Packer buys Macao casino stake

Australia-based Publishing & Broadcasting, owned by casino and TV magnate Kerry Packer, announced it had teamed up with Macau casino operator Stanley Ho to jointly develop business in mainland China and elsewhere in Asia. As part of the deal, Publishing & Broadcasting is to pay US$163 million for a 28% stake in Ho's latest Macao project, the Park Hyatt hotel and casino development. Ho's tie up with Packer is being seen as part of an effort to counter increased competition in the Macao casino market following the loss of his gaming monopoly in 2002. Las Vegas casino operators including Steve Wynn and Sheldon Adelson have both unveiled plans for large resort developments in Macao, a city they see as having the potential to one day rival Las Vegas as the world's casino capital.