If she’s got half the business savvy of her father, casino magnate Stanley Ho, Pansy Ho will do just fine. But right now, times are tough and she’s scrambling to expand her empire.
Pansy Ho’s first entry into the casino business came as a joint-venture partner with MGM Mirage for the MGM Grand Macau. While that property struggles through the current downturn in Macau, she is turning her attention to some other projects. Discussions about a second MGM joint venture are ongoing but construction will not commence until it’s clear that the current economic climate is improving.
As managing director of Shun Tak Holdings Ltd., a real estate and transportation company controlled by the Ho family, she recently signed an agreement with a Dubai partner to build a new hotel in Macau’s Cotai area.
Another Shun Tak development is about ready to be opened. The One Central is a luxury condo project in Macau. Although the large majority of the units had been pre-sold, it’s unclear how many sales would be completed in the current economy.
Shun Tak has a cushion, however. The company recently received about US$90 million (HK$700 million) when it sold a 50 percent stake in the city’s Mandarin Oriental to Stanley Ho’s SJM.