Interest in Asian casinos intensifies; Harrah’s in talks

Yeoh En-Lai

Tuesday, June 22, 2004 | 10:38 a.m.

SINGAPORE -- Asia's casino war heated up today with gambling tycoon Stanley Ho's group saying it would invest U.S. $380 million in Macau and an American gaming giant announcing it would hold "exploratory talks" with Singapore.

Ambrose So, director of billionaire Ho's Sociedade de Jogos de Macau, said the Macau investment would pay for the development of a concert hall and an extension of the upmarket Hotel Lisboa.

Speaking at the two-day Asian Casino Expo, he said the focus of the projects was "to improve Macau's image."

"It is time to rethink Macau's future," So said.

He said his group would also consider investing in Thailand or Singapore should either country allow a casino to be opened.

"We are already operating in Vietnam and North Korea so we are quite familiar with the Asian market," he said.

Legal gambling in Asia is worth an estimated U.S. $8 billion annually and the bulk of that is spent in Macau, according to ABN Amro Equities director of gaming research Sean Monaghan.

Hoping to cash in, Singapore is considering building a casino on its resort island of Sentosa, Thailand is considering legalizing casino gaming, while the Philippines is to build a casino theme park in Manila, said Expo Chairman Steven Lim.

"The potential growth is already in existence in Macau, Philippines and Vietnam. For the future, it is Singapore and Thailand," said Lim, who is also the director of RGB, a Malaysian-based casino supplier.

Jan Jones, vice president for communications and government relations at Harrah's Entertainment Inc. of Las Vegas, said she will meet Singapore's leaders Thursday to discuss possible ventures here.

"The market is most interested in Singapore ... I must stress that these are exploratory talks," Jones said. "It is a center for trade and has a large population base within two hours of here."

Two other Las Vegas gaming giants, Sheldon Adelson's Las Vegas Sands and MGM MIRAGE, are also interested in the Singapore casino development opportunity.