sjm

SJM's transactions with such vested interests are so prolific that the company's auditors have broken them out in the company's prospectus.

SJM is selling 25 per cent of its shares for $494m, less than half the $1bn it had originally planned to raise in January.

When SJM's offering was revived last month, it had to be pared back again to $494m.

In the first quarter of this year, SJM's share was 28 per cent, a far cry from the pre-2004 era when it had a monopoly.

SJM's shares have more than tripled in the last 12 months, outperforming the stock of many of the company's competitors.

In December, Ms. Leong was appointed managing director of the company that holds the gambling license for SJM.

The first is that SJM will meet with all of you with a brand new appearance, and I believe this time will be absolutely perfect!

It is SJM's 17th casino in the city, and the company plans to launch another, Casino Oceanus, by the end of the year.

Then again, SJM might be pipped to Diana's dress by the Greeks, who could then offer to trade it for their precious marbles.

SJM's road to market has been a long and tortuous one, dogged by bad luck and controversy.

It is a last throw of the dice for Winnie Ho, who has issued multiple lawsuits against her brother, and the last thing SJM needs.

Questions about who would inherit control of his assets have left a cloud over SJM's prospects.

STDM, which will hold 61 per cent of SJM after its listing, provides an array of services to the company.

Analysts said they did not expect the move to have any effect on the management of SJM.

Last month, Ms Leong was appointed managing director of SJM and given an 8 per cent stake in the company.

SJM routinely conducts business with other Ho companies as well as firms controlled by members of his family and SJM management.

But five years on, SJM is still the biggest casino operator in Macao, the world's largest gaming market.

Stanley is managing director of both STDM and its gaming arm, Sociedade de Jogos de Macau.

SJM, which went public in July after repeatedly cutting its offering price to entice a sceptical market, has seen its valuation cut in half.

SJM benefited from the opening of a casino in September, according to an analyst who was briefed on the monthly data.

SJM is also expected to increase its focus on Chinese gamblers traveling to Macau, putting her personal and political ties to use.

When Mr Ho revived SJM's listing plans last month, the offering had to be scaled down to $494m, partly because of poor market conditions.

Ms Leong is also SJM's managing director and has an 8 per cent stake in the company.

Justice Anselmo Reyes will decide today whether to grant an injunction halting SJM's listing.

Mr. Ho, who through a series of holding companies held about 32% of SJM, on Monday split up his stake.

As SJM's prospectus casually notes, "the shareholders register of STDM is lost" .

Given this backdrop, new investors won't be missing a trick if Winnie Ho scuppers SJM's offering.

SJM gained two percentage points from the previous month while Sands held steady.

In 2006, four years after SJM's monopoly lapsed, Macao eclipsed the Las Vegas Strip as the world's biggest casino market.

SJM is scheduled on Wednesday to announce its annual financial results.

Wynn Macau, SJM and MGM China are all seeking permission to build casino resorts in the same area.

The Fok family foundation is a major shareholder in SJM's parent company.

His fourth wife is an executive director at SJM.

SJM and Deutsche Bank, sole global co-ordinator for the listing, declined to comment.

STDM, in turn, controls SJM Holdings, Mr. Ho's listed casino operator.

Even some SJM employees withdrew their share allocations, representing about 3. 2 per cent of the shares they had sought.

It was a free gift back for SJM.

SJM already owns two thirds of Macao's 29 casinos and, as its smaller neighbours bulk up, is losing market share.

It is also the final obstacle on SJM's long and rocky road towards a listing.

On Sept. 21, SJM Holdings, controlled by long-time Macau gambling king Stanley Ho, opened the French-themed, 170-table Casino L'Arc.

But the share price of SJM Holdings, his main casino company, fell 4. 9 per cent on Wednesday.

Ms. Leong said she has focused on increasing SJM's revenue through the development of the new theme park.

SJM said that about 55 per cent of individual investors had withdrawn applications that accounted for 146. 99m shares.

SJM envisaged a $2bn offering when the idea was first mooted three years ago.

In August, SJM also appointed Timothy Fok, son of late Hong Kong tycoon Henry Fok, as an executive director of the company.

Late last year, Mr. Ho gave his fourth wife, Angela Leong, a separate stake directly in SJM, cementing her role at the casino operator.

One likely loser is Mr. Ho's fourth wife Angela Leong, a former dancer who is already a major SJM shareholder and director.

But according to some, preparing a sprawling family enterprise such as SJM for flotation is not proving easy.

SJM's shares, which hit a 52-week high last week of HK$15. 04, closed down 4 per cent at HK$13. 80.

Lanceford is the company through which Mr Ho controlled his Hong Kong listed company SJM Holdings.

Shares in Hong Kong-listed SJM were suspended Tuesday.

After the news, SJM stock fell 4% in Hong Kong.

SJM recommended a first-half dividend of five Hong Kong cents.

Through his companies, which include Hong Kong-listed casino operator SJM Holdings Ltd. , Mr. Ho owns 20 of Macau's 33 casinos.

Forbes last year estimated that Mr Ho was worth $3. 1bn, while SJM has a market capitalisation of HK$75. 5bn (US$9. 6bn).

Ms Ho has launched more than 30 lawsuits in Macao and Hong Kong in recent years, according to SJM's prospectus.

Amid a broader weakening in the Hong Kong stock market, shares of SJM are down about 15% since their high in mid-January.