The family of Macau gaming pioneer Stanley Ho has retained its Portuguese casino concession after the tender panel rejected a proposal from a rival bidder – despite that bidder offering the state an additional €20 million per year.
As previously reported by IAG, the license to operate two of Portugal’s biggest casinos – Casino de Lisboa in Lisbon and Casino do Estoril in Cascais – expires at the end of December with the Ho family one of two companies to have submitted bids for a new 15-year concession.
The competing bidder, named as online casino operator Bidluck, had offered more to the Portuguese government in its tender bid, however Estoril Sol SGPS SA – which counts the Ho family as its main shareholder and Pansy Ho as its Chairperson – told the Portuguese Securities Market Commission this week that the rival bid had been rejected.
It has emerged that two Bidluck directors are currently facing trial in Portugal for “illicit exploitation of gambling”, resulting in the company’s casino bid being rejected by the tender panel and leaving Estoril Sol as the only remaining bidder.
Estoril Sol’s 57.8% controlling stake is held by Finansol, a subsidiary of Sociedade de Turismo e Diversões de Macau, SA (STDM) that was listed on the Euronext exchange in February 1986. STDM is also controlling shareholder in Macau concession holder SJM Resorts – operator of Grand Lisboa and Grand Lisboa Palace, among others.
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