Sociedade de Turismo e Diversões de Macau
Encyclopedia
The Sociedade de Turismo e Diversões de Macau, SA is a company in Macau
owned by Stanley Ho
and his family. Historically it held a monopoly to Macau's gambling industry as the only licensee for casinos. In 2002, the Macau government began issuing more licenses and the monopoly was broken. Still, of the 30 casinos in operation in Macau, 14 are owned by Stanley Ho.
(Stanley Ho's brother-in-law through his sister, Susie Ho), Yip Hon
and Henry Fok
.
In 1982, Ho and Yip had a major public falling out, as a result of which Yip disposed of his interest for a rumoured HK$400 million. Cheng Yu-tung
, founder of New World Development
, stepped in to fill the breach. Fok's attempt to sell his stake in 1986, for a reported HK$600 million, was resisted by Ho. Complaining about the company's strategy and dividend policy
, Fok gifted the stake to the Henry Fok Ying Tung Foundation in 2002.
Since 2002, STDM was the subject of numerous lawsuits initiated either by Ho of by his sister, Winnie. Only after the final challenge was resolved in 2008 was it able to list its casinos subsidiary Sociedade de Jogos de Macau (SJM) on the Hong Kong Stock Exchange.
In 2011, STDM shareholders are:
s, including Casino Lisboa
, Macau's most famous casino. The casino features 107 slots and 146 table games. The property has six restaurants and a hotel with 1,000 rooms.
As casino gambling is illegal in Hong Kong, it is welcomed by tourists. Benefitting from the individual traveling policy between Hong Kong and Macau, the business of Casino Lisboa has increased rapidly, especially in the Chinese Lunar New Year. Within that period, the average daily income is HK$100 million. It is predicted that Lisboa will be required to pay HK$800 Million ($103 Million USD) on betting duty
.
In the 1960s, Ho owned nine casinos in the Philippines; however, Ho abandoned his Philippine business ventures due to conflict with the president
of that country.
Apart from casinos, football, horse race and dog race gambling are the other main income sources of Macau's gambling industry. Before football gambling betting rules were established in Hong Kong, football gambling in Macau was very popular among Hong Kong residents.
For many years, the gambling industry of Macau was solely owned by Ho's STDM. At one time Ho controlled up to 70% market share of Macau's gambling business. This era of monopoly came to an end in 2000.
In February 2000, the government of Macau SAR proposed to split Macau's gambling operation into three parts. The casinos in Macau were still under STDM, but those in Coloane
(路環) and Taipa
(氹仔) were opened for bidding. At last, in 2002, other casino operators were able to obtain license
s for casinos in Coloane and Taipa. The arrival of the Sands Macau
and other planned destination resorts, such as The Venetian Macao
and the Wynn Macau
and those along the Cotai Strip
, a Las Vegas Strip
-like development.
Shun Tak Holdings has signed an agreement that the territory's flag carrier Air Macau and its parent China National Aviation Co will hold a majority stake in the airline, reported The Standard newspaper.
The carrier is expected to target the lucrative routes to China as well as the Asia Pacific region. Air Macau will transfer 22 routes to the venture and hold a 51 percent stake, said the newspaper, adding the budget airline will take over 11 Air Macau
routes to China and 11 cities in the Philippines, South Korea and Vietnam.
STDM also have a business aviation arm, called Jet Asia, providing private jet services.
Macau
Macau , also spelled Macao , is, along with Hong Kong, one of the two special administrative regions of the People's Republic of China...
owned by Stanley Ho
Stanley Ho
Stanley Ho, GBM, GLM, GBS, GML, OBE , also known as Ho Hung Sun, Stanley Ho Hung Sun, is an entrepreneur in Hong Kong and Macau. Ho is sometimes nicknamed "The King of Gambling", reflecting the government-granted monopoly he held of the Macau gambling industry for 40 years...
and his family. Historically it held a monopoly to Macau's gambling industry as the only licensee for casinos. In 2002, the Macau government began issuing more licenses and the monopoly was broken. Still, of the 30 casinos in operation in Macau, 14 are owned by Stanley Ho.
History
The company was founded in 1962 by Stanley Ho and his then partners Teddy YipTeddy Yip
Theodore "Teddy" Yip was a businessman from Indonesia who was instrumental in developing Macau as a tourist destination and who was a Formula One team owner in the 1970s.-Early life and business career:...
(Stanley Ho's brother-in-law through his sister, Susie Ho), Yip Hon
Yip Hon
Yip Hon was a gambling tycoon in South China. His wealth was estimated to be HK$ 100 million. In his childhood, he stayed in Kong Mun of Kwangtung, and usually participated in gambling with his pocket money. He was nicknamed Kwai Wong Yip Hon (1904 – 7 May 1997) was a gambling tycoon in South...
and Henry Fok
Henry Fok
Henry Fok Ying Tung was a Hong Kong businessman. He has ancestral roots in Nansha, Panyu, now part of Guangzhou, Guangdong). Fok was the vice-chairman of the National Committee of the Chinese People's Political Consultative Conference of PRC since March 1993, and was possibly the most powerful...
.
In 1982, Ho and Yip had a major public falling out, as a result of which Yip disposed of his interest for a rumoured HK$400 million. Cheng Yu-tung
Cheng Yu-tung
Cheng Yu-tung GBM is a Hong Kong billionaire with extensive business dealings and real estate interests in both Hong Kong and Macau. He owns the privately-held Chow Tai Fook Enterprises, a conglomerate which operates the Sheraton Marina hotel and controls the publicly listed New World group...
, founder of New World Development
New World Development
New World Development Company Limited , based in Hong Kong, is active in property, infrastructure, services and telecommunications. It was established in 1970 with Dr Ho Sin Hang as Chairman and Chow Chi Yuen as Director and General Manager...
, stepped in to fill the breach. Fok's attempt to sell his stake in 1986, for a reported HK$600 million, was resisted by Ho. Complaining about the company's strategy and dividend policy
Dividend policy
Dividend policy is concerned with taking a decision regarding paying cash dividend in the present or paying an increased dividend at a later stage. The firm could also pay in the form of stock dividends which unlike cash dividends do not provide liquidity to the investors, however, it ensures...
, Fok gifted the stake to the Henry Fok Ying Tung Foundation in 2002.
Since 2002, STDM was the subject of numerous lawsuits initiated either by Ho of by his sister, Winnie. Only after the final challenge was resolved in 2008 was it able to list its casinos subsidiary Sociedade de Jogos de Macau (SJM) on the Hong Kong Stock Exchange.
In 2011, STDM shareholders are:
- Lanceford Company Limited: 31.6% (itself held 100% by Stanley Ho until the controversy of January 2011)
- Shun Tak Holdings: 11.5%
- Winnie Ho Yuen-ki: 7%
- Henry Fok Ying Tung Foundation: 27%
- Cheng Yu-tung 10%
- Others 12.9%
Gambling
Ho owns eight casinoCasino
In modern English, a casino is a facility which houses and accommodates certain types of gambling activities. Casinos are most commonly built near or combined with hotels, restaurants, retail shopping, cruise ships or other tourist attractions...
s, including Casino Lisboa
Casino Lisboa, Macau
The original casino and the 12-storey round hotel tower were built in 1970 by Stanley Ho, Teddy Yip, Yip Hon and Henry Fok. A 270-room extension was added in 1991 for a total of 927 rooms. In 2006, another extension, the Grand Lisboa, was built next to the current complex. Therefore a total of 2362...
, Macau's most famous casino. The casino features 107 slots and 146 table games. The property has six restaurants and a hotel with 1,000 rooms.
As casino gambling is illegal in Hong Kong, it is welcomed by tourists. Benefitting from the individual traveling policy between Hong Kong and Macau, the business of Casino Lisboa has increased rapidly, especially in the Chinese Lunar New Year. Within that period, the average daily income is HK$100 million. It is predicted that Lisboa will be required to pay HK$800 Million ($103 Million USD) on betting duty
Duty
Duty is a term that conveys a sense of moral commitment to someone or something. The moral commitment is the sort that results in action and it is not a matter of passive feeling or mere recognition...
.
In the 1960s, Ho owned nine casinos in the Philippines; however, Ho abandoned his Philippine business ventures due to conflict with the president
President of the Philippines
The President of the Philippines is the head of state and head of government of the Philippines. The president leads the executive branch of the Philippine government and is the commander-in-chief of the Armed Forces of the Philippines...
of that country.
Apart from casinos, football, horse race and dog race gambling are the other main income sources of Macau's gambling industry. Before football gambling betting rules were established in Hong Kong, football gambling in Macau was very popular among Hong Kong residents.
For many years, the gambling industry of Macau was solely owned by Ho's STDM. At one time Ho controlled up to 70% market share of Macau's gambling business. This era of monopoly came to an end in 2000.
In February 2000, the government of Macau SAR proposed to split Macau's gambling operation into three parts. The casinos in Macau were still under STDM, but those in Coloane
Coloane
Coloane is one of the two main islands of the Macau Special Administrative Region, located directly south of Macau's other main island, Taipa , and east of Hengqin Island of Zhuhai in Guangdong province....
(路環) and Taipa
Taipa
Taipa is the smaller of the two islands in the Chinese special administrative region of Macao .- Geography :It is 2.5 kilometres from Macau Peninsula and east of the Lesser Hengqin Island of Zhuhai, Guangdong Province...
(氹仔) were opened for bidding. At last, in 2002, other casino operators were able to obtain license
License
The verb license or grant licence means to give permission. The noun license or licence refers to that permission as well as to the document recording that permission.A license may be granted by a party to another party as an element of an agreement...
s for casinos in Coloane and Taipa. The arrival of the Sands Macau
Sands Macau
Sands Macao is a casino resort located in Macau Peninsula, Macau. It is owned and operated by the Las Vegas Sands Corporation, and was designed by Steelman Partners, LLP...
and other planned destination resorts, such as The Venetian Macao
The Venetian Macao
The Venetian Macao is a hotel and casino resort in Macau owned by the Las Vegas Sands corporation. The Venetian is a 40-story, $2.4 billion anchor for the 7 hotels on the Cotai Strip in Macau...
and the Wynn Macau
Wynn Macau
Wynn Macau , owned by Wynn Resorts, is a luxury integrated resort in Macau Peninsula, Macau, People's Republic of China, offering gaming combined with a deluxe hotel, restaurants, designer shops, spa, and a "Performance Lake". It is the first Las Vegas-style integrated resort in Asia. It opened on...
and those along the Cotai Strip
Cotai Strip
The Cotai Strip is the casino and tourism project in the Cotai District, Macau, inspired by the Las Vegas Strip in Nevada, USA, on a considerably smaller scale....
, a Las Vegas Strip
Las Vegas Strip
The Las Vegas Strip is an approximately stretch of Las Vegas Boulevard in Clark County, Nevada; adjacent to, but outside the city limits of Las Vegas proper. The Strip lies within the unincorporated townships of Paradise and Winchester...
-like development.
Aviation
Hong Kong company owned by the family of Macau casino tycoon Stanley Ho invested up to a 30% stake in Air Macau's planned US$30 million low-cost airline in a press report.Shun Tak Holdings has signed an agreement that the territory's flag carrier Air Macau and its parent China National Aviation Co will hold a majority stake in the airline, reported The Standard newspaper.
The carrier is expected to target the lucrative routes to China as well as the Asia Pacific region. Air Macau will transfer 22 routes to the venture and hold a 51 percent stake, said the newspaper, adding the budget airline will take over 11 Air Macau
Air Macau
Air Macau Company Limited is the flag carrier airline of and headquartered in Macau. The airline operates services to 12 destinations in Mainland China, as well as regional international services, from its hub at Macau International Airport.-History:...
routes to China and 11 cities in the Philippines, South Korea and Vietnam.
STDM also have a business aviation arm, called Jet Asia, providing private jet services.
Holdings
The STDM holds numerous buildings in the peninsula of Macau, as well as the outlying islands. The more notable ones include:- Grand LisboaGrand LisboaGrand Lisboa is a 58-floor tall hotel in Macau, owned by Sociedade de Turismo e Diversões de Macau and designed by Hong Kong architects Dennis Lau and Ng Chun Man. Its casino and restaurants were opened on February 11, 2007, while the hotel was opened in December 2008. The casino offers 800 mass...
- Hotel Lisboa
- Mandarin Oriental, Macau
- Hotel Sintra
- Hotel Fortaleza do Guincho
- Pousada de Sao Tiago
- Macau Golf and Country Club.
- Grand Emperor Hotel
- Tiger Slots
- Canidrome
- Casa Real Hotel
- Hotel Golden Dragon
- President Hotel
- Hotel Fortuna
- GrandviewGrandview- Canada :* Grandview, Manitoba* Grandview, Thunder Bay, Ontario, a neighbourhood in Thunder Bay, Ontario* Grandview, Prince Edward Island, a small community in eastern Prince Edward Island- United States :*Grand View, Idaho*Grandview, Illinois...
- Greek Mythology Casino
- Macau International AirportMacau International Airport- Cargo airlines :The following cargo airlines serve Macau International Airport :*Air Macau*EVA Air Cargo*Shanghai Airlines Cargo*Singapore Airlines Cargo- Other Tenants :* Macau Customs Service...
31% interest - Seng Heng Bank Limited (now Industrial and Commercial Bank of ChinaIndustrial and Commercial Bank of ChinaIndustrial and Commercial Bank of China Ltd. is the largest bank in the world by profit and market capitalization. It is one China's 'Big Four' state-owned commercial banks .It was founded as a limited company on January 1, 1984...
(Macau)) - Jet Asia
- Westin Resort Macau
- New Yaohan Department Store