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)
