Proceeds decreased from US$4.4 billion in 2006 to US$4.1 billion in 2007, the prospectus said, at a time when the city’s overall take skyrocketed to exceed that of the Las Vegas Strip.
Ho’s son Lawrence (何猷龍) — who says he never gambles — is often seen as Macau’s next “gambling king.”
The 31-year-old’s company, a NASDAQ-listed joint venture with Australian entertainment tycoon James Packer, is one of six concessionaires allowed to operate casinos in Macau.
WELL-GROOMED
“Stanley Ho has done a great job of grooming several of his family members with an understanding of business, relationships, and the strategic partnerships necessary to carry the business forward,” Jonathan Galaviz, a partner at Las Vegas-based consulting firm Globalysis, told reporters.
“SJM now has a significant management depth, that if Dr Ho were to retire the company would certainly remain as a company with significant influence in the Asian marketplace,” he said.
Perhaps the more vexing question for analysts is what will happen to Macau in the post-Ho decades.
“There is an increasing element of competition in all sectors of Macau’s economy as the SAR [Special Administrative Region] opens its economy to foreign competition and as it liberalises its regulatory environment,” Galaviz said.
“It is critical for Macau to diversify its economy to be a stronger player in the financial services, technology, and medical services sectors of Asia while also continuing to grow its core tourism offering,” he said.
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