If you thought your family drama was a nightmare, consider what gambling tycoon Stanley Ho's family is going through right now. The 89-year-old billionaire is attempting to split up his empire between his four wives and sixteen children, but squabbling over control of his empire has unleashed lawsuits left and right.
After a series of suits a few weeks ago, Ho made a public appearance saying everything was under control, and that the family was hoping to handle matters in-house. Well, that hasn't happened, and Ho is back in court suing his own children again.
The latest suit has been filed against two of the more successful members of the family, Pansy and Daisy. Pansy has a 50% stake in a Macau casino venture with MGM Resorts (NYSE: MGM), and considering the improving results there, she probably isn't hurting in the pocketbook. Daisy is a director at SJM Holdings, Macau's largest casino operator, and STDM, SJM's largest shareholder. Two business-savvy children ending up with control, while other children are left out in the cold? I smell something fishy.
So what does this mean around Macau? It's good news that Melco Crown Chief Executive Lawrence Ho, Stanley's son, wasn't named in the latest suit, but it seems as if that could change any day. Las Vegas Sands (NYSE: LVS) and Wynn Resorts (Nasdaq: WYNN) won't be shedding any tears over a competitor embroiled in a never-ending legal battle. If the squabble continues long enough, maybe the SJM empire will split up. Even if it's not, SJM may still be too disorganized to bid on new land concessions in Macau. Either way, this isn't a bad thing for competitors right now.
This drama doesn't seem ready to end any time soon. It's just a matter of who gets dragged into the fight, and who comes out with what.
The family drama in Macau needs to become a reality show . We have billions of dollars at stake, gambling, and alleged ties to the mob. It would be like Bugsy Siegel meets The Sopranos meets The Apprentice. I don't know about you, but I've got my popcorn ready.
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