The CEO of Macau based Melco Crown Entertainment, Lawrence Ho, has revealed plans to set up and operate a casino resort in the outskirts of Russian city of Vladivostok. This information was made public by the Wall Street Journal, allegedly citing a person with inside knowledge of the deal.
According to a document dated June 28th and filed in the Hong Kong Stock Exchange, through a Hong Kong based company of which Ho is almost 40% owner, an agreement was signed in order to invest in a “gaming and resort development project in the Russian Federation”.
Lawrence Ho is the son of gambling magnate Stanley Ho, and this is a clear indication of the Ho family wanting to expand the family business.