France awards Macao mogul's winning ways

15th December 2004, Comments 0 comments

HONG KONG, Dec 15 (AFP) - France awarded one of its highest civic honours, the Commandeur de la Legion d'Honneur, to Macau casino magnate Stanley Ho in a Hong Kong ceremony Wednesday.

HONG KONG, Dec 15 (AFP) - France awarded one of its highest civic honours, the Commandeur de la Legion d'Honneur, to Macau casino magnate Stanley Ho in a Hong Kong ceremony Wednesday.

The award recognized Ho's significant contribution to the promotion of trade and culture between France, China and Hong Kong, a statement from the French representative office in Hong Kong said.

France's ambassador to China, Philippe Guelluy, presented the award to Ho, whose personal fortune is estimated at 1.4 billion US dollars by Forbes magazine.

Ho's multifaceted empire, built on 12 casinos in the southern Chinese former Portuguese enclave, is believed to account for about 60 percent of the city's economy.

He held a 40-year monopoly on gaming in Macau until May this year when the US Sands company became the first foreign venture to take advantage of recently-relaxed overseas investment rules.

Fuelled by a huge surge in tourists from mainland China, Macau's gaming industry has since mushroomed to one that is fast approaching the 7.5-billion dollar annual earnings of Las Vegas.

© AFP

Subject: French News

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