settlement agreement was executed on March 8 among all branches of Ho’s family on the basis of “mutual understanding and mutual accommodation,” according to an e-mailed statement from the casino Tycoon’s office.
Ho’s privately held Sociedade de Turismo e Diversoes de Macau invests in construction, hotels and Macau’s airline, and also owns a controlling stake in SJM, Asia’s biggest casino company. Ho earlier said daughters Pansy Ho and Daisy Ho seized his 31.7 % SJM stake, worth US$ 1.6 billion.
“We have agreed that we shall work together and continue to develop the gambling business in Macau founded by Dr. Ho and operated by the Ho family to enable it to flourish,” Stanley Ho and his family wrote in the statement.
SJM, which operates most of the casinos in Macau, advanced 5.8 percent to US$ 164 at the 4 p.m. close on the Hong Kong stock exchange, the highest level since Feb. 7. The city’s benchmark Hang Seng Index fell 1.6 %.