Lawrence Ho Yau-lung Invests in Russian Casino

Frequent gamblers know the name Stanley Ho Hung-san, who owns multiple casinos and attractions in Macau. Though he isn’t ready to turn over the reigns to his empire just yet, his son Lawrence Ho Yau-lung hopes that he can become just as successful as his father. The younger man recently pledged HK$514.1 million to a Russian casino and resort. The money will give him majority ownership in the new casino, which experts estimate will cost a total of HK$1 billion to build.

The younger Ho owns several businesses of his own, and two of those companies, Summit Ascent and Melco International Development, appeared on financial documents relating to Oriental Regent. Oriental Regent currently owns a large piece of land in Primorye, Russia. Construction on the casino began several months ago, but public reports indicated that the owner of the property had issues financing the building on its own.

Summit Ascent purchased its ownerships by handing over more than HK$460 billion, which gives it 46 percent ownership in the company that owns the casino. Melco International Development purchased a 5 percent share in the company by paying a smaller amount. The two companies now have a majority ownership in the property, which gives Ho the chance to make any changes he wants.Oriental Regent

Oriental Regent had ambitious plans for the casino from the very beginning. Those plans called for a casino with more than 31,000 square meters of space, and the footprint of the entire resort and casino would cover nearly 100,000 square meters. When Oriental Regent first announced its plans, it claimed the casino would open in the fall of 2014, but after suffering some financial setbacks, plans changed. The company still hopes to open the new casino by the end of 2014, and the funds from Ho’s companies will help construction proceed.

Russia is home to several casinos, but this resort and casino will likely be one of the best. VIP players will find more than 20 different tables and games available, while other players will have access to more than 800 different slots. The hotel will also have more than 100 rooms available for those traveling to the casino. As part of the agreement Oriental Regent made with the companies, those companies will receive a small percentage of the gross revenue from the games. Ho believes that purchasing a majority stake in the company will increase the profits of his companies.

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