..

Stanley Ho Wants Return of Monies

Written by:
Aaron Goldstein
Published on:
Jan/26/2011
Stanley Ho

The 89-year-old Macau billionaire gambling mogul Stanley Ho is demanding return of funds he says family members obtained without his consent.  The family divided a large portion of Ho’s vast casino fortune on Monday in what was originally seen as a seamless process. 

By Tuesday, legal representation for the elder Ho insisted other family members were not given permission to take control of funds. 

The news has had a negative impact on the company’s share price.

Ho’s SJM Holdings Ltd. slid as much as 8.8 percent in Hong Kong trading as the Ho family squabbles went public, Bloomberg News reported. 

SJM has an approximate market value of $9.7 billion and runs most of the casinos in the Chinese gambling haven of Macau, where Bloomberg points out, gambling revenue is four times that of the Las Vegas Strip.  Prior to 2003, Ho ran a monopoly in the gambling state.  Over the last year, Ho suffered a fall and required several months of hospitalization following brain surgery. 

“The market’s puzzling about the whole thing, and it’s starting to feel like we’re watching a TV drama,” said Victor Yip, a Hong Kong-based analyst at UOB-Kay Hian Ltd. “No one knows the final outcome. Many investors will be profit-taking in the short term.”

Ho’s daughter Pansy manages 50 percent of a casino joint venture with MGM Resorts in Macau. 

- Aaron Goldstein, Gambling911.com

Business/Financial News

Hillarious Elon Musk SNL Host Betting Odds

Hillarious Elon Musk SNL Host Betting Odds

Bet on Elon Musk as SNL host.  Everything from what he mentions first, Dogecoin, Tesla, SpaceX and even whether he lands in trouble with the SEC.   Should be a great show.

Elon Musk Dubs Himself the "Dogefather" for SNL Promo Tweet

Elon Musk Dubs Himself the "Dogefather" for SNL Promo Tweet

Oddsmakers doubt an SEC investigaton will be launched following Elon Musk's SNL appearance this coming Saturday night, but you can still bet on it.

Gemini Acceptance of Dogecoin Suggests Cryptocurrency Here to Stay

Gemini Acceptance of Dogecoin Suggests Cryptocurrency Here to Stay

Plus Dr. Craig Wright's master class on the variety of ways to extend Bitcoin addresses.

Cryptocurrency ether rose to a fresh record peak on Tuesday before dropping sharply as some investors pulled profits from a white-hot market bulging with questionable new entrants.

'Speculative Excess': Ethereum Finds New Peak in Sizzling Crypto Market

Cryptocurrency ether rose to a fresh record peak on Tuesday before dropping sharply as some investors pulled profits from a white-hot market bulging with questionable new entrants.

Bitcoin Jumps 8%, on Course to Snap Five Days of Losses

Bitcoin Jumps 8%, on Course to Snap Five Days of Losses

Bitcoin jumped as much as 8% on Monday and was on course to snap five straight days of losses, though the cryptocurrency has slumped almost a fifth from its all-time high hit earlier this month.

Syndicate