Dealer dearth slows Greek


Zach Coleman


May 20, 2005


 

A shortage of dealers is hindering Greek Mythology's ambition to become Macau's largest casino. - EASTWEEK

Thwarted in its ambition to become Macau's largest casino by a shortage of dealers, Greek Mythology Casino will settle for incremental growth.

Michael Chan, vice chairman of owner Greek Mythology (Macau) Entertainment Group, said Thursday the casino will open up to six VIP rooms, each with three tables, this month, pending regulatory approval.

The company has opened four VIP rooms in the New Century Hotel on Taipa Island since Chinese New Year, but those largely offset the ones lost with the closure of the hotel's old casino at the end of 2004.

Operated by Sociedade de Jogos de Macau, the new casino opened its HK$600 million first section in late December with an initial 228 tables, and planned to put another HK$200 million into raising the total to 500 tables by Lunar New Year.

It didn't meet that target, which executives say is largely because SJM has not been able to recruit enough dealers to keep up with its expansions and openings.

Chan said Greek Mythology hopes to add at least 30 tables in the next two months.

The casino has already installed about 50 slot machines in an adjacent area. Officials now aim to complete the rest of this expansion phase by year-end.

But the rapid makeover has had its hitches. Workmen were repairing a section of the ceiling in the entrance hall Thursday. Vice president Francis Lam attributed the trouble to poor workmanship in the rush before the December opening.

The company said the casino's monthly net profit doubled between February and April, with an average of 30,000 visitors a day, many of whom

arrive on bus tours. Chan said about 700 customers come each day on tour packages that the casino markets in Hong Kong.

It is also drawing 600-800 visitors a day via greeters and shuttle buses it posts at the Hong Kong ferry terminal and Zhuhai border gate.

Greek Mythology hopes to begin service within eight months on the Tuen Mun-Macau ferry route through the franchise it recently acquired in Hong Kong, said Chan.

The company plans to schedule sailings every half hour and will acquire six ferries for the line.

Chan said it also plans to apply for rights to sail between Tuen Mun and Hong Kong Disneyland.

Trading in the shares of A-Max Holdings, which controls a 16 percent stake in Greek Mythology, was suspended Thursday afternoon pending an announcement after the shares rose 3.8 percent to 81 cents.

zach.coleman@singtaonewscorp.com

 


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