‘King of Gambling’ Stanley Ho is sued by his nephew for HK$2 billion in unpaid share dividends
- Michael Hotung claims his uncle, aunt and casino operator STDM owe dividend payments dating back to 2007 for shares owned by his late mother, Winnie Ho
Macau casino tycoon Stanley Ho Hung-sun, known as the “King of Gambling”, is being sued by his nephew for HK$2 billion (US$255 million) in unpaid shares dividends, according to a legal document and people familiar with the situation.
Michael Hotung, also known as Mak Shun Ming, filed a writ on Tuesday at the Hong Kong High Court against his uncle, his auntie Nanette Ho Yuen-hung and casino operator Sociedade de Turismo e Diversoes de Macau (STDM) in Macau.
In it, he claims the dividends on more than 6,000 shares in STDM purchased by his late mother have not been paid since 2007. He is also claiming interest payments for the money.
The writ did not list the amount sought but people familiar with the situation told the Post that Hotung wanted HK$2 billion in compensation.
STDM is the flagship casino operator co-founded by Stanley Ho more than half a century ago, which until 2000 enjoyed a monopoly in Macau’s gambling industry. Since then, other operators have been granted licences.