In Macao, the gambling industry of world renown will be open for
competition as of Monday after the 40-year monopoly of the Macao
Tourism and Amusement Company (STDM) over the market ended
officially on March 31.
The Macao Gaming Company (SJM), a new firm of which the STDM is
still its parent company and casino magnate Stanley Ho is the
managing director, took over Macao's gaming assets -- 11 casinos,
at zero o'clock Monday following a smooth transfer ceremony.
The SJM became one of the three successful applicants for casino
licenses after months of bidding ended February 8, and signed a
contract with the special administrative region (SAR) government
for an 18-year concession in casino operation a couple of days
ago.
Las Vegas-backed Wynn Resorts (Macao) Limited and Galaxy Casino
Company Limited, a Hong Kong-Macao joint venture -- the other two
winners -- are still negotiating with the SAR government demanding
preferential treatment prior to clinching agreements.
Stanley Ho has promised that the SJM will retain all casino staff
of the STDM. "For the time being, we will remain unchanged," he
told the press.
Witnesses said that some of the casino employees had already
swapped for new suits with special SJM badges.
Macao casinos stopped for just a few minutes when the SJM-STDM
transfer ceremony was held at the well-known Lisboa Hotel Sunday
night and then resumed operation.
A
big difference is that the SJM will pay casino tax that accounts
for 35 percent of its gross gaming revenue, up from 31.8 percent by
the STDM by the end of March 31.
(Xinhua News
Agency April 1, 2002)