Macao tycoon Stanley Ho’s gaming flagship finally made its stock market debut on Wednesday, dipping below its offering price in Hong Kong trade after overcoming a last-minute legal challenge. The debut for SJM Holdings, which raised USD 494 million in a scaled-back share sale amid a poor market, comes as the casino operator struggles to compete with aggressive US operators led by Las Vegas Sands and Wynn Resorts.
Hong Kong (Reuters) - Macau's SJM Holdings, the casino flagship of tycoon Stanley Ho, overcame a last-minute hurdle to listing on the Hong Kong stock market when a court ruled on Wednesday against a case disputing the deal. Stanley Ho's sister, Winnie Ho, had sought a judicial review in Hong Kong's high court of regulatory decisions allowing the scaled-back USD 494 million initial public offering of Sociedade de Jogos de Macau (SJM) Holdings Ltd to proceed.
