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Hong Kong retailer plans stake in small Macau casino

Wednesday, Nov. 10, 2004 | 9:19 a.m.

Macau Success Ltd., a Hong Kong retailer that's shifting its focus to Macau, will take a 24.5 percent stake in a planned HK$1.2 billion ($154.3 million) themed hotel and casino in the former Portuguese enclave. Its stock surged by as much as two-thirds.

The Ponte 16 development, of which Macau gambling tycoon Stanley Ho's Sociedade de Jogos de Macau will hold 51 percent, will include a 250-room hotel, casino, shops and "cultural area" done in the local early-20th century architectural style, Macau Success said in a Hong Kong stock exchange statement.

Macau's economy expanded 17 percent in 2003, in part because of a surge in hotel and casino construction after the city ended Ho's monopoly in 2002. Growth probably accelerated after China made it easier for mainland residents to visit Macau, the only place in China where casino gambling is legal.

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