Stanley Ho, the undisputed ruler of Macau gambling until Las Vegas discovered the place, is bowing out, after a fashion.
Bloomberg has reported that Ho, 89, home 10 months after a seven-month hospital stay with two operations, is giving up his 31.7 per cent stake in Sociedade de Turismo e Diversoes de Macau, to family members.
The announcement from SJM, Asia’s largest casino operator, said Ho “no longer has an attributable interest” in STDM. SJM’s stock, meanwhile, fell 9 per cent in Macau trading with the announcement.
The 31.7 per cent stake provides his second and third wives, and the four daughters and one son of the latter -- Pansy, Daisy, Maisy, Josie and son Lawrence -- with enough billions to get along on.
An analyst explained that, “Stanley Ho is getting old. Today’s action is part of his plan to distribute his wealth to family members. SJM’s operations are already handled by Ho’s competent assistants.”
Just wait until he distributes the rest. Then you’ll see some real money.
(Harness Tracks of America)