Tycoon Stanley Ho Hung-sun said yesterday he was ready to give up his casino monopoly in Macau and had no plans to ask the Government for an extension of his franchise.
Speaking for the first time since government sources made it clear the casino monopoly would end at the end of next year, Mr Ho, 78, said he welcomed the prospect of competition.
Rival casino operators are expected to be granted licences to operate in Macau when Mr Ho's monopoly franchise granted by the Portuguese expires at the end of 2001.
Mr Ho said last year he hoped the Government would give him an extension of between three to five years. But speaking at an RTHK prize presentation yesterday he said: 'It seems to me that the Macau Government does not want to discuss this with us any more.
'The news is still unconfirmed. The Macau Government has not made any comment . . . I am expecting the Government to say something . . . possibly at the end of the year.'
Mr Ho said he did not intend to take any special measures in the face of competition. 'I have been running the casino business for 38 years,' he said. 'I will continue to run it as long as we can, even if we lose the monopoly. I welcome competition too. When there is competition, there is progress.