Investors back Pansy Ho as Macau’s casino queen as they lift Shun Tak and SJM after she gains control over gaming empire
- Agreement includes extension of gaming concession beyond 2020
It seems investors appear to have given their backing to Pansy Ho Chiu-king as the casino queen after shares of Shun Tak Holdings and SJM Holdings rose on Thursday morning after she gained the upper hand in her battle for control of the Macau casino holding company co-founded by her father, “King of Gambling” Stanley Ho Hung-sun.
Shares of SJM Holdings jumped nearly 10 per cent to HK$7.96 while Shun Tak Holdings rose as much as 7.7 per cent in Hong Kong to HK$2.79 on Thursday after an agreement between Pansy Ho and her allies giving her influence over the casino empire.
Their combined stake in Macau casino operator Sociedade de Turismo e Diverso˜es de Macau (STDM) is now bigger than the stake held by the magnate’s fourth wife, Angela Leong On Kei. This will strengthen Pansy Ho’s control over STDM and its Hong Kong-listed subsidiary SJM Holdings.
As Shun Tak’s managing director, Pansy Ho, the eldest of the tycoon’s five children with his second wife Lucina Laam King Ying, signed an agreement with the Fok Foundation, Lanceford and Interdragon to maintain STDM’s 54 per cent stake in SJM Holdings, a Hong Kong-listed casino subsidiary of STDM, according to a filing on Wednesday.
SJM is chaired by her sister and ally, Daisy Ho Chiu-fung.
Angela Leong could not be reached for comment.
