Inside Asian Gaming

september 2016 inside asian gaming 27 Pansy Ho EXECUTIVE DIRECTOR MGM China MANAGING DIRECTOR Shun Tak Holdings DIRECTOR STDM Power 1,575 last – Score year Claims to fame Among the most prominent of Dr Stanley Ho’s 17 children Has control of enormous amounts of Macau land Renowned for her love of art 16 in the first half of this year, with EBITDA off 29% amid weakening margins. One good sign is the stabilization of non-gaming revenue, aided by last year’s opening of the 557 room Jurong Hotel – built a 15 minute drive away because there’s no room to expand on Sentosa. Still, the performance gap between RWS and crosstown rival Marina Bay Sands keeps widening. The group’s quest for growth has Mr Tan overseeing construction of US$1.8 billion Resorts World Jeju, a joint venture with mainland China developer Landing International. RW Jeju follows the RW Sentosa playbook, aiming to capitalize on the popular resort island’s visa-free entry for mainland Chinese while offering a theme park and other non-gaming attractions for Koreans barred from the casino, including a theme park based on global heroes and legends. But Korea is also suffering from declining Chinese play, so RW Jeju’s financial impact will likely be marginal. Its best hope for growth in Asia remains casino legalization in Japan – and Mr Tan is Genting’s leading man on that front. The eldest of five children that Macau’s gaming godfather Dr Stanley Ho had with his second wife Lucina Laam, Pansy Ho has long represented a complicated piece in the Macau gaming jigsaw puzzle. This is an interesting time for Ms Ho. In 2011, a bitter family feud between her and Dr Ho’s fourth wife Angela Leong saw a temporary truce called, with Ms Ho remaining a director of STDM while Ms Leong was given a guaranteed role as Executive Director of SJM for Asian Gaming POWER 50 2 0 1 6 Singapore’s plan to legalize casinos pointed a dagger at the heart of Genting’s Highlands casino resort outside Kuala Lumpur. Genting reached out to Tan Hee Teck – a valued employee who’d been lured away to run Singapore’s DBS Vickers Securities – to lead Genting’s drive to secure a Singapore license and protect its southern flank. Mr Tan didn’t win on his first attempt: Genting’s double-helix tower proposal for the Marina Bay site got beaten by Las Vegas Sands’ triple towers, SkyPark and decade of MICE experience. But Mr Tan’s team captured the license for Sentosa, with Universal Studios as the prime non-gaming attraction. Mr Tan has led Resorts World Sentosa ever since, shaping its water park, global top five aquarium, destination spa, maritime museum and more. The US$5.7 billion IR has become Genting Group’s signature property, accounting for 40% of its revenue and 46% of EBITDA last year. But Singapore’s casino has proven vulnerable to China’s slowing economy and anti-corruption campaign, with gaming revenue and EBITDA each down 21% last year. Gaming revenue fell another 15% six years. That six year guarantee expires in early 2017, potentially opening the door for Ms Ho to launch a power play and steal control of SJM back from Ms Leong. In the meantime, Ms Ho continues to play a significant role at MGM China Holdings, which will open its second Macau property, MGM Cotai, next year. She is also Managing Director of Shun Tak, one of Macau’s biggest land owners and parent company to Artyzen Hospitality Group which owns Grand Lapa. Ms Ho’s influence in Macau is in fact greater than she is often given credit for and in many ways she has become an elder stateswoman for the local industry. Renowned for her love of art, she has spoken often about the need for diversification while in Asia’s English-speaking business world she is widely considered to be a person of considerable authority. Nevertheless, these next 12 months promise to be the most telling of all for Ms Ho. Although she has taken a back seat for the past five years in relation to her father’s empire, that could all be about to change and if she does oust Ms Leong at SJM, the power she wields will shoot through the roof.