Casino tycoon Stanley Ho and his family have been in the news for all the wrong reasons lately. Ho is in the midst of a legal battle over his gaming
Oldham, Li & Mie has filed a lawsuit on behalf of Ho that claims that Ho's two daughters, Daisy and Pansy Ho seized control of Sociedade de Turismo e Diversoes de Macau. The company controls one of the most lucrative companies in the world, SJM Holdings Ltd.
The legal circus that has surrounded Ho since he gave up control of the company has been dizzying. A lawsuit was filed back on January 26th, but was later withdrawn. Now it appears that Ho is again preparing to do battle with members of his family.
Ho rose to prominence as a business tycoon in the gaming industry. SJM Holdings held a monopoly on casino gambling in Macau for many years until the government opened up the market to outside operators. In the years since, SJM has continued to profit from their Macau properties, but they have been joined by some of the biggest gaming companies in the world.
Las Vegas Sands, MGM Mirage, and Wynn Resorts all have moved into the area and it is paying big dividends for all involved. Macau has become the top gaming destination in the world, and in recent months they have seen revenue rise by outrageous percentages.
Ho is eighty-nine years old and rumors began to surface last year about his failing health. Ho has been stable for several months, but family members believe that the company would be in better hands if they were in control. Ho has already given up control of the day to day operations of SJM.
February 16, 2011
Posted By April Gardner
Staff Editor, CasinoGamblingWeb.com
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