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18 August 2008

Casino King Takes Gamble To Fend Off Macau Rivals | wsj.com

Macau -- With his grip on Asia's gambling capital slipping, Stanley Ho has gone on the offensive. Last month, the Hong Kong-born gambling magnate announced plans to tear down his flagship Lisboa casino and hotel and build his biggest and most opulent showcase yet, at a cost of HK$12 billion (US$1.54 billion). The 86-year-old also pushed through a long-delayed initial public offering for the company he controls, SJM Holdings Ltd., raising $494 million despite stock-market jitters.

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