Shun Tak has a pedigree of successful investments in Macau, say analysts, and shouldn't be lumped in with the many so-called Macau concept stocks that soared late last year.

``Shun Tak is one of the few Macau stocks that are institutional targets,'' Alex Wong, director of Rexcapital Asset Management, said. ``It's not like the others.''

Operating 15 of the city's 17 casinos, Shun Tak, owned by 83-year-old gaming kingpin Stanley Ho, is Macau. And Macau has come a long way since it was a sleepy Portuguese enclave. In the past year, keen interest by US casino supremos eager to turn the enclave of 450,000 to Asia's Las Vegas for a flood of mainland tourists, has spurred gains in Hong Kong's so-called Macau concept stocks.

As the only place in China that allows casinos, and with Beijing clamping down on casinos at its borders with countries like Russia, it's no wonder Macau is second in the world in gaming revenues behind Las Vegas.

Of the 16.7 million visitors to the city last year - up from 2003's 11.9 million - a whopping 9.5 million came from China. ``We won't be surprised if Macau overtakes the Las Vegas Strip this year,'' Nomura International analyst KY Ng said, reiterating his ``buy'' call on the stock. ``And Shun Tak offers the most attractive exposure to Macau's booming, gaming, property, hotel and transport sectors.''

Shun Tak shares, at their HK$7.40 close Friday, have more than doubled from their HK$3.279 close on March 29 last year, though they're off their HK$9.15 peak on January 3. The shares, analysts say, are more than just a casino play. ``We're bullish on Shun Tak because we're bullish on the Macau economy as a whole,'' CLSA analyst Keith Yeung said. ``Along with its parent, Shun Tak is the biggest conglomerate in Macau.''

A company that began life as a property firm, Shun Tak has operations that span real estate, hotels, transport and, of course, gambling. Apart from Macau, Shun Tak also has real estate and transport interests in Hong Kong.

Of 10 analysts polled by Thomson Financial, nine rate Shun Tak as a ``buy,'' ``outperform'' or ``overweight,'' and one as a ``hold.'' Twelve-month targets for the stock price range from HK$9 to HK$9.95, according to five analysts.

But the question is, how big is the gaming pie? Ho controls Shun Tak through his flagship Sociedade de Turismo & Diversoes de Macau, which holds rights to one of three licenses to operate casinos in Macau.

Last week, US casino operator Sheldon Adelson, chairman of Las Vegas Sands, unveiled an ambitious project to build a Las Vegas-style strip of casinos and luxury hotels in a reclaimed area of Macau.

The US$15 billion (HK$117 billion) Cotai strip could ultimately have as many as 60,000 rooms, Adelson said. At first glance, say analysts, competition could be a worry. But

perhaps more worrying is Shun Tak's very own wild card: Ho's family.

Last week, the Hong Kong Securities and Futures Commission said it would look into a complaint by Ho's 82-year-old sister Winnie. She has alleged that a rights issue undertaken by Shun Tak three years ago was primarily made to raise the equity stakes of Ho's three daughters, rather than for the stated purpose of repaying debt.