Ho, wife, subsidiary all in sell mode
Macau casino kingpin Lawrence Ho has sold $21.3 million in shares of Summit Ascent Holdings, according to a filing with the Hong Kong Stock Exchange. Ho cut his stake in the company from 27.06 percent to 18.75 percent. Summit Ascent developed the Tigre de Cristal casino resort, which opened in October 2015 in Russia’s Primorye economic zone.
Quick Glitter Ltd., another Ho company, sold another $21.3 million in shares, reducing its stake in Summit Ascent from 24.37 percent to 16.06 percent. Ho’s wife, Sharen Lo Sau Yan, sold an additional $20 million of Summit Ascent stock.
“None of the executive directors or senior management of the company were made aware of our chairman’s intent to sell Summit Ascent shares into the market at any time prior to the public disclosure, nor did they sell any shares in Summit Ascent prior to this disclosure,” Summit Ascent CEO Eric Landheer told GGRAsia.
The Primorye special economic zone is located near Vladivostok, on the Black Sea, close to the border with Mainland China. According to Casino.org, Ho invested in the region because of its low gaming taxes and its potential to be a destination for Chinese high rollers. The $900 million Tigre de Cristal turned a modest profit in its first full year, reporting just over $71,400 for 2016, but posted losses of $690,000 in the first half of 2017.
Tigre de Cristal’s Phase II, which is scheduled for completion in late 2019, will add 500 additional rooms to the current 121-room capacity, as well expanding the casino floor and creating more retail and dining space.
Meanwhile, Ho is looking to the Philippines, and is said to be looking at buying some of the casino portfolio now owned by the Philippine Amusement and Gaming Corp., the state-owned regulator. PAGCOR will sell 17 of its 46 casinos in the coming year, and eventually will sell all of its properties.
“If there was a big redevelopment opportunity, a whole hotel that we could redevelop, we would be potentially interested in doing that,” Ho recently told the Macau Business Daily.
He could be looking to up Melco’s presence if “price and opportunity are right.”
“The Philippines is an exciting market for international entertainment and we look forward to continuing to work together with PAGCOR in the future,” Melco said in a statement.
