Lawrence Ho boosts stake in Vladivostock casino venture

Summit Ascent Holdings, which is 33.8-percent owned by Lawrence Ho, is raising its stake in a casino venture on the outskirts of Vladivostock to 60 percent. The stake is being bought from local business partner Oleg Drozdov, who is under investigation by Russian authorities for alleged business malpractices. Drozdov is selling half of his stake for $20.2 million. After the sale Summit will own 60 percent, Ho’s Melco International Development will own 5 percent, Taiwan gambling machine maker Firich Enterprises will own 20 percent and Drozdov will own 15 percent.

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