Lawrence Ho, the son of Macau casino mogul Stanley Ho, invested in two Russian gambling resorts valued at US$630 million, part of his moves to expand his gaming business overseas.
Melco International Development Ltd and Summit Ascent Holdings Ltd would buy a combined 51% stake in a holding company. Both companies are backed by Ho who proposed development of two casino hotels in the Primorve Region near China's border. This was according to filings issued by the company to the Hong Kong's stock exchange yesterday.
Lawrence Ho planned expansion on his casino business overseas and in Macau. His venture with James Packer, Melco Crown Enterntainment Ltd would join Philippine billionaire Henry Sy's Belle Corp. The plan was to build a new casino resort in Manila and a new resort on Macau's Cotai strip to compete with larger rivals.
Summit Ascent shares were suspended last June 10. It resumed trading in Hong Kong today soaring as much as 73% to HK$6 per share piece. The close was at its highest close since its listing in January 1994.
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