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                                                                               B l o o m b e r g M a r ke t s
                                                                               February 2007                    83

Biggest Jackpot
By William Mellor,   Macau gambling patriarch Stanley Ho is squaring off
 Oliver Staley and   against billionaires Sheldon Adelson, Steve Wynn
        Le-Min Lim   and Kirk Kerkorian—not to mention members of his
                     own family—for dominance of the casino market on
                     the doorstep of mainland China.
                      Macau gambling czar Stanley Ho’s 35-year-old casino, the Lisboa, has new neighbors,
                      courtesy of Americans Adelson and Wynn, among others.

         B lo o m b e r g M a r ke t s
84       February 2007                                                    MACAU JACKPOT

     ‚The Hotel Lisboa used to be the only game in Macau. The             billion people can gamble in casinos. In total, 2.2 billion peo-
     birdcage-shaped casino has welcomed Chinese playing bacca-           ple live within five hours’ flying time of Macau, according to
     rat, blackjack and sic bo—an Asian dice game—amid smoke-             CLSA Asia-Pacific Markets, compared with 410 million in
     stained walls and frayed carpets for 35 years.                       the same radius of Las Vegas. “They like retail, they like to
         Now, the Lisboa and other casinos in Stanley Ho’s gaming         gamble, their income is rising and they’re being offered
     company, Sociedade de Jogos de Macau (SJM), are facing a             something they’ve never had before,” Summers says of the
     horde of competitors. Ho, who had a government monopoly on           Asian gamblers.
     Macau gaming for four decades until 2004, has seen his share of          Macau is already the biggest single gambling market in the
     gambling revenue dive to 55 percent from 100 percent—and it’s        world. In 2006, Macau’s casinos raked in an estimated $6.8 bil-

        ‘Forget about dating services,’ jokes Las Vegas Sands’ Adelson.
         ‘You can’t make a better match than bringing casinos to Asians.’

     still shrinking. All around the Hotel Lisboa, crowded into a ter-    lion, probably overtaking the Las Vegas Strip, says Rob Hart, a
     ritory measuring just 10 square miles (26 square kilometers),        Hong Kong–based gaming and property markets strategist for
     U.S. gambling billionaires Sheldon Adelson of Las Vegas Sands        Morgan Stanley. The Strip took in approximately $6.5 billion.
     Corp., Steve Wynn of Wynn Resorts Ltd., and Kirk Kerkorian of            “Forget about the dating services,” jokes Adelson, 73, chair-
     MGM Mirage are building new resorts complete with artificial         man of Las Vegas Sands. “You can’t make a better match than
     canals, singing gondoliers, luxury shopping malls and celebrity      bringing casinos to Asians.” Adelson’s 740-table Sands Macau,
     chefs. Local investors who have joined the fray include Hong         which opened in 2004, is doing such good business that he re-
     Kong–based Galaxy Entertainment Group Ltd. and kung fu film          couped his $260 million investment in eight months, he says.
     star Jackie Chan.                                                    At the Sands Macau, the world’s biggest casino when ranked by
         Blurring the battle lines is the maneuvering and feuding         the number of tables, as many as 40,000 gamblers a day, almost
     within the sprawling Ho family. Patriarch Stanley Ho, 85, a bil-     all of them casually dressed Chinese, besiege the croupiers. On
     lionaire in his own right, says he wants to sell as much as $1.9     a stage above the throng, Western bands belt out pop numbers.
     billion worth of shares in closely held SJM to raise funds to go     Next door, in the relative calm of the Paiza Club VIP suites, high
     head-to-head with the Americans. That plan has so far been           rollers, again mostly Chinese, relax in leather armchairs be-
     blocked by a lawsuit brought by his sister, Winnie Ho, 84, who       tween $10,000 games of baccarat. Out in the lobby, a yellow
     holds a minority stake in SJM’s parent company and says she          Lamborghini is being raffled. At the curbside, convoys of cour-
     wasn’t consulted about the share sale.                               tesy buses drop off new customers, some of them lured by text
         Meanwhile, two of Ho’s 17 children have formed joint ven-        messages sent to their cell phones. “Want to be a millionaire?”
     tures with his Western rivals. Pansy Ho, 44, chief executive offi-   reads one. “Take the direct bus from China to Sands and you
     cer of the family’s conglomerate, Shun Tak Holdings Ltd., has        immediately qualify for the instant millionaire draw.”
     used her own money to form a 50-50 partnership with Kerkori-             The gambling frenzy goes beyond Macau. Foreign investors
     an’s MGM Mirage, which is building the $1 billion MGM Grand          are also targeting Singapore, Japan, Vietnam and other Asian
     casino-hotel within walking distance of her father’s flagship        countries, as governments move to lift decades-long restrictions
     Lisboa. And Lawrence Ho, chairman of Hong Kong–listed                on casinos, says Sean Monaghan, a Singapore-based analyst
     Melco International Development Ltd., has teamed up with             with Merrill Lynch & Co. “The breadth of change is going to be
     Australian tycoon James Packer to invest as much as $3.3 bil-        monumental,” Monaghan says.
     lion in three casinos in Macau. Lawrence, 30, and Packer, 39,            The next gambling venue that will open up is Singapore,
     raised $1.4 billion by selling shares in their joint venture,        where in May the government issued its first casino license to
     Melco PBL Entertainment (Macau) Ltd., on the U.S.’s Nas-             Adelson’s Las Vegas Sands. He will spend $3.6 billion building
     daq Stock Market in December.                                        a casino and a 2,500-room hotel and convention center on re-
         In all, foreign investors are staking $20 billion on making      claimed land in Marina Bay, near Singapore’s downtown. In
     Macau, a former Portuguese colony that’s now a special               December, Singapore authorities announced that a second
     administrative region (SAR) of China, into the gambling cap-         license—the last to be granted for at least 10 years—had been
     ital of Asia. “In 10 years, Macau will resemble Vegas on ste-        awarded to Asia’s biggest casino company, Kuala Lumpur–based
     roids,” says Brian Summers, who helps manage $28 billion at          Genting Bhd., controlled by billionaire Lim Kok Thay, 55.
     Santa Fe, New Mexico–based Thornburg Investment Man-                     Across Asia, casino companies will spend as much as $71
     agement Inc., including $240 million worth of Las Vegas              billion over the next five years, according to Monaghan. An-
     Sands shares. Summers points to the demographics. Macau              nual gaming revenues for the region could double to $23 bil-
     (population: 500,000) is the only place in greater China—            lion in 2010 from $11.9 billion in 2005, according to a 2006
     the mainland, Hong Kong, Macau and Taiwan—where its 1.3              PricewaterhouseCoopers LLP report.
                                                                                                         B l o o m b e r g M a r ke t s
                                                                                                         Month 2007                       85

      nvestors are buying into the plan to clone Vegas across         its position to the British city across the Pearl River estuary.
      Asia. As of Dec. 13, Las Vegas Sands’ New York Stock Ex-            Today, a visitor arriving by air sees acres of construction
      change–listed shares had more than tripled, to $91.56,          amid the dreary Hong Kong–style apartment blocks and re-
since its initial share sale in December 2004. Wynn Resorts’          stored Portuguese colonial architecture. The Macau govern-
stock rose sevenfold, to $93.54 as of Dec. 13, since it listed on     ment is expanding the airport and has opened a second border
Nasdaq in 2002. MGM Mirage stock hit a 52-week intraday               crossing, called the Lotus Bridge, with mainland China. That
high of $56.88 on Dec. 4, and closed at $55.39 on Dec. 13. As of      makes Macau an even shorter bus or car ride for many of the 110
Dec. 13, shares of Melco International were up 22-fold to 22.30       million Chinese who live in neighboring Guangdong province,
Hong Kong dollars from their price on Dec. 31, 2003. And Hong         1.2 million of them in the city of Zhuhai adjacent to Macau. In
Kong–listed Shun Tak Holdings, Ho’s Macau-focused conglom-            all, a total of 250 million Chinese living in Guangdong and 28
erate, has quadrupled in value since Dec. 31, 2003.                   cities across China are allowed unfettered individual travel to
    Even though Stanley Ho is losing market share in his casi-        Macau, according to the Macau government tourism office. The
nos, his web of business interests ensures that gamblers visiting     rest can visit on organized tours.
Macau can’t help putting money into his pockets. He still owns            Macau now earns 70 percent of its revenue from casino
16 of the 23 gaming houses in Macau. Through Shun Tak and             taxes. The economy has doubled in four years to $12 billion, or
other companies, Ho owns a controlling interest in ferry and          $24,000 per capita, making the enclave the fourth-richest re-
helicopter services that carry passengers between Hong Kong           gion in Asia after Japan, Singapore and Hong Kong, according
Island and Macau. He also has a 33 percent stake in the airport       to Macau government figures. In the third quarter of 2006,
and 14 percent of the main local airline, Air Macau. Ho owns          gross domestic product rose 11 percent compared with the
the biggest department store, New Yaohan, and the second-             same period in 2005.
biggest bank, Seng Heng Ltd., and has property investments                Stanley Ho was born into a wealthy Hong Kong family of
that include the five-star Mandarin Oriental and Westin Re-           mixed Chinese and European descent. His family’s fortunes
sort hotels, plus a theme park complete with artificial explod-       changed for the worse before and during World War II, when
ing volcano. Among his latest projects: a new budget airline,         the Japanese invaded Hong Kong. At age 21, he fled to neutral
Macau Asia Express Ltd.                                               Macau, where he set up a trading business and married a well-
                                                                      connected Portuguese-Macanese woman, Clementina Leitao.

             hile Ho held a monopoly, Macau casinos catered               Casinos had been operating in Macau since the 1930s. In
             to hard-core gamblers who spent most of their            1962, the monopoly franchise was awarded to Ho and a group
             money at the tables. Adelson, Wynn, Kerkorian            of partners. Back then, the territory’s most noticeable land-
and Packer, CEO of Australia’s Publishing & Broadcasting              mark was the 17th-century hilltop facade of ruined St. Paul’s
Ltd. and son of the late tycoon Kerry Packer, are all betting         church. In 1972, Ho contributed the Hotel Lisboa.
that gamblers from China will be able and willing to pay for              Change began in 1999, when Portugal handed Macau back
fine dining, cabaret shows, shopping trips and other extras           to China under a Hong Kong–style one-country, two-systems
that lure nongamblers to Las Vegas.                                   arrangement that gave Macau administrative authority over
    That’s a risky assumption, at least in the short term, says An-   many local issues not related to defense and foreign affairs.
thony Carter, CEO of Galaxy, which is investing $1 billion in the         The first major decision of the new Beijing-appointed local
territory. “Adelson and Wynn are visionaries,” Carter, 61, says.      government was to end Ho’s monopoly in a bid to attract fewer
“In Macau, I’m not sure the timing of their vision is correct.”       professional gamblers and more entertainment and conven-
    Galaxy’s founder, Hong Kong billionaire Lui Che-woo, 75,          tions. At the same time, the Chinese government eased travel
has opened five casinos in Macau meant to appeal to Chinese           restrictions for mainlanders. Tourist arrivals shot up to 18.7
who want to spend most of their budget on gambling. That              million in 2005 from 12 million in 2002, with 60 percent of
means no designer shopping or Western food. Jackie Chan, the          the visitors from the mainland. The number for 2006 was ex-
Hong Kong–born actor who has starred in hit martial arts mov-         pected to top 20 million, according to Hong Kong–based
ies including Rush Hour and Rumble in the Bronx, meanwhile,           CLSA Asia-Pacific Markets.
has taken a 5 percent stake in the $80 million Emperor Grand              Ho says he is determined to rise to the challenge posed by
hotel and casino. “It’s one of my wisest decisions,” Chan, 52, says   Adelson and company. “All my life I love challenges, and I
of his investment. Hong Kong entertainment mogul Albert               never accept no as an answer,” he says. A Hong Kong tennis
Yeung, 62, is the principal owner of the Emperor, which fea-          champion (he’s won the Chinese Recreation Club doubles
tures cheaper rooms than those offered by Wynn and Adelson.           competition for older players every year since 2002), Ho also
Its most ostentatious adornment: 78 one-kilogram gold bars in-        swims daily and says he has no thoughts of retirement. He was
laid in the lobby floor.                                              scheduled early this year to open his new $625 million Grand
    The frenzy of casino development is rapidly transforming          Lisboa, a 40-story hotel-casino shaped like a golden lotus
Macau. Portuguese traders set up the colony of Macau in 1557—         petal that will tower over the original birdcage. “Unlike the
284 years before the British arrived in Hong Kong. By the late        others, which are replicas of their Vegas models, our Grand
19th century the enclave had become a trading backwater, losing       Lisboa is unique and original,” he said in e-mail answers to
         B lo o m b e r g M a r ke t s
86       February 2007                                                   MACAU JACKPOT

     questions. “Our company will have a definite edge. As the pie       Melco International, one of the joint venture partners, and
     is growing bigger and bigger, I believe there should be enough      also owned 7 percent of its shares. In March 2006, he resigned
     for every player in the market.”                                    as chairman, saying he wanted to avoid a conflict of interest.
         First, Ho needs to make peace with his sister. Winnie Ho        In November, he announced in a term sheet sent to investors
     owns a 7.3 percent stake in Sociedade de Turismos y Diversões       that he would sell 4.3 percent of the shares. He still owns 2.6
     de Macau, or STDM, which owns 80 percent of Sociedade de            percent of Melco, according to Bloomberg data.
     Jogos de Macao, the firm that controls Ho’s casinos and that

     Ho wants to take public. In her suit, filed in March, she claims           n August, the VCGR approved the joint venture, saying in
     the board meeting that approved the share sale was invalid.                a statement, “Our investigations have satisfied the VCGR
     She told Bloomberg Television in an interview broadcast on                 that Dr. Ho is not in a position to exert any influence with
     Dec. 11 that her brother had tried to get her to sign away her      respect to this venture.” Peter Cohen, CEO of the commission,
     shareholding for less than it was worth. She says the company,      said in a December interview that because Stanley Ho had re-
     which she helped run for 25 years, owes her unpaid dividends        signed as chairman, the commission concluded he wouldn’t
     amounting to HK$3 billion ($386 million) and that SJM               play a “significant” role in the management of the company, so
     should not sell shares until she’s paid.                            it called off its investigation of his suitability as a joint venture
         “We don’t need all these lawyers if he plays by the rules and   partner. Asked if the VCGR had tracked Ho’s business history,
     the law and pays me back the money he owes me,” Winnie Ho           Cohen, 49, said, “We did not check, so we don’t know.”
     said in the interview. “But that’s just Stanley, always thinking        Both Pansy and Lawrence say they are in competition with
     he can just walk over anybody.” She said she was prepared to        their father—Pansy through her interest in the MGM Grand
     buy out her brother, adding: “The most important thing is for       and Lawrence through Melco PBL, which is scheduled to open
     Stanley to give up control of the company and get out. We’ll        its first casino on the Macau island of Taipa in April.
     find competent people to run the business.”                             “Stanley Ho’s kingdom is unraveling,” says Michael Back-

        Ho’s casinos depended on gamblers brought in by junket operators.
        Now the junketeers are being steered to the Sands and the Wynn.

        Through his law firm, London-based Herbert Smith                 man, 39, a London-based author of books on Asian family
     LLP, Ho refused to respond to his sister’s specific charges.        business networks. “Within the family it looks like it’s every
     “Suffice to say, we are instructed that our client and STDM         man for himself.”
     refute entirely all of Madame Winnie Ho’s allegations,”                 Others are not so sure. “It looks like a family strategy,” says
     managing partner Herbert Smith wrote in a letter to                 William Eadington, 60, professor of economics at the Universi-
     Bloomberg News.                                                     ty of Nevada at Reno and a consultant to the U.S. and other gov-
        The arrival of outside gaming interests in Macau has             ernments on the gaming industry, when asked about Stanley
     brought Stanley, Pansy and Lawrence Ho under the scrutiny of        Ho’s continuing investment in Melco and Pansy’s position as
     overseas gaming regulators. Under the laws of New Jersey and        managing director and CEO of Shun Tak Holdings.
     Nevada—the two biggest casino gambling venues in the U.S.—              Pansy, a regular on the Hong Kong social circuit, says family
     casino owners, their employees and vendors must be licensed.        members are not collaborating in their casino operations. She
     To renew their licenses, casinos have to demonstrate they and       says she didn’t even know her brother had acquired a casino con-
     their business partners are free of ties to crime anywhere in       cession until she read it in the newspaper. “When we go home
     the world.                                                          and gather together, we only talk about family matters,” she says.
        The MGM–Pansy Ho joint venture still has to be approved              Stanley Ho agreed to be interviewed only by e-mail.
     by the gaming control commissions of the two states, where          When asked about his children’s ventures, he wrote: “Their
     MGM owns casinos. In mid-December, spokesmen for the                partnership with international players will bring in new casinos
     commissions said they were still investigating Pansy Ho’s           and gaming-related facilities, as well as recreational and hospi-
     background. “This is not out of the ordinary,” says New Jersey      tality facilities, which will help bring more tourists to Macau.”
     Casino Control Commission spokesman Daniel Heneghan. “If                Ho’s Macau casinos have traditionally depended on a partic-
     you look at our prior licensing investigations, our investigators   ular kind of tourist: gamblers who arrive on organized junkets
     have traveled the globe.”                                           from elsewhere in Asia. It was the junket operators who brought
        Last year, Australia’s Victorian Commission for Gambling         the high rollers to Macau’s casinos, lent them money and collect-
     Regulation (VCGR), whose rules are modeled on those of New          ed their debts. They used to work exclusively for Ho, delivering
     Jersey, launched a routine investigation of Melco PBL Enter-        gamblers to the Lisboa’s VIP rooms, which are run by franchise
     tainment and its principals, including Stanley and Lawrence         owners who share the house’s winnings with Ho and pay the jun-
     Ho. When the investigation started, Stanley was chairman of         ket operators a commission for each chip a junketeer buys.
                                                                                                         B l o o m b e r g M a r ke t s
                                                                                                         February 2007                     87



    In 1999, before Macau was handed over to China, 40               clude a $1.8 billion replica of his Las Vegas Venetian resort, a
people died in what Portuguese law enforcement authori-              1.2 million-square-foot (110,000-square-meter) convention
                                    Chinese organized crime
ties called a gang war among���� �������                             center and nine hotels, he says, including a Four Seasons. All
groups, called triads, over control of some VIP room fran-
                                  ����  �����������                  together, Adelson’s properties will comprise 19,000 rooms and
chises at the Lisboa.             ����� ����������                   3 million square feet of retail space.
    Now, Ho says junket operators are bypassing the Lisboa              Wynn, 64, is matching Adelson chip for chip. His 600-
and its franchises and are bringing some of their best custom-       room, $300-a-night Wynn Macau offers a 220-table casino,
ers to the Sands and Wynn casinos. Referring to his own casi-        seven restaurants and 26,000 square feet of luxury shopping.
nos, Ho told Bloomberg: “Smaller VIP halls, which may not be         In the casino’s opening weeks last year the gambling czar
as competitive as others, are faced with some problems.”             pulled in thousands of potential customers by hanging paint-
    Says the Sands’ Adelson of Ho’s complaint: “I find it            ings by Renoir and Matisse in the hotel lobby and placing a
startling. Apparently he hasn’t got to the point where he            $10 million Ming vase in the Wynn Club, a 100-room VIP
realizes there’s competition.”                                       annex for high rollers. Wynn is building an extension, sched-
    Adelson has ridden his casino investment to a huge for-          uled to open in February, that will almost double the size of
tune. His 69 percent stake in Las Vegas Sands stock had a            the casino. And he has plans for three more resorts on the
value of more than $22 billion on Dec. 13. Though slowed by          Cotai Strip. “I’ll be building here for the next 10 years,” he told

   Skeptics say the breakneck growth in Macau will slow when
   competing gambling resorts open in Japan, Singapore and Taiwan.

a nervous-system ailment that forces him to use a walker,            Bloomberg television in September.
Adelson said in an interview in Las Vegas that he aims to                There are obstructions in the path of the new casinos’
overtake Bill Gates to become the world’s richest man. Gates’s       long-term success. Among the possible pitfalls: an oversup-
9.54 percent stake in Microsoft Corp. is worth $28 billion,          ply of hotel rooms and gaming tables. There are currently
according to Bloomberg data.                                         13,000 hotel rooms in Macau, and occupancy rates are only
   Adelson also has 50-story ambitions for Macau. He plans           75 percent, according to the Macau Tourism Association. By
to spend as much as $11 billion re-creating the Las Vegas            the time Adelson and his rivals finish their current projects
Strip on what he calls the Cotai Strip, a 1.2-kilometer-long         in 2009, there will be 30,000 rooms. In addition, while more
(0.7-mile-long) isthmus of reclaimed land linking Coloane            than 50 percent of Las Vegas’s tourism revenues come from
and Taipa, the two islands that together with the Macau pen-         nongaming activities, most Chinese still come to Macau only
insula make up the Macau SAR. That development will in-              to gamble, according to the tourism association. The average
         B lo o m b e r g M a r ke t s
88       February 2007                                                                          MACAU JACKPOT

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     length of stay is 1.17 nights, compared with 3.5 in Las Vegas.                             houseCoopers, agrees. “The way it’s developing in Macau is
     And half of those who do stay overnight don’t take rooms in                                encouraging, but sooner or later growth will slow,” says Green,
     hotels, preferring to rest up for a few hours in Macau’s ubiq-                             53, a former gaming regulator in Australia. “My concern is
     uitous saunas.                                                                             that capital will then move on to the next big thing. It will be
                                                                                                Singapore, then Taiwan, and so on.”

             kifengFILE who helps manage $21.5 billion for Edinburgh-
                             macstk11                                                               A visit to Macau demonstrates both the potential and the
             based Martin Currie Investments, says he won’t be buying                           challenge facing the Las Vegas investors.
                   SIZE      31p10 X 15p7
             any Macau-related casino stocks, partly because of the in-                             Engineer Yau Jing Long, from Shanghai, says he and his
     tense competition and partly because he thinks a recent Chinese                            wife love the Sands, where they’ll spend $3,000–$4,000 over
     government clampdown on corruption could scare mainland-                                   three days, playing baccarat until 4 a.m. “It’s intense—you re-
     ers away from the enclave. “You’ve got competition, you’ve got                             ally feel the gambling atmosphere,” Yau, 56, says. “The aisles
     the anti-corruption campaign,” says Ke, who’s based in Shanghai.                           are wider and the tables posher than at the Lisboa.”
     “In the short term, business will be affected.” On Dec. 6, Ao Man                              The Yaus are staying with friends, however, and aren’t in
     Long, Macau’s secretary for transport and public works, was de-                            the market for a hotel room. Neither is Hao Sheng, a Beijing
     tained on bribery charges, according to a statement posted on                              ceramics company executive who’s on his way to the Wynn
     Macau’s government Web site. Ao, 50, also engaged in “irregular                            from the Lisboa. With an income of 350,000 yuan ($40,000),
     financial activity,” the statement said, without giving details. His                       he’s rich in a country where middle class is defined in terms of
     attorney could not be contacted for comment.                                               $6,000 a year. Yet he says he prefers to gamble at Ho’s Lisboa.
         Adelson and Wynn say Macau’s demographics are too                                      “It’s a symbol of Macau, and my friends and I like to go there,”
     good for their ventures to fail. Sitting at his Las Vegas Sands                            Hao, 44, says. “We joke that we’re trapped inside the birdcage.
     boardroom table, a pitcher of iced tea and a bucket of ice                                 Everyone in China knows the Lisboa, but many of them still
     before him, Adelson rattles off the number of potential vis-                               haven’t heard of the Sands or the Wynn.”
     itors from Asian countries: 250 million from China, 128                                        Hao says he visited Macau three times in 2006 and spent
     million from Japan, 24 million from Taiwan, 75 million                                     up to 100,000 yuan each trip. Yet he balks at even the $200 a
     from Thailand. “Ya get it?” he asks. “How much rocket science                              night discounted midweek rate at the Wynn. He prefers to stay
     do you need, and how much arithmetic do you need, to say                                   across the border in the Chinese city of Zhuhai and walk into
     that the amount of the market I need is so infinitesimal? It’s                             Macau to gamble. “It’s much cheaper and almost as conve-
     just like a person in the desert needs water. These people need                            nient,” he says.
     entertainment. There’s no question in my mind we’re going to                                   Hao’s refusal to tailor his gambling habits to the Las Vegas
     achieve the level of success we’re shooting for.”                                          model suggests that, at least for the short term, the American
         Still, Eadington has doubts about the gaming entre-                                    billionaires may not have made the sure bet they say they
     preneur’s huge investment. “Adelson is betting the bank on                                 have.„
     Asia,” he says. “He may be right, but when you are moving
     as fast as he is, you can make significant strategic errors.”                              WILLIAM MELLOR is a senior writer at Bloomberg News in Beijing. OLIVER
                                                                                                STALEY covers the hotel and casino industries in New York. LE-MIN LIM writes
     One mistake, he says, would be to discount future                                          features in Hong Kong. With additional reporting by KELVIN WONG in Hong Kong
     competition from competing locations like Japan, Taiwan                                    and MATTHEW BROOKER in Shanghai.
     and Thailand.                                                                    
         David Green, head of the Macau practice of Pricewater-                       
                       For more informat ion on people ment ioned in this ar t icle, type a name and then <Hel p> 7 <Go>.

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