Melco may buy casinos from Chairman Ho, paper reports

Wednesday, Nov. 3, 2004 | 9:26 a.m.

Macau gambling tycoon Stanley Ho said he may sell his privately held business to Melco International Development Ltd., Hong Kong's South China Morning Post reported.

Ho, speaking after Melco's annual shareholders meeting, said Melco would become his listed gambling flagship in the event the asset transfer occurs, according to the paper. Ho is chairman of Melco, which is run by his son, Lawrence.

Shun Tak Holdings Ltd., also controlled by Ho, previously said it doesn't plan to increase its 11 percent stake in the tycoon's casino-owning Sociedade de Turismo e Diversoes de Macau and will instead focus on nongambling business, the Post said.

In a statement, Melco said its independent shareholders approved an agreement with Sociedade de Turismo for the joint development of a casino and hotel in Macau.

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