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his legal dispute with family members over ownership of their Macau gambling business has been resolved, and he has withdrawn his lawsuit, driving up SJM Holdings Ltd.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.
Casino magnate Stanley Ho filed a lawsuit against members of his family in Hong Kong’s High Court late yesterday, according to his lawyer Gordon Oldham, the same day the billionaire said a dispute over his fortune was settled.
Hong Kong billionaire Stanley Ho withdrew a demand that family members return the bulk of his casino fortune and pronounced the end of an ownership dispute that threatened to split Asia’s largest gambling empire .
From the moment visitors board the plane or ferry to Macau, to lunch at the city’s three-Michelin- star restaurant, to a turn on the world’s highest urban bungee jump, they put money into the pockets of billionaire Stanley Ho .