Family of the late casino tycoon, Stanley Ho, will continue to operate two of Portugal’s largest casinos after a commission jury dismissed a proposal made by a rival bidder.
This comes nearly three weeks after reports the Ho family is at risk of losing the licenses for Casino Lisboa and Casino Estoril following a higher offer from a rival bidder who proposed an additional 20 million euros per year for the 15-year concession.
Bidluck SA, the company that made the highest bid in the tender, is involved in an illegal gambling scheme. The director of the company in Portugal, Jorge Manuel Galvão Miguel, is being tried for “illegal gambling exploitation,” along with another official linked to Bidluck in Spain.
In a statement to the Portuguese stock exchange, incumbent concessionaire Estoril Sol said it was notified by the commission jury of the decision through a preliminary report on the proposals.
The concession may be renewed for a further five-year period.
Finansol, a holding company controlled by members of the Ho family, owns a 57.8% stake in Estoril Sol. The chairwoman of Estoril Sol is Pansy Ho, the current managing director of MGM China. The company’s revenue reached 133 million euros last year, slightly less than the 136 million euros recorded in 2020.
