Gambling tycoon Stanley Ho’s family risks losing Portugal casino licences to rival bidder

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The Casino Lisboa, in Portugal’s capital, and Casino do Estoril, located in nearby Cascais, are operated by Estoril Sol, whose main shareholder is the Ho family

The tender for a new 15-year deal on both casinos attracted two bids: one from a subsidiary of Estoril Sol, and another from an undisclosed suitor

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Stanley Ho playing a slot machine at the opening of his new casino in downtown Lisbon in April 2006. Photo: AFP

Bloomberg

Published: 10:31am, 5 Oct 2022Updated: 10:42am, 5 Oct 2022

The family of the late gambling tycoon Stanley Ho risks losing the concession of two of Portugal’s biggest casinos after a rival bidder for the licence to operate both venues made a higher offer.

The Casino Lisboa, in Portugal’s capital, and Casino do Estoril, located in the seaside town of Cascais near Lisbon, are operated by Estoril Sol SGPS SA, whose main shareholder is the Ho family. Pansy Ho, the eldest daughter of Stanley Ho’s second wife, is the chairwoman of Estoril Sol.

The licence to operate both casinos expires at the end of December and the Portuguese government opened an international tender in August for a new 15-year deal. The tender attracted two bids: one from a subsidiary of Estoril Sol, and another from an undisclosed suitor.

“Overall, the competing offer had a higher value than the offer presented by our own subsidiary,” Estoril Sol said in a regulatory filing on Monday. The tenders will now be evaluated, it said, without providing details.

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A representative of Portugal’s economy ministry declined to comment.