Stanley Ho takes his gambling firm SJM flagship public

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Stanley Ho, born in 1921 into one of Hong Kong's most powerful families, is taking his gambling flagship firm Sociedade de Jogos de Macau Holdings (SJM) public Thursday as he battles Las Vegas giants that seem to have taken over the Macau's gambling industry. Mr. Ho, the 86 year old tycoon, held a 4-decade long monopoly on casinos in Macau. Macau's biggest casino operator lost his long monopoly in 2002.

Once the only game in town, Mr. Ho's iconic casinos are now just one small part of a multi-billion-dollar gaming industry in the southernChinese city of Macau. Macau topped the Las Vegas Strip in revenues last year.

Stanley Ho is now offering public shares in SJM, the company that made him one of Asia's richest men and which is still believed to be Macau's biggest casino operator despite losing its foothold in the monopoly.

An SJM source said that the company is looking to raise more than five billion Hong Kong dollars (655 million US) for the shares, which go on subscription offer from June 26 to July 2. The move has reportedly been repeatedly delayed due to a bitter fightfor control with Ho's estranged sister Winnie. But the tycoon assured this week that his plans would go ahead saying that his company will launch the initial public offering according to plan.

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