Tycoon Ho's group gets nod for new Macau casino
HONG KONG (AFP) - Macau gaming tycoon Stanley Ho's SJM Holdings has been given the greenlight to build a new five-star casino resort in the former Portuguese colony, the world's biggest gambling hub, the firm has said.
SJM, Macau's largest casino operator by gaming revenue, said in a statement issued late on Friday that the approval came after it won a government land grant for a 70,468-sq m site on the Cotai Strip.
Ambrose So, SJM's chief executive, described the new casino as a "milestone" development" for the firm as it will be its first venture on the developing strip, which already houses rivals Sands China and Galaxy Entertainment.
The new resort will include 700 gaming tables, 1,000 slot machines and a hotel with 2,000 rooms. Construction is expected to take three years.