It has not been a smooth run but Stanley Ho’s Macau gaming company, Sociedade de Jogos de Macau (SJM), is finally expected to launch its IPO in January. The delay to the listing has been caused for the most part by a legal battle between Ho and his sister Winnie over shares in SJM’s parent company Sociedade de Turismo e Diversoes. The IPO is being arranged bt Deutsche Bank, BNP Paribas and CLSA.

Last year Macau beat the Las Vegas Strip in gaming revenue. Ho, who had a 40 year gaming monopoly until 2002, is now in competition with Las Vegas giants Wynn, Sands and MGM as well as other gaming companies such as Australian Crown and Hong Kong Galaxy. MGM is due to open its first Macau casino in a joint venture with Ho’s daughter Pansy on 18 December.

SJM is likely to apply to the Hong Kong Stock Exchange for approval to raise around $1 billion. Plans to take part of the company public last year did not proceed when Ho’s sister reportedly sued over unpaid dividends. Stanley Ho, now 85, is said to be worth around US$7 billion. His son Lawrence is in joint partnership with James Packer’s PBL gaming company in Macau. (E-11.29.07)

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