fun88 this would be dangerous,” Stanley Ho, who is not related to the chief executive, told the Far East Economic Review.
Various news agencies have reported that calls for
competition within the industry have been growing, and there
has been speculation Beijing could impose tight controls on
the sector to combat gang violence, which many have suggested
is an offshoot of gambling.
“There is too much economic power concentrated in the hands
of STDM,” Macau legislator Ng Kuok-cheng told the Review. “Most Macau people feel there should be more
Ho’s business interests outside Macau are managed by Shun Tak
Holdings, which is listed in Hong Kong. He controls Sociedade de Turismo e
Diversoes de Macau (STDM), an umbrella company for many of his holdings.
December 18, 1999
Web posted at: 10:09 a.m. HKT (0209 GMT)
Stanley Ho, born into a distinguished family in 1921 in Hong
Kong, started working as a clerk in a Japanese-owned import-
export firm in Macau. In 1961, his brother-in-law, Teddy Yip,
offered him a partnership in a company set up to bid for a
casino franchise in Macau.
Ho has investments in North Korea, Vietnam and the
Philippines. The company’s revenues fell 18 percent to $2 billion — attributed in part to the Asian financial crisis — during the same period. Ho developed the new harbor and helped shape
Macau’s reputation as a gateway to neighboring economic zones
He won the trust of his employers and was named a partner
within the year.
Higher unemployment, he added, would also occur as casinos
cut staff to spend more money on incentives for gamblers.
STDM recorded $231 million in net profits in 1998, a 50
percent drop from 1997, the Review reported. Ho reportedly earned $29 million in dividends in 1997 and $14 million in 1998.
Stanley Ho, who has enjoyed a monopoly on Macau’s gaming
industry for more than 35 years, may soon find himself facing
the greatest odds of his career.
Ho — commonly referred to as “Sun Gor,” or “big brother Sun”
– is one of Asia’s wealthiest men. His net worth is
estimated at $2.8 billion. He also owns the
world’s largest fleet of jetfoils, which is used as a ferry
shuttle service between Macau and Hong Kong.
. He had fled his home after Hong Kong
fell to the Japanese in 1941.
The 78-year-old, self-made billionaire, who sat on many
important committees created to oversee Macau’s return to
China, could lose his grip on the region’s economy and power
Ho’s gambling monopoly in the region, which he won in
1961, is set to expire in 2001 and his friend Edmund Ho, who
will become the enclave’s first chief executive on December
20, hasn’t said if that license will be renewed.
The Far Eastern Economic Review reported in its December 9 edition that Ho is nervous about Macau’s return to China. He also owns several of Macau’s landmarks —
including casinos, hotels and the complex that houses the territory’s largest department store — as well as large stakes in the horse racing and lottery action.
“If there is more than one licensee, there will be fighting
between the two licensees.
The company, later named STDM, won the bid with the highest
offer plus promises to promote tourism and build
The Review reported Edmund Ho is expected to renew Stanley Ho’s gambling license, perhaps to 2010, to ensure government revenues aren’t reduced, and to allow the region’s government time to ensure the competence of potential operators.
He also told the Review greater competition within the
industry would cut deeply into government revenues because
the casinos would slash betting prices to attract customers
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