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Gaming firm plans casinos in Singapore, US
Last Updated(Beijing Time):2005-01-14 10:33
MACAO: Gaming and entertainment company Greek Mythology (Macau) Entertainment Group said yesterday it was planning to join with A-Max Holdings of Hong Kong to make casino investments in the United States and Singapore.

Greek Mythology President Ng Man Sun told a news conference investments were estimated at about US$1 billion for the US project and HK$5-6 billion (US$641-769 million) for the Singapore venture.

"At this stage, our company is only co-operating with A-Max Holdings for the investment projects in Singapore and the United States," Ng said.

Last November, Greek Mythology signed an agreement with A-Max under which the Hong Kong-listed firm will become one of Greek Mythology's major shareholders with a maximum equity interest of about 14 per cent.

A-Max is one of Hong Kong's so-called "Macao-concept" stocks which have been hot in recent months.

A-Max shares soared 19.76 per cent to end at HK$2 in Hong Kong yesterday, after rocketing almost 2,700 per cent over the past three months.

Ng said Greek Mythology planned to submit its proposal to the Singapore Government in response to its call for potential investments in an integrated resort project with casino gaming.

"The proposal will outline the company's preliminary development concepts for the project, which will include a casino, hotels, convention halls, shopping malls and other leisure facilities," he said.

Apart from A-Max, Ng said his firm also intended to invite the participation of other strategic partners, particularly those expert in hotel and convention facilities management.

He did not give details about the US project.

Ng said he was not worried about the mainland's recent announcement that it would crack down on illegal gambling, including government officials gambling outside the mainland. "I don't think that this will affect our business."

In a statement, Greek Mythology that its newly opened casino on Macao's Taipa island received some 30,000 gamblers a day on average.

Greek Mythology Casino operates under a concession arrangement with entrepreneur Stanley Ho's Sociedade de Jogos de Macau (SJM), which holds one of the three casino-operating concessions in the city.

The statement said Macao's casinos were estimated to generate a total gross revenue of US$5 billion this year, taking over Las Vegas as the world's largest gaming market. It added SJM accounted for more than 80 per cent of Macao's gaming receipts.

Macao is the only city in the Greater China area, including the mainland, Hong Kong and Taiwan, where casinos are legal. SJM owns 14 of Macao's 16 casinos.

The other two casinos are owned by Hong Kong's Galaxy Resort and The Venetian from Las Vegas.

Source:China Daily 
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