PBL Cuts
Ties with Stanley Ho
As reported by the Sydney Morning
Herald: "The Packer family's Publishing
& Broadcasting Ltd has severed its relationship
with Macau's controversial casino tycoon Stanley
Ho after he announced late yesterday that he
would step down as chairman of PBL's Asian partner,
Melco International.
"Mr
Ho's son, Lawrence, who is Melco's chief executive
and largest shareholder, will step in as chairman.
"Severing
ties with Mr Ho, whose alleged Triad links have
troubled gambling regulators around the globe,
is expected to expedite probity checks into
the PBL-Melco venture by Victorian regulators.
The checks have been under way since 2004.
"The
acquisition of a sub-licence from Wynn Resorts
earlier this month, for an unprecedented $US900
million, gave PBL and Melco control of their
own destiny in Macau but may also have been
the first signal that more space was needed
between the partners and Mr Ho.
"…Whether
the latest manoeuvre will be enough to satisfy
the Victorian Commission for Gambling Regulation
(VCGR) has yet to be seen…"
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