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Casino Family Torn Apart

HONG KONG – As reported by the Singapore Business Times: "Stanley Ho, the Asian gambling tycoon, has disowned his younger sister as a four-year rift in one of Hong Kong's most prominent families deepens, reports the Financial Times.

"The siblings, 83 and 82, have been locked in a bitter power struggle since 2001 over 3 billion patacas (S$635 million) of dividend payments and shareholdings in STDM, Mr Ho's gambling empire in Macau, the former Portuguese colony.

"The fight, punctuated with lawsuits and threats, escalated last week when STDM's equity investors ousted Ms Winnie Ho as a shareholder because of her 'repeated attempts to disturb the company's operation'. The decision was passed unanimously by major shareholders, although it still needs approval by Macau's courts.

"…STDM controls 15 of Macau's 17 casinos and has stakes in the enclave's airport, port, airline, television network, bridges, the Macau Jockey Club, numerous hotels and many more operations. SJM, the gaming arm, alone accounted for 42 per cent of Macau's US$10 billion economy last year.

"…She also vowed to take her brother to court last week after denouncing STDM's decision to expel her from the company and appoint Mr Ho's third and fourth wives as directors…"

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