Ho and Packer reveal Macau casino plan

Duo acquire rights to a 25-year renewable lease on the Cotai Strip for $214 million.

Six months after signing a joint venture, gambling magnates Stanley Ho and Kerry Packer have announced plans for an underwater casino in Macau. The duo sealed a deal with the Macau Government last week acquiring rights to a 25-year continuously renewable lease for 113,325 square metres of land on the Cotai Strip.

The JV - between Australian Kerry Packer's Publishing and Broadcasting Limited PBL and Ho's Hong Kong listed Melco International Development - will pay $214...

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