Ho takes stake in Australian gamer

Casino magnate Stanley Ho Hung-sun's China Sci-Tech Holdings is branching into Internet-betting through acquisition of a 19.9 per cent stake in Australia-based Consolidated Gaming for A$4.2 million (about HK$21.6 million) by a subsidiary.

China Sci-Tech bought the stake - 10.5 million shares at four Australian cents each - through a wholly owned subsidiary, Millennium Riders.

The company said the investment was attractive because of a Web site to be launched next month by Consolidated Gaming for interactive betting.

It is also interested in Consolidated Gaming's sports and race betting business in the Northern Territory of Australia.

China Sci-Tech executive director Wayne Chang said Consolidated Gaming would gradually expand its Internet-betting business globally.

'Through its strategic investment in Consolidated Gaming, China Sci-Tech is better-positioned to share the lucrative Internet betting market,' he said.