ASIANOW – Is sun setting on Stanley Ho’s regional empire?

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

competition.”

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

in China.

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

players.

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.

Macau Handover

“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

infrastructure.

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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Angel S. Elliott

Angel S. Elliott

You can still learn a lot on how to win at sports betting. You can learn from experienced sports bettors or find great online resources that will guide you in making money through sports betting.
Angel S. Elliott

Angel S. Elliott

You can still learn a lot on how to win at sports betting. You can learn from experienced sports bettors or find great online resources that will guide you in making money through sports betting.

Angel S. Elliott wrote 545 posts

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