Ng sets casino sights on Singapore, US


Zach Coleman in Macau


January 14, 2005


Just three weeks after relaunching his Macau casino, businessman Ng Man-sun announced plans on Thursday for opening gambling halls in Singapore and the United States.

Ng, who usually maintains a low profile and stays clear of his companies' big occasions, took center stage to unveil his global ambitions backed by a line of European revue dancers.

In Singapore, his companies - New Century Hotel and Greek Mythology (Macau) Entertainment Group - will have to compete against top international casino operators including Harrah's Entertainment, MGM Mirage, Kerzner International and Las Vegas Sands as well as a joint venture between Publishing & Broadcasting of Australia and Hong Kong-listed Melco International Development.

Two weeks ago, Singapore opened a tender for concepts for a casino resorts. Officials there have said they will only legalize casino gambling if the proposals are attractive.

Ng was among 18 bidders passed over by Macau when it awarded three casino concessions in 2002. Undiscouraged about his prospects in Singapore, Ng said he believes authorities there will focus on the non-gaming aspects, the financial resources of the bidders, their existing customer bases and the details of their plans.

``The key is whether you have a good plan to attract tourists,'' he said.

Greek Mythology's proposal would include hotels, a convention hall and a shopping mall. The company provided some conceptual drawings but little further detail other than a budget estimate of HK$5 billion-HK$6 billion.

``The company has sufficient financial resources,'' Ng said. He said the bid is likely to be made together with Hong Kong-listed A-Max Holdings, which said it would buy an 8 percent stake in Greek Mythology for a HK$640 million convertible bond. Ng said Greek Mythology plans to exercise its right to convert the debt into a 22 percent stake in A-Max.

Ng said that partners experienced in hotel and convention management would be recruited for the Singapore bid. Ng's Macau casino operates under an arrangement with Stanley Ho's Sociedade de Jogos de Macau.

Ng said he hopes to add casinos in Las Vegas and Atlantic City to his fledgling empire and would spend up to US$1 billion (HK$7.8 billion) to do so. Michael Chan, vice-chairman of A-Max and vice-president of Greek Mythology, said expansion could come through purchasing existing casinos or by constructing new ones.

Both would require Ng to undergo intense background screening by US state gaming authorities. Ng said he had 20 years' experience in Macau's entertainment industry and pioneered the operation of casino VIP rooms there. Ng opened the original casino in the New Century under a flurry of bombing and shooting attacks in 1997.

The casino's HK$600 million relaunch last month under the Greek Mythology name and theme drew far fewer than the 50,000 opening-day patrons Chan had forecast. But the firm said Thursday that with a boost from tour groups, it draws an average of 30,000 visitors a day, topping the 26,634-patron average announced by the Sands Macau, the glitzy palace opened last May by Las Vegas Sands.

zach.coleman@globalchina.com

 


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