Macau casino magnate Stanley Ho to retire

2018-04-13 05:48:48 GMT2018-04-13 13:48:48(Beijing Time) Sina English

Macau gambling tycoon Stanley Ho will step down from his flagship casino empire SJM Holdings, the company said late on Thursday, as the 96-year-old magnate hands over the reins to his daughter.

Macau casino magnate Stanley Ho to retireMacau casino magnate Stanley Ho to retire

Known as the "godfather" of Macau casinos, Ho has been instrumental in turning the former Portuguese colony on China's southern coast into a gambling boomtown, with gaming revenue surpassing Las Vegas.

His retirement will take effect on Jun 12 at the end of SJM's annual general meeting, after which he will take on the new title of "chairman emeritus", the company said.

Daisy Ho, his daughter, will take over as chairman and executive director, while his fourth wife Angela Leong and Timothy Fok, son of Stanley Ho's former business partner Henry Fok, will be appointed co-chairmen and executive directors.

 

The billionaire monopolised the gaming industry until 2002, when the government introduced foreign investors, sparking a boom which saw casino takings contribute around 80 per cent of the city's annual revenue.

He stepped down as chairman from his Hong Kong-based conglomerate Shun Tak Holdings last year with his daughter Pansy Ho succeeding him.

Agencies

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