Gambling tycoon ups ante on Vegas rivals with Macau casino

Helen Luk

Wednesday, Dec. 22, 2004 | 10:56 a.m.

MACAU -- Gambling tycoon Stanley Ho plans to open a new casino Thursday in an attempt to strike back at Las Vegas rivals who invaded his turf after his four-decade monopoly on the gambling industry ended.

The Greek Mythology Casino will become Macau's biggest by the end of next year when it expands to include 1,000 tables with 600,000 square feet of space, the company says.

When the $257 million casino opens Thursday, only about one-third, or 223, of its gambling tables will be ready for gamblers.

Macau ended Ho's monopoly in 2002, and Las Vegas casino mogul Sheldon Adelson opened the glitzy Sands Macau in May. The casino has been attracting throngs of gamblers away from Ho's operations.

The Hong Kong-based Ho has tried to stay competitive by renovating his flagship Lisboa hotel-casino and planning new theme parks.

With a massive fountain and statues of Greek gods and goddesses, the Greek Mythology is an improvement from Ho's other gambling establishments, where gamblers often complained about their crammed environment, smoke-filled tables and indifferent service.

The fountain's centerpiece is a 4.5 yard high sculpture of the sea god Poseidon. The entrance hall is decorated with Zeus carrying golden thunder bolts and other mythical figures.

The casino, which operates under Ho's Macau Gaming Co., will spend $642,534 a month on free entertainment, including light shows in the hall as well as performances by Moulin Rouge-style dancers several times a night.

Michael Chan, vice president of the Greek Mythology, said they expected the casino will draw 30,000 to 50,000 gamblers at its opening. It will bring in an estimated $50 million profit every month, he said.

Macau, a former Portuguese colony, was returned to Chinese rule in 1999. The enclave is 40 miles west of Hong Kong and attracts thousands of Hong Kong and Chinese gamblers -- who have no casinos at home.