Asian millionaire and casino owner Stanley Ho is in the process of transferring most of his stake in a parent company of SJM Holdings Ltd. to his son, daughters and wife. A statement released by SJM informed that Ho transferred 31.7% of his shares in Sociedade de Turismo e Diversoes de Macau to two other businesses that are the property of his family.

A total 31.7 percent stake in STDM will go to Lanceford Co while Action Winner Holdings Ltd., property of Ho’s children Pansy, Daisy, Maisy, Josie and Lawrence, will hold 50.55 percent stake in Lanceford. Ho’s third wife Chan Un-chan owns Ranillo Investment, which will hold the remaining 49.45 percent stake in the casino company.

The stake transfer will not involve any modifications in management or the strategy followed by the casino company so far, as informed by SJM. SJM runs a total of 20 casinos in Macau, such as renowned Casino Lisboa, and owns a 32.6 percent market share in Macau.

A special administrative region of China, Macau is the only place in the country where casino gaming is not banned. In the past few years the region has become the main gaming city in the world, replacing Las Vegas and attracting casino operators like Wynn Macau, Melco Crown Entertainment Ltd. and MGM Resorts International.