaid dividends.


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