- Title: Melco's Lawrence Ho is bullish on casino prospect
- Date: 2nd June 2017
- Summary: HONG KONG, CHINA (JUNE 2, 2017) (REUTERS) VARIOUS OF MELCO CHAIRMAN AND CEO, LAWRENCE HO, IN INTERVIEW (SOUNDBITE) (English) MELCO CHAIRMAN AND CEO, LAWRENCE HO, SAYING: "And I felt that the market was coming back. And I think at the same time James wanted to reduce debt at his personal holding company level and also focus more on his domestic assets. So he was thinking of a restructuring internally himself. So it was perfect timing. So I wanted to increase my exposure and he wanted to decrease it."
- Embargoed: 16th June 2017 10:53
- Keywords: Melco interview Lawrence Ho casino Macau Hong Kong
- Location: HONG KONG, MACAU, CHINA
- City: HONG KONG, MACAU, CHINA
- Country: Hong Kong
- Topics: Economic Events
- Reuters ID: LVA0026JL3XCD
- Aspect Ratio: 16:9
- Story Text: Hong Kong billionaire and casino magnate Lawrence Ho said on Friday (June 2) new curbs on money flows in the Chinese territory of Macau would not dent sentiment to gamble in the world's largest gambling hub as he cited a resurgence in underlying demand.
Speaking of his recent high profile split from his Australian billionaire partner James Packer, Ho said he had been far more bullish on Macau and saw a turnaround in May last year whilst Crown had wanted to focus on its domestic assets.
Gambling revenue has boomed over the last 10 months after a more than 2 year tumble due to Chinese President Xi Jinping's attack on corruption. New measures imposed by Macau authorities in May, which include facial recognition at ATM machines and new anti-money laundering regulations, will prompt gamblers to alter their habits to get out cash.
The company is due to open a new hotel tower next year in Macau but Ho said its main objective for the next few years would be Japan. The 40 year old and the son of former Macau kingpin Stanley Ho, also operates casinos in the Philippines and Russia. - Copyright Holder: REUTERS
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