The estranged sister of Macau billionaire Stanley Ho on Wednesday lost her last-minute legal bid to block the public listing of his casino firm, court documents showed. Winnie Ho had applied for a full review of decisions by the Hong Kong Stock Exchange and the Securities and Futures Commission to allow the public listing of Sociedade de Jogos de Macau Holdings (SJM).
However, Anselmo Reyes, the judge presiding over the last-ditch bid, turned down her application. "To put it starkly, if persons outside Hong Kong wish foolishly to lose money by gambling outside Hong Kong and thereby generate sizeable profits for a company, why should people in Hong Kong not be entitled to share in that company's profits from the foolishness of others?" he said in a written judgement.
Reyes also said there was a contradiction in such an argument, if she was benefiting from gambling as an existing shareholder in the Macau-based parent company. The casino firm on Wednesday delayed its public listing in Hong Kong until next week following the legal action.