Battle of the Billionaires: Asian Family Fights for Control of Casinos

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If you’ve travelled in Asia at all, as I have, you know of billionaire Stanley Ho, he of the Macau casinos.

Great palaces.

Now, Ho has filed a lawsuit against some family members to regain control of his assets, extending a three-week public dispute over Asia’s biggest casino company.

Ho is accusing his daughters Pansy Ho and Daisy Ho of seizing the tycoon’s holding in Sociedade de Turismo e Diversoes de Macau SA.

The complaint follows a Jan. 26 lawsuit that was withdrawn after an oral agreement by them to return the stake, according to the new claim.

The 89-year-old Ho, who built his casino business with a four- decade monopoly in Macau is embroiled in a family feud over a stake that’s worth at least HK$11.2 billion ($1.44 billion).

We’ll keep you posted.

The dispute is sure to effect stock prices.

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