The family of the late gambling billionaire Stanley Ho may lose the right to run two of Portugal’s biggest casinos because another bidder made a better offer.
The Ho family owns most of Estoril Sol SGPS SA, which runs the Casino de Lisboa in the Portuguese capital and the Casino do Estoril in the beach town of Cascais near Lisbon. The chair of Estoril Sol is Pansy Ho, who is the oldest child of Stanley Ho’s second wife.
In August, the Portuguese government put out a call for bids from all over the world for a new 15-year agreement. At the end of December, the license to run both casinos will run out. There were two bids for the tender. One was from a subsidiary of Estoril Sol, and the other was from an unnamed buyer.
The Family of Stanley Ho Could Lose the Portugal Casinos
The spokesman for Portugal’s economy ministry wouldn’t say anything.
The 91-year-old Casino do Estoril is one of the biggest in Europe. It is run by Estoril Sol and has slot machines, a traditional gaming area, a number of restaurants, and a show room that can fit 1,000 people. It also has licenses to offer online gambling, online slot machines, and sports betting. In northern Portugal, it runs the smaller Casino da Povoa and the bigger Casino de Lisboa.
According to the company’s financial report, it made €133 million ($132 million) in revenue in 2021, which was less than the €136 million it made the year before.
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