Pbl All Clear For Ho Joint Venture

The Age

Wednesday August 30, 2006

HELEN WESTERMAN

VICTORIA'S gaming regulator has decided not to stand in the way of Publishing and Broadcasting Ltd's joint venture with the Ho family's Melco International in Macau, ending a 17-month investigation into the influence of gaming magnate Stanley Ho.

The conclusion of the investigation comes as PBL and Hong Kong-based Melco wait for Macau regulators to award them the last remaining casino licence in the gaming haven - a move expected as early as next month.

The Victorian Commission for Gambling Regulation began investigating Stanley Ho's role in the joint venture in March last year. Mr Ho, whose alleged Triad links have troubled gambling regulators, stood down as Melco International chairman and was replaced by his son, Laurence Ho, after the VCGR began its checks.

The joint venture moved to distance itself further by buying its own full casino licence from Las Vegas operator Steve Wynn for $US900 million in March.

PBL and Melco will now own and operate the casinos they are building in Macau rather than relying on Stanley Ho's Sociedade de Jogos de Macau to run the casinos.

Sources suggested Macau regulators might issue the subconcession to PBL/Melco as soon as next month, if not by the end of the year.

The VCGR said it was satisfied Mr Ho had no role in the venture.

PBL's gaming chief executive, Rohan Craigie, said in a statement the decision was a milestone. The venture's first project, Crown Macau, is due to open in April and PBL expects the first stage of City of Dreams, the hotel-casino complex, to open in 2008.

© 2006 The Age

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