Macau gambling giant going public

Macau gambling giant going public The Macau gambling legend Stanley Ho is taking his company Sociedade de Jogos de Macau Holdings (SJM), a subsidiary of Sociedade De Turismo E Diversoes Macau S.a.r.l., on the public market Thursday. Ho's move comes as no surprise, despite repeatedly delayed, reportedly due to a bitter fight for control with his estranged sister Winnie Ho Yuen-ki . But facing the ever-increasing competition by the Las Vegas gambling giants, Stanley Ho is rumored to attempt to raise $655 million from the shares, which go on subscription offer from June 26th to July 2nd. "I want everyone to know we will launch the initial public offering according to plan. We will not let anyone stop us," Ho said during a meeting with potential investors.

Stanley Ho held the gambling monopoly in Macau for over four decades, making him one of the richest men in Asia. But in 2002 the Macau gambling market was opened to foreign companies and the like of Las Vegas Sands and Wynn Resorts were quick to cash in, building casinos and hotels in the hottest gambling tourist destination in Asia. The Chinese conclave surpassed Las Vegas Strip in 2007 with $10.3 billion in gambling revenues and there is no surprise Stanley Ho wants to remain a major player in Macau. Besides casinos, SJM also owns the most of the lucrative ferry services to Macau and plans on turning the former Portuguese colony into an year-round tourist destination, not only gambling Mecca. SJM is still believed to be the biggest casino operator in Macau, despite the end of the monopoly in 2002.

Published on 06/25/2008