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So you thought it was over, huh? Guess again!
Macau casino magnate, 89-year-old Stanley Ho, said on Wednesday that a settlement had been reached in a three day saga over transferred funds from his vast fortune to various family members. By Thursday, a lawsuit was filed.
So goes the rollercoaster ride in a four-day saga that has gripped the casino industry and pummeled Ho’s company shares, resulting in a 7.4 percent decline.
Ho’s lawyer Gordon Oldham filed the writ late Wednesday claiming the family members have illegally taken control of the assets in question.
“The big problem has been resolved,” Ho said Wednesday in an interview broadcast today by Television Broadcasts Ltd. “My families and I are very happy we have made the decision.”
He added: “I have been really unhappy recently because of the disputes, my family members were unhappy as well. I love my families very much.”
“This story continues to unfold in a dynamic way and it will continue to make the public shareholder base of SJM uncomfortable because of the possible strategic impacts of this volatility,” said independent industry consultant Jonathan Galaviz in an interview with Bloomberg News.
Ho once held a monopoly in Macau, which is now the world’s largest gambling destination, four times bigger than the Vegas Strip.
Ho has 16 children.
- Aaron Goldstein, Gambling911.com
