Stanley Ho expands Macau casino empire
The gambling king comes to Cotai. That's news from Macau, where Stanley Ho's SJM Holdings has received government approval to build a casino on the Cotai Strip, the region's fastest-growing area.
Cotai’s new hotspot
Macau has outperformed Las Vegas in gaming revenue in recent years, with the semi-autonomous region taking in about six times the Strip's annual revenue. However, as growth began to slow, Macau's casino operators began to look for new areas for real estate development, especially Cotai. All six major casino operators in Macau currently have Cotai projects underway.
In October last year, SJM acquired more than 17 acres of land in Cotai, paying 2.15 billion patacas ($270 million) and monthly rent for development rights. The site will be home to a casino resort with 2,000 hotel rooms, 1,000 slot machines and space for 700 gaming tables.
Liang’s Story
It's unclear exactly how large the complex will be once construction is complete. According to some local media reports in Macau, SJM CEO John Su said the company may seek to merge its land and resources with those of another company owned by Angela Leong. In 2010, Leong received a grant to build a family-oriented hotel and theme park in Cotai, but it would not include a casino.
The story becomes even more interesting when you consider that Angela Leung is Stanley Ho's fourth wife. The two have five children together; Mr. Ho has 17 children from four wives, some of whom are older than his current wife. Mr. Liang was a dance teacher and is currently a member of the Macau Legislative Assembly and executive director of SJM.
Analysts said development of the new property could take unexpectedly long as negotiations between the companies and the local government over how to combine the two properties could drag on.
Very Rich Ho
For those who don't know Stanley Ho, he is considered the richest man in Macau, in large part due to his four-decade monopoly on Macau's gaming industry. He owns Macau Entertainment, which in turn owns SJM Holdings and eight casino properties in Macau. He is active in many business and community groups in Macau, although his active role in the economy has declined in recent years as he has ceded more control to his wife and children. The Canadian and U.S. governments also believe he has ties to organized crime groups such as the Triad.
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Source: www.casino.org
