Nov. 11 (Bloomberg) -- Macau's government plans to meet with casino industry executives and will ``intensify'' regulations to control growth of the world's largest gambling hub by revenue.

``The government will discuss any reasonable co-operation agreement with industry leaders,'' Chief Executive Edmund Ho said in his policy address today. Macau intends to ``tighten control'' on casino growth in the Chinese city, he added.

``Our main strategy remains using resources gained from gambling to help with the development of leisure and tourism.''

Casino gambling revenue in Macau has more than doubled since 2004, when the government ended the 40-year monopoly of Stanley Ho, who's not related to the chief executive, and allowed foreign operators Las Vegas Sands Corp., Wynn Resorts Ltd. and MGM Mirage to operate.

Las Vegas Sands, run by billionaire Sheldon Adelson, said it's suspending construction in Macau to conserve cash after a third-quarter loss amid slowing growth in the only Chinese city where casinos are legal. The company, which earns about two- thirds of sales in the former Portuguese colony, is also raising $2.14 billion in capital.

Gambling revenue in Macau was 26 billion patacas ($3.26 billion) in the third quarter, 10 percent less than the previous three months. Still, compared with the third quarter last year, Macau's casino revenue grew 28 percent.

The city's gambling growth slowed amid the worsening of the credit crisis and measures by the Chinese government to restrict is citizens' travel to the city. Macau is a special administrative region which mainland Chinese need a visa to enter.

Less Visitors

Macau had 2.31 million visitors in September, 10 percent less than the previous month and the lowest number since July 2007, according to data compiled by Bloomberg. The city had 22.5 million tourists in the first nine months, 15.4 percent more than in the previous year.

The chief executive said the government's priority was to safeguard employment and he pledged 10.2 billion patacas in public spending and a possible income tax cut.

The shares of Hong Kong-listed companies with casino operations in Macau have slumped this year. Stanley Ho's SJM Holdings Ltd. has plunged 56 percent this year before today's trading, and Melco International Development Ltd., which part- owns a Macau casino venture, has dropped 84 percent. Galaxy Entertainment Group Ltd., a casino operator controlled by billionaire Lui Che-woo, has plummeted 92 percent.

Las Vegas Sands, whose Venetian Macao is Asia's largest casino resort, has lost 92 percent of market value this year on investor concerns that falling revenue and the financial meltdown will leave it short of cash to fund expansion projects or repay loans. It was usurped as the world's largest casino company by market value in the past month by Wynn Resorts Ltd. MGM Mirage is second biggest.

To contact the reporter on this story: Kelvin Wong in Macau at kwong40@bloomberg.net

Last Updated: November 11, 2008 03:22 EST