Articles

Packer and Ho to launch further Macau projects

Casino mogul James Packer and business partner Lawrence Ho are set to launch further casino projects in Macau following the opening of their new $760 million resort, it has been claimed.

The Australian reports that the pair are set to secure a loan of up to $3.3 billion in order to finance new casinos in the region.

The news comes on the back of similar moves into the US market, which saw Packer buy a 19.6 per cent stake in Fontainebleau and make a $1.4 billion offer for Gateway Casinos in Canada, the newspaper has advised.

This week Mr Packer's Publishing and Broadcasting (PBL) firm revealed it was to split into two separate firms based on gaming and media interests respectively. The gaming firm will now be named Crown &ndash the same name given to its new Macau location.

But Las Vegas Sands executive vice-president Brad Stone has dismissed the threat posed by PBL, specifically in the Macau region.

"We really don't take Crown and its location and its product very seriously," commented Las Vegas Sands executive vice-president Brad Stone.


© Adfero Ltd