Monitor | Stanley Ho's Jetstar move highlights folly of express rail link to Shenzhen
History shows Stanley Ho is a much better judge of what's a good investment than our government, and his Jetstar bet will do it again
Who has the greater business acumen, Macau gambling mogul Stanley Ho and his minions, or the Hong Kong government?
Ho's track record speaks for itself. Despite losing its monopoly 10 years ago, his casino company, SJM Holdings, has gone from strength to strength, generating three-figure earnings growth year after year.
The performance of his other main business, transport and property conglomerate Shun Tak, hasn't been quite as spectacular, but it's still turned in impressive earnings growth.
Shareholders have benefited accordingly. Over the last 12 months SJM stocks have yielded a total return of 54 per cent, while Shun Tak has returned 42 per cent.
The Hong Kong government's business ventures have been rather less successful. After years of losses, Hong Kong Disneyland, in which the government owns a majority stake, finally turned a modest profit last year.
The stock of Hong Kong Exchanges and Clearing, in which the government is the largest shareholder, is down almost 20 per cent from the price at which the government acquired its stake in 2007.