Macao casino giant reports profit leap for 2001

UFA

MACAO, July 25 (Xinhuanet) — The Macao Tourism and Amusement Company (STDM), which ran franchise casino business in Macao until2001, reported a 28 percent increase in net profits for last year.

?@?@The casino giant reaped profits totaling 1.84 billion patacas (230 million US dollars) in the year, Xinhua learned Thursday.

?@?@The company’s total assets reached 35.94 billion patacas (4.49 billion dollars) at the year-end, with debts amounting to 9.87 billion patacas (1.23 billion dollars).

?@?@The Macao Gaming Company, a subsidiary of the STDM, and two other companies were awarded by local government casino licenses allowing them to start gambling business in Macao as of April 1, putting an end to the 40-year monopoly of the STDM in the sector.

Gaming crime plan in Victoria; Australia

THE State Government has vowed to uncover the extent of gambling-related crime in Victoria.

“Obviously it’s an issue out there that needs to be addressed,” Gaming Minister John Pandazopoulos said.

Mr Pandazopoulos said an independent body investigating gambling crimes in Victoria would shed light on the problem.

The Gambling Research Panel’s findings, due for release in about a year, will be made public no matter what they reveal, he said.

“That might be uncomfortable for the Government but it’s very important the community knows what the research says,” he said.

But he baulked at suggestions that UFA gambling-related crime was out of control. “I don’t know about that,” he said.

But Opposition gaming spokesman Ted Baillieu said the Government had done “bugger all” to help problem gamblers. The Opposition believes voluntary smart cards, allowing punters to set budget and time limits, could help gamblers identify signs of addiction before it gets out of control.

“The important thing is to stop people from becoming problem gamblers and that’s the thesis behind our smart card proposition,” Mr Baillieu said.

Galaxy to Open Temporary Casino in Macao

MACAO – As reported by China’s People Daily: “The Galaxy Casino Company, which obtained one of the three new casino licenses in Macao, is poised for the operation of a temporary casino in the Macao Special Administration Region (SAR) at the end of this year, Xinhua learned Friday.

“…The Galaxy, part-owned by American entertainment corporation Venetian and Hong Kong property magnate Lui Chi-woo, has been given a 20-year commission on casino operation and plans to investas much as 8.8 billion patacas (US$1.1 billion) in Macao in the coming 10 years.

“What the Galaxy wants to build in Macao before 2006 is a theme casino building featuring Renaissance-style opulence, with gondolas slowly floating down a canal inside the complex…”