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Macau gambling magnate, Stanley Ho, is accusing family members of gambling assets.
What appeared to be a rather seamless transition just yesterday is turning into anything but on Tuesday.
“There was a concern among shareholders that there would be a bun fight [for control of the company], but that seems less likely, given these actions,” said Philip Tulk, an analyst with RBS, just yesterday.
Tulk may have spoken too soon, however.
Yesterday it was reported that Ho had transferred 31.65 per cent stake in STDM between his third wife, Chan-un-Chan, and his second wife’s five children - Pansy Ho, Daisy Ho, Maisy Ho, Josie Ho and Lawrence Ho.
Today, the 89-year-old casino mogul is claiming he’s been left with “almost nothing” and that the share transfer was done “without his consent”.
Ho’s lawyer issued a statement on behalf of his client.
"This is robbery," Gordon Oldham, a senior partner at the Oldham, Li & Nie law firm quoted the tycoon as saying.
Holding firm Lanceford Co, which represents Ho’s third wife and five children from his second marriage, said the billionaire had approved in writing the transfer of the bulk of his assets to various family members.
"It is regrettable that Oldham, Li & Nie rushed to publicise these matters without checking the underlying facts in connection with the relevant transactions and we reserve our rights against that firm," a statement from that firm read.
Once the only game in town, Ho’s empire was at the forefront of Macau’s massive growth to overthrow Vegas as the world’s biggest casino destination in recent years. Last year, Ho underwent brain surgery after suffering from a fall. He spent months recuperating in a hospital.
Since 2002 other gambling ventures the likes of Sands and MGM have since entered the Macau market with great success.
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- Aaron Goldstein, Gambling911.com
