May 26, 2006 – HONG KONG : The family feud between Macau gaming tycoon Stanley Ho and his estranged younger sister, Winnie Ho, continues in Macau's civil court.
In this particular round, she is challenging the legitimacy of plans for a US$2 billion public listing in Hong Kong.
It is like something out of the Cantonese soap-opera "Las Vegas of the East".
According to family members, relations between the pair have been rocky for years.
This is partly because of the dramatic revelation that Winnie's son Michael was fathered by tycoon Eric Hotung, Stanley Ho's second cousin.
Things took a turn for the worse in 2001, when Ms Ho transferred her shares in STDM, her brother's holding company, into a trust for her son.
Stanley promptly fired Winnie from the board of STDM, and since then, dozens of lawsuits have been lodged by the two rival camps.
Ms Ho faces a slew of lawsuits over cash advances she received on her dividends from STDM.
At stake in this latest legal tussle is the legitimacy of Mr Ho's plans to hive-off his flagship company, STDM, for a US$2 billion Hong Kong listing.
The case continues as to whether the spin-off would lower returns to existing shareholders like his sister Winnie.
The Macau civil court has heard how Ms Ho's 7.3 percent stake in the company will be affected by the listing.
This public battle comes at a crucial time.
This year, Macau's gaming industry is expected to top US$5.8 billion in takings, and could even beat Las Vegas at its own game.
Mr Ho is also busy with new projects to compete with likes of US rivals Venetian Sands and Steve Wynn.
But the rift with his sister isn't expected to die down anytime soon.
She has just filed a fresh suit demanding US$128,000 in damages for defamation, and claims that millions of dollars in profits from her brother's gaming ventures are being hidden from her and other shareholders.
Related Posts
- MGM Mirage Still Under Strutiny With Macau Casino Deal
The efforts by MGM Mirage to open a casino halfway around the world have led to a review of whether... - All That Gold That Glitters in Macau, Ho's is Still in The Money
As the news has come through that Pansy Ho was formally cleared by the Nevada gaming authorities, this interesting and... - Macau to lead the way in Asia's gaming boom
Casino gaming is increasingly accepted as a revenue stream for Asian governments and the sector is set to continue growing...
- Wynn Plans Listing in Hong Kong to Raise Cash for New Macau Casino
Casino magnate Steve Wynn's flagship Wynn Resorts is reportedly planning a secondary listing in Hong Kong, aiming to raise $3 billion to finance the construction... - Review: Zero Limits: Dr. Joe Vitale & Ihaleakala Hew Len, PhD
Cover via Amazon Zero Limits: The Secret Hawaiian System for Wealth, Health, Peace, and More is quite a mouthful as far as book titles go,... - What is Next for Sands China, Will They Get it Right?
Sands China (Macau assets) finally listed on the Hong Kong Stock Exchange. The public offers gathered for Sands a total of HK$19b (or USD2.5b), fall...
