Stanley Ho has divided his billion-dollar gambling empire between his family, leaving only a small stake for himself.
Following a bitter dispute between his family over who would control the 89-year-old’s casino business, the matter now appears to have been resolved.
Ho’s company, Lanceford, owns a 31.65 per cent interest in Sociedade de Turismo e Diversoes de Macau. Upon completion of a deed of settlement between Ho and his family, his wife, Angela Leong, now has a six per cent interest, while 25.538 per cent has been shared between members of his family.
Ho will retain just a 0.117 per cent stake in STDM’s parent company.
Ho began building his casino empire in the 1960s when he and his partners were granted Macau’s gambling monopoly. Despite the market opening up to foreign competition, STDM’s latest incarnation, SJM Holdings, remains the enclave’s single largest operator.
His recent ill-health fuelled speculation over the future of the company, but this transfer of power is unlikely to lead to a change in management at STDM.
