Stanley Ho quits as Melco head and clears deck for SJM listing

Casino mogul Stanley Ho Hung-sun yesterday stepped down as chairman of Melco International Development, his son's Hong Kong-traded gaming venture, as he pushes ahead with plans to take the family's biggest gaming company public.

Sociedade de Jogos de Macau (SJM) would apply to hold an initial public offering in Hong Kong within a week, Mr Ho told reporters.

He said he resigned as Melco chairman to avoid any conflict of interest after the listing, which he hopes will be in June.

Lawrence Ho Yau-lung, 29, Melco's managing director, takes over as the chairman and chief executive.

Sociedade de Turismo e Diversoes de Macau, SJM's parent firm, would hold a board meeting today to grant a mandate for fast-tracking the listing process, Mr Ho said.

'The listing rules do not allow me to be seated on the board of directors of both SJM and Melco, which have competing businesses,' he said, adding that his son had demonstrated his capability in leading Melco.

While he had stepped down as chairman, Mr Ho said he would continue to hold his 12 per cent stake in Melco. His son holds 35 per cent of the company.