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BRITISH CONSULATE-GENERAL FOR MACAO
9th Floor Bank of America Tower 12 Harcourt Road Hong Kong Mail Address GPO Box No 528 Hong Kong
Telex HX 73031 Cable Address Uktrade Hong Kong Telephone 5-230176 Fax 5-8452870
fun 24/1 Am f.i.
& p.ir.
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UK / Macao Belts ин/талей
CS
Political Adviser
HONG KONG GOVERNMENT
HKCOZOI
reference
RECL
YOur reference
30 JAN 1991
Date
16 January 1990
23
sean wincani
STANLEY HO TAKES CONTROL OF MACAU JOCKEY CLUB
1. You will have seen newspaper reports at the end of December that Stanley Ho has, through STDM and in partnership with others, acquired a majority holding in the Macau Jockey Club (MJC). Some background may be relevant.
2.
Stanley Ho's secretary told me before Christmas that he was not at all keen on acquiring MJC. It had contractors' debts of HK $50 million and government debts of up to the same figure. However Acting Governor Nabo was determined that MJC, symbol of the single largest amount of foreign (Taiwanese) investment, should not be declared bankrupt. He persuaded Ho to intervene on the basis that government debt would be waived and support would be given for other new projects (later revealed as amusement park, restaurants and, yes, a casino) on MJC land. Nabo and Ho spent most of 22 December together in the Victoria Hotel working out an agreement on these lines.
3.
This does of course on the one hand make the Macau Government more beholden to Stanley Ho, and on the other increase the stake that Ho would lose should he ever pull out of Macau. Although he has interests in Malaysia, Thailand, Portugal and elsewhere, and has recently considered a casino project in Hungary, Stanley Ho cannot diversify in the same way as Hong Kong's trading barons. His commitment to Macau is too great.
4.
While Ho's new direct involvement in racing may encourage him to raise again with the Governor or other Hong Kong officials "forms of co-operation" on racing (I think that was the phrase he used once with me), there may be advantages in having all gambling in Macau concentrated in his hands.
5.
Father Texeira showed me the Catholic Seminary's paintings
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Every effort is made to ensure that the information given herein is accurate, but no legal responsibility is accepted for any errors, omissions or misleading statements in that information caused by negligence or otherwise and no responsibility is accepted in regard to the standing of any firms,
companies or individuals mentioned.
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