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Skynet in Talks to Build Macau Hotel-Casino

5 October 2004

MACAU – As reported by the China Standard: "Skynet (International Group) Holdings, a construction arm of builder Paul Y-ITC Construction, is in talks to build a hotel-casino complex in Macau for tycoon Stanley Ho that is reportedly worth HK$1.3 billion (US$166.7 million).

"Paul Y-ITC's deputy managing director Billy Wong confirmed the company was in talks on a contract to build a hotel but declined to disclose the contract size and the hotel's owner. `The negotiation has yet to be confirmed,' he said. `I suppose we are not the only contractor in the negotiation.'

"…According to a Hong Kong Economic Journal report on Monday, the contract covers construction of a six-star hotel and a casino. The hotel, comprising about 400 guestrooms, would be ready for operation by 2006.

"…The casino would be run by STDM's unit, Sociedade de Jogos de Macau (SJM), and the electronic gaming lounge, by Melco's unit, Mocha Slot Group. The joint venture would receive rental income from Mocha and SJM…"

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