Pansy Ho has filed court papers ensuring she has a say in how her late father’s estate is distributed. Casino mogul Stanley Ho died in May aged 98-years-old and was estimated to be worth $8.81 billion.
Stanley Ho left behind 15 children from four wives. Pansy Ho is the eldest child from Stanley Ho’s second marriage. She is a very wealthy woman in her own right with an estimated fortune of $5.85 billion. The businesswoman is also the group executive chairman and managing director of Shun Tak Holdings. Stanley Ho founded this property, transport, hospitality, and investment conglomerate.
Solicitors Baker & McKenzie have been instructed to inform Pandy Ho before her father’s grant is sealed.
The Ho family has been embroiled in legal battles and infighting for decades. There is always a story in Hong Kong involving the mega-rich family. It looks like yet another is about to break out.
Pansy Ho Isn’t The First Family Member to File Papers
Deborah Ho filed the first set of court papers only 11-days after Stanley Ho’s death. Deborah is the youngest child from Stanley Ho’s first marriage. Michael Hotung filed his own papers a week after Deborah. He is the nephew of the late Stanley Ho.
Pansy Ho announced the death of her father shortly after his passing. Her statement was seen as a signal of her intention to become the family’s spokesperson.
It seems like Daisy Ho will throw her hat in the ring now Pansy Ho has acted. Daisy took over the reins at SJM Holdings when Stanley Ho retired in 2018. She is yet to make any move relating to her father’s estate but it’s only a matter of time before she does.
There are never any real winners when it comes to family feuds. Whoever secures the largest part of Stanley Ho’s estate will become extremely wealthy. The money is great, but the task of turning around SJM Holdings’ fortune is mammoth-sized.
Ongoing Pandemic Causes Massive Losses
COVID-19 has obliterated balance sheets around the world, especially in the gambling industry. Macau’s gambling industry lies in tatters right now. There are still strict travel restrictions in Hong Kong and neighbouring mainland China. The lack of footfall is causing massive losses for the biggest players in Macau.
SJM Holdings announced a $254 million loss for the first half of the current year. This massive loss is compared to a $302.7 million profit for the same period in 2019. It blamed a severe lack of customers passing through its doors.
Casino Grand Lisboa is the flagship casino of the SJM Holdings empire. H1 2019 saw an average of 35,000 visitors per day. This plummeted to only 6,600 for H1 2020.
The company informed shareholders and investors to expect more bad news later in the year. It doesn’t believe it will manage to turn a profit at all this year.
Revenue “will continue to be negatively impacted by COVID-19 for an indefinite period in the future” said SJM Holdings. The company also dismissed ideas or returning to normal revenue rates before year-end.
Pansy Ho or any of her siblings has a monumental task to improve matters. COVID-19 looks like it is here to stay and people are becoming used to not visiting casinos. It grows increasingly difficult to attract customers the longer lockdown measures are in place.
The Ho family needs to pull together if it is to return SJM Holdings to its former glory. The company isn’t in bad shape by any means, but it could be if its board members are forced to deal with more infighting instead of dealing with the tasks at hand.