• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Features
  • Industry Talk
  • Trends & Tech
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Stanley Ho Melco tie not probed in Crown share deal: inquiry

Sep 29, 2020 Newsdesk Latest News, Macau, Top of the deck, World  


Stanley Ho Melco tie not probed in Crown share deal: inquiry

A non-executive director at Australian casino firm Crown Resorts Ltd, Michael Johnston, said on Monday that he had not checked whether Stanley Ho Hung Sun, former monopolist in the Macau casino market, still had a stake in a Macau licensee that had been seeking to buy shares in Crown Resorts.  Mr Johnston was under questioning from a lawyer heading an Australian inquiry into the firm’s suitability for a New South Wales casino licence.

Monday’s inquiry session also learned that James Packer, a major shareholder in Crown Resorts, had sought to push through the deal, even though Mr Johnston had wanted to get more information out of Macau regarding the suitability of the move.

According to evidence quoted in the inquiry, Mr Packer told Mr Johnston via text message: “Sure, Mike, but it’s my life and I’m going to overrule you.”

Mr Stanley Ho’s name had previously been linked – according to publicly-available information – with local concerns in Australia that the businesses he founded had ties to Chinese organised crime.

In the first half of 2019, a deal had been brokered to enable Macau casino licensee Melco Resorts and Entertainment Ltd – chaired by Lawrence Ho Yau Lung, a son of Mr Stanley Ho – to buy a near 20-percent stake in Crown Resorts in two tranches, to a total value of about US$1.2 billion at contemporary exchange rates.

The first half of the deal – for about 9.99 percent – later went through, but the second didn’t happen; and in April this year, Melco Resorts disposed of the tranche it did hold, at a 37-percent discount.

Monday’s hearing of the inquiry by the New South Wales Independent Liquor and Gaming Authority (ILGA), regarding Crown Resorts’ licence for its pending development at Barangaroo in Sydney, heard Mr Johnston say he had not checked on whether Mr Stanley Ho – who died in May this year – still had, as of 2019, links to Melco Resorts.

Mr Johnston was also the finance director of CPH Crown Holdings Pty Ltd, the business controlled by Mr Packer that sold the Crown Resorts shares to Melco Resorts. He also said he was “not sure” he knew that Mr Stanley Ho still had an interest in Melco Resorts, and added that he would have liked to explore further other possible deals regarding a sale of Crown Resort’s stake by CPH Crown Holdings.

The inquiry heard that as of 2019, Mr Stanley Ho held - via a trust – a stake in Melco Resort’s Hong Kong-listed parent Melco International Development Ltd.

According to the latter’s 2019 annual report, filed in April this year, a firm called Great Respect Ltd – controlled by a trustee called TMF (Cayman) Ltd – featured Mr Stanley Ho as one of a number of beneficiaries of a 20.44 percent stake in Melco International. Great Respect is reportedly banned by the authorities in New South Wales.

Monday’s inquiry session also learned that James Packer, a major shareholder in Crown Resorts, had sought to push through the deal, even though Mr Johnston had wanted to get more information out of Macau regarding the suitability of the move.


  • tweet
Related articles
  • Melco Resorts debt/EBITDA ratio to worsen in 2021: Moody’s
    Melco Resorts debt/EBITDA ratio to...

    Jan 14, 2021  

  • Melco GGR up 94pct in Oct-Nov, prices US$250mln notes
    Melco GGR up 94pct in Oct-Nov, prices...

    Jan 14, 2021  

More news
  • CNY 2021 unlikely to boost Macau casinos, say observers
    CNY 2021 unlikely to boost Macau...

    Jan 15, 2021  

  • Mass market play record 65pct Macau GGR in 4Q: govt
    Mass market play record 65pct Macau GGR...

    Jan 15, 2021  


Latest News

CNY 2021 unlikely to boost Macau casinos, say observers

CNY 2021 unlikely to boost Macau casinos, say observers

Jan 15, 2021  

Recent advisory notices issued by a number of local authorities in mainland China, calling on residents not to travel during the February Chinese New Year (CNY) break, further clouds the prospects...
Read More
Mass market play record 65pct Macau GGR in 4Q: govt

Mass market play record 65pct Macau GGR in 4Q: govt

Jan 15, 2021  

Malaysia Covid outlook negative to Genting Bhd: Moody’s

Malaysia Covid outlook negative to Genting Bhd: Moody’s

Jan 15, 2021  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Partners

Pick of the Day

“We expect Las Vegas Sands to not have any material change in strategy. The focus remains developing Macau and Singapore”

Vitaly Umansky, Kelsey Zhu and Tianjiao Yu

Analysts at brokerage Sanford C. Bernstein



Most Popular

  • Sheldon Adelson, self-declared casino industry iconoclastSheldon Adelson, self-declared casino industry iconoclast January 13, 2021
  • Quality fake chips sold online found at Macau casinoQuality fake chips sold online found at Macau casino January 13, 2021
  • Casino entrepreneur Sheldon Adelson dies aged 87Casino entrepreneur Sheldon Adelson dies aged 87 January 12, 2021
  • Police find US$11m of missed Landing cash, suspects soughtPolice find US$11m of missed Landing cash, suspects sought January 14, 2021
  • Still Asia focus for LVS post chairman death: BernsteinStill Asia focus for LVS post chairman death: Bernstein January 14, 2021
Copyright 2014-2020 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us