Tycoon hopes Grand Lisboa will keep rivals at bay
Billionaire Stanley Ho Hung-sun was beaming last night at the gala opening of the Grand Lisboa casino, his HK$5 billion answer to a wave of new competitors piling into Macau's booming gaming market.
Thousands queued in the streets around the golden bulb at the base of the 47-storey hotel tower, scrambling as the doors opened at 10pm for seats at one of the casino's 240 gaming tables and 480 slot machines.
The 85-year-old Mr Ho fired back at criticism that his company, Sociedade de Jogos de Macau (SJM), was losing ground to rivals.
'We do better business than anybody in Macau,' he said. 'With the opening of the Grand Lisboa, naturally, I hope to see an increase.'
Official Las Vegas figures released yesterday show Macau has overtaken it as the largest gaming market in the world, with the Vegas strip's US$6.69 billion revenue last year being eclipsed by the former Portuguese colony's US$6.87 billion.
VIP guests including Macau Chief Executive Edmund Ho Hau-wah and Secretary of the Economy and Finance Francis Tam Pak-yuen attended the lavish opening ceremonies.