Macau casino owner turns over large stake to family members




Stanley Ho has given most of his stake in the parent company of his casino empire, SJM Holdings Ltd., to family members,

Bloomberg News reported.

The 89-year-old billionaire was released from the hospital in March after a seven-month stay that included two operations, the report noted.

Ho gave up a 31.7 percent stake in Sociedade de Turismo e Diversoes de Macau to two companies owned by members of his family, according to a statement from SJM, Asia’s largest casino operator. He “no longer has an attributable interest” in STDM, as the parent is known, the statement said.

The 31.7% stake in STDM will be held by Lanceford Co. Action Winner Holdings Ltd. — owned by Ho’s third wife, Chan Un-chan — will hold a 50.55% stake in Lanceford. Ranillo Investment Ltd. — owned by Ho’s children Pansy, Daisy, Maisy, Josie and Lawrence — will have 49.45% of Lanceford, the Bloomberg article said.

Ho now owns 100 shares of SJM, which owns 56% of STDM, according to Bloomberg. An analyst told Bloomberg that Ho’s effective stake in SJM is less than 2%.

Ho last month transferred his 7.7% stake in SJM to companion Angela Leong, mother of his five youngest children. Shun Tak Holdings Ltd., a property developer that also operates ferries between Hong Kong and Macau, on Dec. 2 said Ho cut his direct ownership in the company in favor of two holding companies in which his children have stakes.

(Source: Bloomberg, Jan. 24, 2011.)

About the Author(s)

This is your 1st of 5 free articles this month.

Introductory offer: Unlimited digital access for $5/month
4
Articles Remaining
Already a subscriber? Please sign in here.

Related Articles

KEEP IT IN THE FAMILY

The Family Business newsletter. Weekly insight for family business leaders and owners to improve their family dynamics and their businesses.