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Macau's casinos don't fear new competition in Asia

Macau's position as the No. 1 casino destination will not be threatened by Singapore or other parts of Asia, an executive from tycoon Stanley Ho's (何鴻燊) firm said yesterday.

Even when Singapore's two multibillion-dollar casino developments are open in 2010, the former Portuguese colony can still hold its position in the expanding gaming market, said Ambrose So (蘇樹輝), a director with Sociedade de Jogos de Macau, which is owned by Ho.

"Both places have different clienteles. I don't think the two places will have a life and death competition," So said at the Asian Casinos Executive summit.

High rollers and tourists to Macau come mainly from China, Taiwan and Hong Kong while Singapore is targeting neighboring countries in Southeast Asia as well as India and China.

Government figures released this month confirmed that Macau had overtaken the Las Vegas Strip as the world's biggest casino draw.

Gross gaming revenues last year at Macau's 22 casinos were equivalent to US$7.2 billion, outstripping the US$6.6 billion pulled in by the 40-odd gaming centers along Vegas' famous boulevard.

Stanley Ho's 40-year monopoly on casinos in Macau ended in 2001 when the government allowed foreign operators to enter the scene.

"As you have seen after the opening up of the casino industry in Macau, the total revenue has doubled and now today, the per capita income of Macau has surpassed that of Hong Kong," So said, expressing confidence that Macau will be the center of the region's expanding gaming industry.

Lawmakers from Japan's ruling Liberal Democratic Party are already drawing up proposals to allow a handful of huge Vegas-style casinos, which could open their doors within a few years.

Taiwan is considering lifting its ban on casinos while Thailand is also seen as likely to relax its gaming laws in the coming years.

Malaysia's Genting International broke ground yesterday on Singapore's second casino development, which is to include a Universal Studios theme park and the world's largest oceanarium, as well as gaming facilities.

Las Vegas Sands is building the city state's other multi-billion-dollar casino and convention project at Marina Bay.

Singapore Trade and Industry Minister Lim Hng Kiang said the tourism board expects the developments would together attract an additional 2 million to 3 million visitors, helping it to draw 17 million tourists by 2015.
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