Macau magnate agrees with decision to limit new casino construction in order to cease ‘cut-throat’ tactics.
Monday 5th May 2008
Macau casino magnate Stanley Ho has welcomed plans by local authorities to slow casino development in the enclave as necessary to stop ‘cut-throat’ competition between operators.
The Director of Sociedade de Jogos de Macau (SJM), Ho told the Macao Daily Times that the move had been prompted by the Central Government’s concerns over the development of the gaming industry in Macau.
“I am fully in favour of such an action and I think, not only that, we must all agree that in Macau now we have far too many casinos,” said Ho.
“There is no point of opening up more casinos, we have more than enough, more than rice shops, so that is something we don’t want to encourage.
“It is high time to take care of the gaming sections problems. It is no good with all the six operators always fighting together using cut-throat measures of getting customers into their casino. This is not correct because there is enough room for all six of us. There is no need to do this monkey business, cutting throats, it’s the worst thing possible.”
Ho is also a standing committee member of the Chinese People’s Political Consultative Conference and stated that SJM intends to move ahead with its Macau peninsula project, which could see the expansion of the Jai Alai casino. However, the firm is dropping its original Oceanus project that included the New Yaohan department store and a ferry terminal for the outer harbour.
“I, Stanley Ho, will not agree with the Oceanus project,” said Ho.
“I think too big, too much. We cannot operate such a huge project involving so many factors. It may be a good idea from the start but it doesn’t work, I am giving up this project and I think the Government is supporting me 100 percent.”
Macau casino magnate Stanley Ho has welcomed plans by local authorities to slow casino development in the enclave as necessary to stop ‘cut-throat’ competition between operators.