SINGAPORE: The spectre of Stanley Ho continues to haunt Singapore despite a decision by Genting International, developer of a US$3.4 billion casino resort on Sentosa Island, to quit an association with the Macau casino czar
Singapore’s Home Affairs office has insisted that probity checks of Genting “are a standard practice in the casino industry to ensure that only suitable persons manage and control the casino.”
Genting-Star Cruises will need a licence before it can operate the Resorts World casino on Sentosa.
Genting had hoped to enter the casino business in Macau in return for giving Ho and other investors a seven per cent stake in its sister company, Star Cruises, which has 25 per cent of the Sentosa resort project.
Genting International said it would sell to Star Cruises its stake of 25 per cent in the Macau hotel and casino project with Ho.?
The developer of Singapore’s first casino, Las Vegas Sands on Marina Bay, is also subject to probity checks in advance of a licence being awarded.
In her book, The New Macau, author Jennifer Welker asked Ho, 85, about media speculation and “the man behind the myth”. Ho said he didn’t gamble. “I don’t believe in luck, I believe in hard work.”
Ho said he welcomed the competition from new casinos being developed in Macau by Wynn Resorts, Galaxy, MGM and PBL-Melco “as long as it is healthy and friendly”.
He said he would “leave it to the people of Macau” to decide his legacy.
Forbes magazine’s 2006 Rich List gives Ho’s fortune at US$6.5 billion, making him the world’s 84th richest person.
Forbes says the “King of Macau sits on an ever-growing pile of chips.
“Revenues for Sociedade de Jogos de Macau—Ho’s gaming operation that includes casinos, greyhound racing, lotteries and horse betting—estimated at US$4.8 billion in 2005; includes US$3.5 billion from the Lisboa, world’s highest grossing casino.
“Though competition continues to increase from American moguls Sheldon Adelson and Steve Wynn, Ho still controls 15 of Macau’s 18 casinos; also operates ferry and helicopter services that transport gamers from Hong Kong through publicly traded Shun Tak Holdings.
“Son Lawrence, daughter Pansy building casinos with foreign partners,” Forbes said.
