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Shun Tak to Lease Space to Casino

26 November 2004

MACAU – As reported by the China Standard: "Shun Tak Holdings - a property and entertainment group controlled by Macau casino tycoon Stanley Ho's family - will rent casino space to Ho's closely held firm for a sharing of revenue from gaming tables.

"Shun Tak will lease about 20,000 square metres to Sociedade de Jogos de Macau (SJM), which owns the group's gaming licence and runs 13 casinos in Macau, for a casino with at least 180 gambling tables.

"In return, SJM will pay Shun Tak monthly rent based on 40 per cent of the gross monthly revenue from the first 60 gaming tables and at least 30 per cent of revenue from remaining tables, directly linking Shun Tak's income to the gaming industry.

"Shun Tak announced two weeks ago that it will pay the Ho family HK$1.5 billion for a large site next to Ho's Macau Tower on which it will develop 2.7 million square feet of mixed-use space…"

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