Australian richest man Kerry Packer has teamed up with Stanley Ho to gain control over casino development company Great Wonders Investments
Australian and Macau moguls team up in new Asian casino project
After eliminating the monopoly of casino magnate Stanley Ho, Macau gambling market has become a lucrative opportunity for foreign investors. Once again Australian richest man Kerry Packer, who owns Publishing and Broadcasting (PBL) company, has signed a deal with Stanley Ho's Melco International Development to gain control over casino development company Great Wonders Investments.
According to the agreement, the joint venture will buy the remaining 30 percent of the investment company from Sociedade de Turismo e Diversoes de Macau for HK$400 million ($51.3 million), reported CNN. The amount will be met from the existing funds of the partnership, PBL said to the Australian Stock Exchange on Tuesday.
The new second Australian investment in a joint venture with Ho's Melco International Development is likely to boost Packer's prosperity similar to the previous $211 million joint casino cooperation in November last year. According to the ChannelNewsAsia.com, PBL saw a 24 percent rise in net profits for the six months to December, with earnings from its gaming division rising an even stronger 39.6 percent to 228.5 million dollars.
Australian and Macau casino moguls have been recently reported to expand their business in other Asian markets, such as Taiwan, Thailand and Singapore, as gaming regulations are relaxed in those countries.
Ho's casino monopoly has lasted for decades until 2002. Currently the country has provided three licenses for gambling operators including one for Ho and other two U.S. casino tycoons Sheld Adelson and Stephen Wynn.
