|Hong Kong gambling tycoon Stanley Ho has increased his holdings on the Chinese gambling haven of Macau with a joint casino venture.|
Mr Ho will be partnered by PBL, run by Australian media boss Kerry Packer, who has pledged $163m (£88m) of investment in the Park Hyatt Hotel, not scheduled to open until 2007.
Fast-developing into a Pacific gambling hotspot, Macau is benefiting from relaxed gambling laws introduced after being returned to China by Portugal in 1999. The territory has since enjoyed an increase in revenue, to $4.4bn (£2.4bn) last year.
PBL’s agreement with Melco, Mr Ho’s group, benefits the Hong Kong company for any future operations in China, while the deal is reversed for interests elsewhere in Asia and the Pacific.