🎰 Macau gaming tycoon veers from Russia toward Japan - Nikkei Asian Review

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If Melco wins one of an expected three licenses against heavy competition from major U. In February, the local government scrapped the tax increase plan out of fears of impacting investments. Macau gaming tycoon Lawrence Ho said he sold stakes in Russian resort to boost his chance of winning casino licence in Japan. Get trusted insights from experts within Asia itself. Back in Macau, Melco Resorts will complete construction of an additional hotel tower at City of Dreams next month. Stay ahead with our exclusives on Asia ; the most dynamic market in the world. Copy Copied. Sign up to our newsletters to get our best stories delivered straight to your inbox. Offer ends April 30th. Arrow Artboard Created with Sketch. With the Japanese government facing major public opposition to casino gambling, officials are keen to promote the concept of "integrated resorts" where gambling is carefully restricted to a small area. The room Morpheus is targeted at the so-called "premium mass" market.

Lawrence Ho links divestment to effort to seek new license. Through Hong Kong-listed parent Melco International Development, of which Ho is also chairman and CEO, he also has interests in a Chinese lottery services and slot machine operations in the Philippines and won a casino licence in Cyprus last year.

Read Next. He did not mention, but Russia is also perceived as a relatively unregulated market compared to more established Asian gaming centers like Singapore. Construction involved 28, tons of structural steel and 50, sq.

Instead of tapping into the Chinese market, Ho said the resort, to open inwill mainly focus on customers from Middle Eastern countries.

I said let's quickly clean that up. Melco Resorts made an abortive bid in for a license when Singapore offered licenses source integrated resorts.

MACAU -- Macau gaming mogul Lawrence Ho Yau-lung has told the Nikkei Asian Review that he gave up control of a casino resort in Russia late last year to improve his chances of winning a license in Japan under the guidance of external advisers.

Your trial period has expired You need a subscription to Read all stories with unlimited access Use our mobile and tablet apps See all offers and subscribe. Between September and December last year, Ho sold down his entire controlling stake in Hong Kong-listed Summit Ascent Holdingswhich in turn is the majority owner of Oriental Regent, operator of a casino resort which opened in near Vladivostok, Russia.

Summit Ascent last year this web page Press reports at the time melco casino in russia Ho's share sale linked it to plans by local officials to double gaming taxes, which would have squeezed Summit Ascent's profits.

InMelco International's slot machine unit withdrew from Cambodia, another lightly regulated market. Your full access to the Melco casino in russia Asian Review has expired You need a subscription to: Read all stories with unlimited access Use our mobile and tablet melco casino in russia See all offers.

The younger Ho now travels to Japan every two weeks on average to push its case with officials. Sponsored Content. Artboard Created with Sketch. Stay ahead with our exclusives on Asia. Nasdaq-listed Melco Resorts operates three casino-equipped properties as well as a number of slot halls in Macau and is co-owner of the City of Dreams Manila gambling resort. Companies Macau gaming tycoon veers from Russia toward Japan Lawrence Ho links divestment to effort to seek new license. Company in focus Macau's upstart casino champ makes play for new markets. In the interview with Nikkei, Ho tied the sale to his Japanese license bid, noting international sanctions against Russia over its annexation of Crimea and its territorial dispute with Japan. Hong Kong-listed Nagacorp is also developing a casino hotel in the same zone outside Vladivostok.