Alan Ho, a nephew of gaming tycoon Stanley Ho Hung Sun and identified as a member of the senior management of SJM Holdings Ltd, will remain in prison while he awaits trial for his alleged involvement in a prostitution ring, Macau’s Public Prosecutions Office said in a statement quoted by local media.
Alan Ho and other senior executives of Hotel Lisboa (pictured) were arrested over the weekend for allegedly running a prostitution ring at the property. The police estimate those involved made more than MOP400 million (US$50 million) over the past two years.
Hotel Lisboa is owned by Sociedade de Turismo e Diversões de Macau SA (STDM), which controls around 55 percent of Macau-based gaming operator SJM Holdings. SJM Holdings manages the casino in the Lisboa complex.
Japanese finance firm Nomura on Thursday said the arrest of Alan Ho will “not have a direct impact on revenue of SJM or other Macau casino operators”.
The brokerage however acknowledged that the arrest of Stanley Ho’s nephew indicates “a more stringent regulatory environment in Macau, and a more powerful government vs. local tycoons”.
“The arrest of Alan Ho is just one example of cooperation between Macau police and Guangdong police, focusing on the crackdown of cross-border organised crimes not limited to illegal money transfer, offshore gambling, etc,” Nomura said.
It added: “Macau and Guangdong police action has become more intense since end-2014 ahead of President Xi’s visit to Macau.”
Jan 25, 2021The Philippine Senate (pictured) and House of Representatives have respectively approved amendments to the country’s Anti- Money Laundering Act, known as the AMLA, adding Philippine Offshore Gaming...
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