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Chow Tai Fook denies involvement with Stanley Ho

Chow Tai Fook, which is currently in talks to acquire the Baha Mar resort has denied allegations that it is somehow involved with gaming mogul Stanley Ho in the deal.

“The Cheng Family is an investor in Sociedade de Turismo e Diversões de Macau (STDM), which owns the gaming subsidiary, SJM Holdings Ltd (SJM),” CTFE told local news outlet Tribune Business.

“In addition, the Cheng family’s role in the Macau casino is strictly as an investor, with no involvement in day-to-day management of the casino or oversight of the gaming industry in Macau.

“As a company, we are committed to integrity and good governance in all of our business operations worldwide. There will be no affiliation on this project with STDM or SJM.”

CTFE’s statement was made in response to former Baha Mar director Dionisio D’Aguilar, who suggested that the conglomerate was an unsuitable investor due to its reported inability to obtain casino licensing in two US states, and its alleged “well-documented connection to organised crime in Asia”.

In this case, the “well-documented connection” likely refers to the Cheng family’s link to billionaire Stanley Ho through its CTFE’s stake in Macau group STDM, said Tribune Business.

CTFE refuted this, and also said that it had “never applied for a casino license in the US”, adding it, along with a consortium “has just been approved for the granting of a casino license in Queensland, Australia,” referring to the Queen’s Wharf Brisbane development.

Asia Gaming Brief is a news and intelligence service providing up to date market information for worldwide executives on relevant gaming issues in Asia.

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