MACAU: Casino czar Stanley Ho is being investigated by Nevada gambling regulators ahead of a joint venture between his daughter Pansy and MGM Mirage.
Pansy Ho and MGM Mirage are constructing a US$1.1 billion casino in Macau, set to open late this year. The partnership has plans for a second casino.
According to Forbes magazines, regulators can force MGM to dissolve its partnership if it finds Pansy Ho to be an unsuitable partner.
Such an outcome – which Forbes said is unlikely – would be devastating to MGM’s plans to expand its casino and hotel operations in Asia with Macau as its linchpin.
Ho, 85, has always denied he is linked to the triad gangs in Macau and Hong Kong but his reputation continues to bother gaming regulators.
Singapore has scrutinised links between Ho and Genting group, the Malaysian company which has been awarded the licence to operate the casino on Sentosa Island, due to open in 2010.
Genting is hoping to clinch a deal to open the Resorts World Macau with Stanley Ho, pending Singapore approval.
Ho controls land, hotels, 17 casinos, and a helicopter and ferry service operating between Hong Kong and Macau. Forbes magazine estimates his wealth at US$6.5 billion, making him the world’s 84th richest person.
Last year Ho sold a US$170 million stake and stepped down as chairman of the company now run by son Lawrence Ho – Melco International Development to facilitate approval from Australian authorities for the company to partner with Publishing and Broadcasting Ltd. to develop a Macau casino of its own.
