January 26th, 2011 – by Glen Farmer
There was some confusion surrounding the transference of Stanley Ho’s casino empire, but the casino magnate has laid the issue to rest. The aging billionaire said today that he has transferred ownership of his stake in the largest casino company in the east to family members. The dispute has finally ended surrounding control of his empire.
It was initially stated that the transference of Ho’s 31.7 percent stake of Sociedade de Turismo e Diversoes de Macau, S.A. to five of his progeny, as well as what is referred to as his third wife, was done without his approval. This stake has been reported to be worth about $1.63 billion dollars.
In a television interview, Ho stated that “the big problem has been resolved. My families and I are very happy we have made the decision.”
The division of Ho’s assets has been a major issue for the aging gambling mogul and his family. Some of his many children have spoken out about their cut of the claim.
Ho has finally given written authorization to move the transfer forward. Ho’s ailing health has been a cause of concern for the company’s interests, but the method of transference has been the concern held by the family unit.