MACAU casino mogul Stanley Ho's company finally began trading on the Hong Kong Stock Exchange yesterday after years of delays as he tries to fend off challenges from American newcomers in the Chinese gambling enclave.

The colorful, 86-year-old billionaire hailed the listing of Sociedade de Jogos de Macau, or SJM, as a triumph for his city and reached out to his United States rivals.

"It marks a new milestone for the company and Macau," Ho said during a ceremony at the Hong Kong bourse that he attended with one of the three women he calls his "wives."

"This big cake of Macau is sufficient to be shared by the six gaming operators. There's no need to fight," he said.

The company's initial public offering and listing were postponed several times amid lawsuits and weakening market conditions. It had been scheduled to debut last week, but was pushed back again due to last-minute legal challenges from his sister. The legal action spooked investors, and half of the offering's retail buyers withdrew before yesterday's debut.

"Everybody knows our progress to listing wasn't smooth, but we successfully jump over the obstacles and turn every challenge into opportunities," Ho said.

In the initial public offering, SJM sold a 25 percent stake, or 1.25 billion shares, raising nearly US$500 million the company says will largely go toward developing new properties in Macau.

The listing price, on the bottom of the indicative range at HK$3.08, dropped about 1.3 percent yesterday to close at HK$3.04. The company projected earnings of HK$559 million (US$72 million) for the first half of this year.