Core Insights - The legacy of "Gambling King" Stanley Ho, who passed away in May 2020, includes a hotel empire valued at over 100 billion, which his children are expanding and strengthening [1] - The hotel assets are primarily held under the companies of SJM Holdings, MGM China, and Shun Tak Holdings, with a focus on high-end hotels and new ventures like esports hotels [1][8] Group 1: Hotel Empire Overview - The hotel assets are concentrated in SJM Holdings, MGM China, and Shun Tak Holdings, with two main categories: luxury hotels owned as an asset and proprietary hotel brands [1] - SJM Holdings, led by Ho's daughter Pansy Ho, operates several luxury hotels including the Grand Lisboa and Palazzo Versace Macau, maintaining high occupancy rates [1][2] - MGM China, a joint venture with Pansy Ho and MGM International, reported a gaming revenue of 27.283 billion HKD and other revenues of 4.104 billion HKD for 2024 [2] Group 2: Performance Metrics - Key hotels and their performance metrics include: - The Grand Lisboa with a 98.7% occupancy rate and an average daily rate of 1,226 HKD [2] - MGM Macau with a 94.5% occupancy rate and a revenue per available room of 2,632 HKD [3] - The Lion's Share MGM with a 93.8% occupancy rate and a revenue per available room of 2,258 HKD [3] Group 3: Expansion and Strategy - Shun Tak Holdings is rapidly expanding its hotel brand, Yat Sing, with 17 projects across major cities in China and Singapore, focusing on high-end lifestyle hotels [4][7] - The company has entered into a management agreement to launch its first high-end lifestyle hotel brand in Xi'an, marking its expansion into new markets [9] - Ho's son, Mario Ho, is focusing on the domestic esports hotel market, planning to open over 100 franchise locations in the next three years [12] Group 4: Industry Trends - The trend of hotel assets being a preferred choice for wealth transfer among affluent families is evident, as they provide stable cash flow and lower investment risks compared to other ventures [13][15] - High-end hotels are seen as a reliable investment, with the potential for stable cash flow and profits over a long period, making them attractive for asset diversification [15]