Winnie Ho, the younger sister of Stanley Ho, Macao's gambling tycoon, proposed to buy out his stake in Sociedade de Turismo e Diversões de Macau, the biggest casino operator in Macau.
Ho's aim is to settle a legal dispute that has delayed a $1.9 billion public share sale. According to Winnie Ho, the company owes her $386 million in dividends for the last five years for her 8 percent stake in the company.
The legal disputes between Stanley Ho and his estranged sister have delayed $1.9 billion share sale that was planned since May. The 83-year-old Winnie Ho has so far filed over 30 lawsuits against Stanley Ho due to defamation, and alleged debt.
Stanley Ho's law firm, Herbert Smith has rejected her claims and said that Ho himself could not comment on the matter because of the ongoing legal proceedings. His stake in Sociedade de Turismo is about 25 percent and according to Forbes his net worth is approximately $6.5 billion.
In 2002, Ho's casino monopoly in Macau ended after four decades, when two companies received licenses to build casino resorts – Wynn Resorts and Las Vegas Sands. Macau, a former Portuguese colony, is the only region in China where gambling is legal.
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