MACAU Casino magnate Stanley Ho, chairman of Sociedade de Turismo e Diversões de Macau—the biggest gaming operator in the gaming capital of the world—has dropped a lawsuit against family members over the future of his business empire.
The 89-year-old Ho, who has been in and out of the hospital for the past year, claims some of his 17 children have stolen pieces of his multi-billion dollar holdings through questionable asset transfers. He is suspending the legal action against them in the hopes of brokering a settlement, Reuters reports.
At the center of the feud is daughter Pansy Ho, the joint venture partner of MGM Resorts International in Macau. Stanley Ho has accused Pansy Ho of helping orchestrate a share restructuring that effectively diluted his stake in holding company Lanceford to zero. Pansy Ho and other children, along with one of Stanley Ho’s ex wives, would get the largest share of his interest in his casino empire.
Pansy Ho’s autonomy from her father is a point of contention between U.S. gaming regulators and MGM Resorts. Since Stanley Ho reputedly has been connected with organized crime in the past, his involvement with U.S. gaming companies is forbidden. While Pansy Ho’s partnership with MGM Resorts has passed muster with Nevada regulators, the gaming commission in New Jersey has ordered MGM Resorts to either cut ties with her or cease doing business in the state. MGM Resorts recently agreed to sell its 50% stake in Atlantic City’s Borgata Hotel Casino & Spa to comply.