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MACAU GAMBLING TYCOON FEELING THE PINCH

Las Vegas gambling magnate Sheldon Adelson made the headlines recently with the massive fall in his company's share price and its attendant impact on his personal fortune, reducing his net worth by billions.  This week the Macau Daily Times reports a similar decline in the finances of Macau casino tycoon Dr. Stanley Ho and his firm Sociedade de Jogos de Macau.
 
The newspaper reports that Ho has lost 89 percent of his fortune, now has 'only' around eight billion patacas and is listed as the lowest ranking billionaire in Hong Kong in the American magazine Forbes.

SlotsOasisAfter ranking fifth in the list early last year with 72 billion patacas, Ho’s estate now corresponds to a modest 19th place among the 40 richest men in the city. Top spot on the list goes to Li Ka-Shing, a real estate and telecommunications businessman.
 
But even Li Ka-Shing could not avoid the global financial crisis and saw half his fortune decline to 129,6 billion patacas. The Kwok family, which owns Sun Hung Properties, remained in second position, but lost 55 percent of its financial clout, equivalent to a total of 86,4 million patacas.
 
It's all relative, but the eight billion patacas “entry” barrier required in 2008 to get on the richest list has now gone down to a mere 3,8 million patacas!
 
UPDATE: Dr. Ho was quick to respond to the report that he had lost much of his personal fortune, ridiculing the notion and insisting rather obliquely that his Casinos were "printing money."
 
"Our casinos are the equivalent of printing money," said Ho. "We are printing every day, how could we be getting poor?" he commented to the South China Morning Post. "I suppose I should thank them (Forbes) for this, since now when you ask me to give donations, I don't have to donate so much," he scoffed.
 
"Those who want to kidnap me also don't need to think about it any more. I have no money."
 
The nephew of one of Asia's first tycoons, Ho made his first fortune smuggling luxury goods across the Chinese border from Macau during World War II, before securing the only gaming licence in the then-Portuguese colony in 1962. He went on to run transport businesses and a racetrack, making him one of Asia's richest men.

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Gambling News :

Is Gibraltar Out of Luck in US Tax Challenge - Gibraltar's challenge to the UK 15 percent point-of-consumption tax on online gambling operator revenues has already failed in the UK High Court, and it looks as if it may be rejected by the European Court of Justice too.

Quickspin are now available in Denmark - #quickspin The roll-out strengthens the long-standing partnership between the supplier and the operator, with Quickspin games already available on Vera&John’s websites around the world.

UCypher Launches - Indian entertainment and media entrepreneur Ronnie Screwvala has announced the formation of UCypher, an eSports tournament in which ten teams will compete.

Extreme Live Gaming In deal With Betsson - Extreme Live Gaming, a subsidiary of the Novomatic Interactive group, has announced a live dealer product deal with the Betsson online gambling group, with an initial launch planned for Betsson.com, followed by other brands in the Swedish group's portfolio.

Expansion Mode For BoyleSports - The Bambury premises are situated in Kildare, Meath and Dublin and will be refurbished and rebranded after acquisition, with the total of 31 staff remaining in employment..

Safecharge Q4-2016 - Online e-cash processing firm Safecharge, where Playtech's Teddy Sagi is a majority shareholder, released a trading update on its Q4-2016 performance Thursday, flagging record transaction processing volumes and revenues.

ASA Most Controversial Ads of 2016 - Paddy Power's penchant for advertisements that cause a stir saw the betting company mentioned twice in the Top Ten most controversial adverts of 2016 released by the Advertising Standards Authority in the UK Thursday.

Yggdrasi To Enter Italian Gambling Market - Yggdrasil’s Italian offering will include the company's collection of in-game promotional tools, BOOST, improving gamification, and the social sharing tool, BRAG. The company’s mobile product will also be available on its HTML5 iSense 2 platform.

888sport is the latest to join sports betting integrity body ESSA - Major operator 888sport is the latest to join sports betting integrity body ESSA with the company adding its customer base and betting market platforms to ESSA’s global anti-fraud alert and reporting system.

First partypoker live event to be held in Russia - Partypoker’s new live tour will kick off in Russia on March 24, 2017 at Sochi Casino and Resort in association with Club Poker Management. Online Day 1’s will start on partypoker on March 12, 2017.

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