International Entertainment, 75% controlled by the family of Hong Kong billionaire Cheng Yu-tung, said last night it will pay as much as HK$7.35 billion, or almost $950 million, for a 70% stake in gambling-junket operator Sun City Gaming Promotion. (Click here for details.) Shares in Hong Kong-traded International Entertainment lost 1.6% today after the news, though are up eight-fold in the past year.
Cheng, who already has a minority stake in Hong Kong-listed casino operatorSJM Holdings , ranked No. 5 on our list yesterday with estimated wealth of $15.5 billion. (Click here to view the list.)