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Stanley Ho casinos printing money?

10/2/2009
Gambling mogul Stanley Ho has hit back at claims from Forbes magazine last week that his fortune has dropped from $9 billion to just $1 billion, insisting that his casinos are in fact, “printing money.”

The magazine claimed that the Macau casino magnate has fallen from the fifth to 19th richest person in Hong Kong, with his company, Sociedade de Jogos de Macau, receiving a disappointing listing and his wealth decreasing by 89%.

At an event yesterday afternoon in Hong Kong, Ho retorted, “No one knows how much I am worth except myself. Our casinos are the equivalent of printing money. We are printing every day, how could we be getting poor?”

He went on to cheekily thank Forbes, “I suppose I should thank them for this, since now when you ask me to give donations, I don't have to donate so much,” he said. “Those who want to kidnap me also don't need to think about it any more. I have no money.”

Ho’s first public reaction to the claims by Forbes dismissed any notion that he’s losing his fortune, stating, “It’s no big deal if SJM’s stocks fall to zero.” He said, “[Forbes] can say that my wealth is down 100 percent. People can write whatever they want.”

The 87-year-old “King of Gambling” originally made his fortune smuggling goods across the Chinese border from Macau during WW2, before moving into the gambling industry in 1962. His variety of diverse business ventures has made him one of Asian’s richest men and he has become renowned for his playboy lifestyle, taking four wives and fathering at least 17 children during his life time.

Kayley Almond
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