When a Casino Giant Stumbles: Inside SJM’s Family Drama and the Delayed Cotai Dream
It’s a bit like watching a beloved old‑time TV show roll out the final episode—imagine Stanley Ho stepping off the stage and leaving the audience with a cliffhanger. The oldest gambling powerhouse in Macau, SJM Holdings, is now wading through a cash‑flow tide that rivals are riding, while its own company feels the wind shift.
Ho’s “Grand Exit” and the Boardroom Tug‑of‑War
- Stanley Ho is set to retire as chairman on June 12, prompting a potential showdown among his circle.
- The board has been split into a quartet—his daughter Daisy, his fourth wife Angela, his third wife Ina, and the current CEO Ambrose So—creating a situation ripe for power tussles.
- Analysts say the lack of a linear succession plan could fuel a boardroom battlefield, with the “flamboyant 96‑year‑old tycoon” as the only clear leader left.
The $4.6 Billion Casino on the Cotai Strip Lags Behind
- Construction delays and regulatory red tape have pushed the opening of the dream resort to late 2019 or even 2020.
- While the once‑stifled Macau quickly became the world’s casino capital, SJM’s shares remain flat and cautious.
- When the old monopoly fell in 2002, five new operators emerged, stirring the market and weakening SJM’s share from 30 % to a lean 15 % now.
The “Family” of Casinos: Melco, MGM China, and Their Kin
- Melco Resorts is led by Ho’s son Lawrence, who’s running the show with a fresh style.
- MGM China enjoys support from his eldest daughter Pansy who sits as co‑chairperson.
- Additional competitors—Philippines, South Korea, Cambodia, Singapore—are luring the same wealthy Chinese gamblers into new fun‑verse.
Beyond Gambling: Diversification Dreams and Versace‑Lagerfeld Touches
- The new resort is slated to rock an ultra‑luxury hotel by Versace and a Karl Lagerfeld lounge—making it a high‑fashion destination.
- Yet, Macau’s authorities demand more than just tables: SJM needs dinner, art shows, and family‑friendly amenities to keep the city from being a pure casino playground.
Past Disputes and the Future‑Uncertain Horizon
Back in 2011, Ho fought a family lawsuit over a billion‑dollar asset redistribution, ending in a quick settlement but leaving a shadow of conflict. The same shadow seems poised to return with his retirement, as the board seems to cling to the status quo instead of reshoring leadership.
Bottom Line: A Company That Willer’s to Keep Its Eye on the Ball
Ho’s exit opens a doorway that could become a literal gate toward new governance, but with the board’s complicated set‑up, who will keep the seat of power? For now, SJM’s casinos sit in the shadows of its rivals, and the world waits for the once‑legendary casino’s new chapter.
