High-stakes players roll the dice on Macau casino boom

Greek Mythology opens with fanfare and ambition resting in lap of the gods

The Greek Mythology Casino in Macau flung its doors open yesterday to curious gamblers, while its owners purveyed a suitable quantity of buoyant - or hubristic - projections for the casino business and the future of Macau.

A-Max Holdings, which holds 7.4 per cent of the casino operator, saw its share price fall 11.5 per cent, however. Some investors chose to celebrate the opening by booking profits on the core Macau concept stock, which had soared 243 per cent in recent weeks.

Featuring a 4.5-metre tall sculpture of Poseidon at the entrance, a statue of Zeus in the lobby, up to five free Moulin Rouge shows per night and 228 gaming tables, the Greek Mythology casino was expected to make $390 million in profits each month, casino executives were quoted as saying.

The firm, which spent $600 million on the first phase of the project, plans to add 270 tables next year and a further 500 tables in 2006.

The casino, which operates a concession under the gaming licence held by Stanley Ho Hung-sun's Sociedade de Jogos de Macau (SJM) - which will pocket 20 per cent of revenues - failed to attract anywhere near the 40,000 visitors hoped for on the first day, however.

Those present said that just three eager gamblers had queued up outside the casino 11/2 hours before the 2.30pm opening, compared with the scores of people who congregated as early as 6am for the afternoon opening of the rival Sands Macau in May.