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　　曝光這一切的信息對何鴻燊來講實(shí)屬不易，多年以來他都腳踩著一條難以處理的分界線。

　　AFTER several false starts Stanley Ho, Macau’s erstwhile casino monopolist, at last broke through a logjam of litigation and scepticism this week and took his ailing gambling franchise public, agreeing on July 2nd to sell a 25% stake for some $500m. SJM Holdings, as his company is now known, owns 19 of Macau’s 29 casinos and has the biggest market share, but its lead is tenuous and the deal was not an easy sell. Hong Kong’s new-issuance market is weak after many disastrous offerings this year, and for what Mr Ho wanted to sell-some shabby casinos built to serve what used to be a captive market-it is weaker still.
　　在很多次不成功的開始之后，何鴻燊——澳門昔日的賭王，在這周最終打破了爭訟和懷疑的僵局，在6月2日同意拋售約值5億美元25%的股份將他疲軟病態(tài)的特許賭博經(jīng)營上市。澳門博彩控股有限公司（以下簡稱澳門博彩），就如同現(xiàn)在大家所知的，擁有澳門29家賭場中的19家賭場，而且占有最大的市場份額，但是它的領(lǐng)先優(yōu)勢卻很微弱，而且這場交易并非是容易的。香港新證券發(fā)行市場在今年做出許多損失慘重的公開上市之后一直十分虛弱，還有那些何鴻燊在此要賣出的——許多破爛不堪的賭場被建起去充當(dāng)昔日那些壟斷賭場——這顯然也是虛弱的。

　　In 2004 SJM had revenues of HK$34 billion ($4.4 billion), 85% of the total for Macau’s gambling industry. Three years later Macau’s gambling revenues have doubled, but SJM’s have declined. New figures suggest that it may soon lose its leadership to Las Vegas Sands, which owns two giant casinos, the Sands and the Venetian, that are as glittering as SJM’s are grim.
　　2004年澳門博彩獲利340億港元（44億美元），占整個(gè)澳門賭博業(yè)的85%。3年之后，澳門的賭博收益已翻倍，但是澳門博彩利潤卻下降了。新的數(shù)據(jù)顯示，很可能它不久就會失去對擁有兩個(gè)大型賭場澳門金沙和澳門威尼斯人度假村酒店的拉斯維加斯金沙娛樂場的領(lǐng)導(dǎo)地位給拉斯維加斯金沙娛樂場，其在澳門博彩形勢嚴(yán)峻時(shí)卻燦爛如故。

　　A year ago, when a listing of SJM was first being broached, SJM might have expected to be valued at 14 times cashflow, rather than today’s seven times, says Billy Ng, a securities analyst at JPMorgan. Back then the Hong Kong market for public offerings was euphoric and the full impact of the entry of two rival firms from Las Vegas, Wynn and Sands, was not so apparent. Efforts to seize that opportunity, however, were delayed by a deluge of litigation by Mr Ho’s sister, Winnie, who has long feuded with him over the management of the family’s various casino operations. The legal fight postponed a planned listing in January. To allow the deal to proceed this week, investors have been indemnified against any related legal costs.
　　一年之前當(dāng)澳門博彩上市的計(jì)劃首次浮出水面時(shí)，澳門博彩曾希望自己被計(jì)能產(chǎn)生14倍的現(xiàn)金流，而非現(xiàn)在的7倍，一位摩根大通銀行的安全分析師Billy Ng說。當(dāng)時(shí)在香港市場的公開上市是多么的得意洋洋，而從拉斯維加斯來的兩大對手韋恩賭場和金沙賭場進(jìn)入帶來的極大沖擊卻不明顯。何鴻燊努力的想抓住這次機(jī)遇，然而，卻因身陷和他妹妹何婉琪的訴訟中而耽擱，何鴻燊的妹妹十姑娘何婉琪長期在其家族多種博彩業(yè)的經(jīng)營上與何鴻燊素有不和。這場司法大戰(zhàn)將1月的上市計(jì)劃延期。為了使這場交易可以在本周順利進(jìn)行，會為投資者賠償一切相關(guān)合法的出資。

　　The offering document was littered with titbits about Mr Ho’s empire. He turns out to have an interest in a casino in North Korea; stakes in five of SJM’s largest suppliers, including the ferries that bring punters to Macau; and interests in local horse- and dog-racing franchises, a Chinese lottery and various hotels and property.
　　這些要約文件在何鴻燊的賭博帝國里散落著尚屬奇聞軼事。他還投資入股一家在朝鮮的賭場，澳門博彩發(fā)展最大的5個(gè)客源供應(yīng)商，包括渡口為澳門帶來了賭客，本地賽馬及賽狗的專營權(quán)收益，中國的彩票和各種各樣的酒店和產(chǎn)業(yè)。

　　Disclosing all this information cannot have been easy for Mr Ho. For years he has trod a difficult line, being one of Hong Kong’s most visible personalities and appearing at society events, while also running a complicated, mysterious business empire. Why, given the weak market, has he chosen to bring it all to light now?
　　曝光這一切的信息對何鴻燊來講實(shí)屬不易。多年以來他都腳踩著一條難以處理的分界線，身為香港最顯赫的人物之一，出現(xiàn)在很多社會事件中，同時(shí)也經(jīng)營者一個(gè)復(fù)雜而且神秘的商業(yè)王國。為什么？在如今這樣不景氣的市場，他卻非要上市，要一切都曝光？

　　Perhaps it is the first step in a more profound rehabilitation of SJM, prompted by Mr Ho’s acceptance of just how badly it has been gored by foreign competitors. In February 2007 SJM responded with its own elaborate casino across from his old flagship, the Casino Lisboa. But the new Grand Lisboa (pictured above) is far from packed and still lacks an occupancy licence for the hotel above the gaming floor. A public listing now may not bring in much money, but it provides a way to raise money in future and grant ownership stakes to more competent managers. Mr Ho must have realised that the game has changed.
　　何先生(被迫)承認(rèn)外國競爭對手帶來的慘痛傷害，這促使SJM進(jìn)行更深遠(yuǎn)的復(fù)興，而上述手段可能就是第一步。作為回應(yīng)，2007年2月，SJM在其老旗艦公司普京賭場對面開設(shè)了美輪美奐的新普京賭場.但是新葡京娛樂城遠(yuǎn)遠(yuǎn)不能容納，而且缺少樓上酒店和賭廳的許可證。也許公開上市現(xiàn)在還不能帶來很多錢，但是這為未來賺更多的錢鋪好了路，給予更有能力的經(jīng)理以股權(quán)激勵(lì)。何鴻燊意識到，這場賭博的局勢已經(jīng)改變了。