Macau’s gambling riches sparked bloody gunfights between triad gangsters two decades ago. Today, there’s a new conflict brewing, only this time it’s being waged with private jets, limousines and million-dollar loans.
SJM Holdings Ltd., Asia’s biggest casino operator, will spend HK$30 billion ($3.9 billion) to build its first resort in Macau’s Cotai area, HK$5 billion more than planned because of higher construction and labor costs.
MGM China Holdings Ltd., the Macau casino operator, boosted the budget for its new resort in the city as fourth-quarter profit rose 35 percent, beating analyst estimates. The stock gained in Hong Kong.
Lui Che-woo became Asia’s second- richest person by setting up a casino company that within a decade became the world’s third-biggest by market value. The 84- year-old says he’s just hitting his stride.
Billionaire Stanley Ho said his legal dispute with family members over ownership of their Macau gambling business has been resolved, and he has withdrawn his lawsuit, driving up SJM Holdings Ltd. ’s shares.
The three-day public wrangle over Stanley Ho ’s casino empire took yet another twist as a lawsuit accused family members of illegally taking control of his assets, a day after the Macau billionaire said the dispute was settled.
Macau Legend Development Ltd., the casino firm that cut its initial public offering size in June, said it intends to raise about HK$1.35 billion ($174 million) selling new shares, less than previously planned.