Ho's Sister Challenging His Decision To Take Casino Group Public

Stanley Ho knows how to make money. He has created a casino gambling empire, and stunned many people when he decided to take it public last month.

Already, Ho has raised almost $500 million for his Sociedade de Jogos de Macau Holdings through a small scale public offering last week. On Thursday, the company will appear on the Hong Kong stock exchange.

Ho's sister, however, is not so fond of the idea. Winnie Ho is challenging the move in court claiming that the government is in essence promoting gambling by allowing the listing. She claims the listing is "contrary to the public interest and the longstanding policy of the Hong Kong government not to promote gambling."

Winnie Ho has been in a long battle with her eighty year old brother for control of the company. The battle has become bitter, and this is the latest attempt by her to show her authority in the company.

While the leagl battle may move into the courts, it has not changed the stance of Stanley Ho. "SJM's listing will continue unless we are told to the contrary," said a spokesman for Ho's group.

The company is hoping to raise over one billion by taking themselves public. It is hoping to use the money raised to compete with new casinos in the Macau market.



2008-07-07