Macau Casino King Stanley Ho Settles His Family Spat

Posted on March 14th, 2011

Macau Casino King Stanley Ho, who during the Portuguese colonial years in Macau, near Hong Kong, ran a casino monopoly in the territory, has worked through a family feud.

The Casino Taipan of The East has dropped a lawsuit against several of his family members and settled issues over his inheritance that accounts for a share in his Macau casino empire worth about $1.6 billion.

The high-octane drama offered a fly on the wall look into the dealings of one of Asia’s richest men and shone a torchlight on an acrimonious power struggle for control of Hong Kong-listed casino company Sociedade de Jogos de Macau, (SJM).

A statement released Thursday by Ho and his family said the dispute had been “fully worked out” and that all parties had come to an an agreement.

The 89-year-old gambling tycoon made the front pages in HK and around the world earlier in 2011 after he disputed the transfer of the stake to the families of his 2nd and 3rd wives. Ho’s legal team had said the tycoon, whose health is failing and was admitted to hospital for 7 months after alledgedly undergoing brain surgery in August 2009, was tricked into signing over the shares.

SJM shares soared 6.8% to HK$ 12.92 after the press release, swelling Ho’s stake,  to about $1.6 billion.

Ho personally dropped the lawsuit, which had been filed at Hong Kong’s High Court 5 days earlier.

SJM operates 17 casinos, 4 slot machine lounges and 2 hotels in Macau, the world’s biggest gambling market. Ho’s casinos are still the market leaders, with about 30% of the city’s gambling take, which rise to a record $23.5 billion in 2011.

Related Posts

iPhone Casino Sites. Places where you can play casino games on your iPhone or Android Phone

The online casino companies have been talking about Mobile Casinos coming into their own for years now, and the reality never quite matched the hype. Buy it seems we have reached a tipping point in the world of casinos...

Retro Pub Slot Machines.

Retro Pub Slot Machines Ahhhh….. the 80’s, how we miss the days when fashion was, well let’s face it, too bizarre for words and the Human League slot machine was the focal point of the pub. Nowadays, the 80’s...
2015 slots

Slots to Play in 2015

With a new year comes an exciting new array of online slots for you to play. Here at the Online Casino King we take a quick rundown of some of the best online slot casinos for you to experience....