The family of the late casino tycoon, Stanley Ho, is at risk of losing the licenses for operating two of Portugal’s biggest casinos following a higher offer from a rival bidder for both operations.
Currently, Casino Lisboa, located in Lisbon, and Casino Estoril in Cascais, are operated by Estoril Sol SGPS SA, whose main shareholder is the Ho family.
The chairwoman of Estoril Sol is Pansy Ho, the current managing director of MGM China.
As cited in media reports, the tender attracted two bids: one from a subsidiary of Estoril Sol and another from an undisclosed bidder.
The license to operate both casinos is set to expire at the end of December.
On August 19, the announcements of the tenders for the concessions of the Estoril and Figueira da Foz casinos were published in the country’s Official Gazette and provide for a contractual duration of 15 years, renewable for a further period of five years.
“Overall, the competing offer had a higher value than the offer presented by our own subsidiary,” Estoril Sol said in a regulatory filing earlier this week.
The deadline for submitting proposals for the concession ended September 30. Proposals were opened earlier this week and are being analyzed.
Finansol, a holding company controlled by members of the Ho family, owns a 57.8% stake in Estoril Sol.
The company’s revenue reached 133 million euros last year, slightly less than the 136 million euros recorded in 2020.
