Macau’s gambling riches sparked bloody gunfights between triad gangsters two decades ago. Today, there’s a new conflict brewing, only this time it’s being waged with private jets, limousines and million-dollar loans.
Melco Crown Entertainment Ltd., the Macau casino venture of billionaire James Packer and Lawrence Ho, said it will begin paying dividends after posting a gain in fourth-quarter earnings as it won more-profitable gamblers.
Hong Kong stocks dropped, dragging the city’s benchmark index down to its lowest level since July, as casino companies tumbled on signs of a slowdown in Macau gambling revenue and property developers declined.
Lui Che-woo became Asia’s second- richest person by setting up a casino company that within a decade became the world’s third-biggest by market value. The 84- year-old says he’s just hitting his stride.