HONG KONG: Macau casino king Stanley Ho, who built a business empire from scratch in the former Portuguese colony and became one of Asia's richest men, died on Tuesday at the age of 98, his family has confirmed.
Known as the "Godfather" of Macau casinos, the billionaire was instrumental in turning Macau into a gambling boomtown, with gaming revenue surpassing Las Vegas.
SJM rose as much as 8.5 per cent, passenger transport firm Shun Tak Holdings jumped 17.6 per cent and casino operator Melco climbed 4.9 per cent, outpacing a 2 per cent gain for the benchmark index.
In 2017, Ho stepped down as chairman from his Hong Kong-based conglomerate Shun Tak Holdings with his daughter Pansy Ho succeeding him.
He stepped down from his flagship casino empire SJM Holdings in 2018, and handed over the reins to another daughter Daisy Ho. His privately held company, Sociedade de Turismo e Diversões de Macau, or STDM, has stakes in everything from luxury hotels to helicopters and horse racing.
Ho spearheaded what is known in Macau as the junket VIP system, whereby middlemen act on behalf of casinos by extending credit to gamblers and taking responsibility for collecting debts.
"It's the end of an era," said Allan Zeman, the non-executive chairman of Wynn Macau, one of the territory's six gambling concessionaires, and a competitor to Ho's family fortunes.
Ho married his first wife, Clementina Angela Leitao, in 1942 in Macau.
In 1961, with the financial backing of Henry Fok Ying-tung, Ho won the sole concession for gambling in Macau - an enormously lucrative financial prize - with his company, Sociedade de Turismo e Diversoes de Macau.
The Henry Fok Foundation to keep the children of Ho's second wife Lucina Laam King-ying as the majority shareholders of Hong Kong-listed SJM Holdings, one of the six casino license holders in Macau.
Lucina Laam, Ho's second wife, is the mother of three billionaires - daughters Pansy Ho and Daisy Ho Chiu-fung, and son Lawrence Ho Yau-lung.
Stanley Ho speaking at the 10th congregation ceremony of the University of East Asia in Macau, on October 6, 1987.
Macau casino king Stanley Ho and his many offspring have been in the news a lot recently. In just two months, the 98-year-old billionaire welcomed three grandchildren, and according to reports, he rewarded each of his kids S$20mil for every new family member. Stanley Ho, a one-time kerosene trader who built a casino empire in Macau that propelled the Chinese island past Las Vegas as the world’s biggest gambling hub, has died at the age of 98, members Death of Macau’s King of Gambling gives the 57-year-old eldest daughter of his It was the last among Macau’s six operators to build a casino on the territory’s swanky Cotai strip The daughter of Macau casino tycoon Stanley Ho was reportedly gifted a HK$500 million (S$87 million) property when she threw an engagement party over the weekend. Her fiance is Mr Thomas Xin. Stanley Ho, a onetime kerosene trader who built a casino empire in Macau that propelled the Chinese island past Las Vegas as the world’s biggest gambling hub, has died at age 98, members of his Ms Sabrina Ho, daughter of Macau casino king Stanley Ho, is known for her cultural pursuits. It is no surprise then that the 29-year-old, who runs an art-event company, is planning to throw a Death of Macau’s casino king came at critical geopolitical juncture in the region Hong Kong’s CEO was one of Ho’s pallbearers, and the Chinese president sent his condolences 10 July 2020 Known as the "King of Gambling" in Hong Kong, Macau, and Taiwan, Ho remained active in his flagship casino business until 2017. He officially retired from Shun Tak Holdings and SJM Holdings in 2018. Daisy Ho, the daughter of the tycoon's second wife, succeeded Ho as SJM's chairman in June 2018. MACAU (Reuters) - Sure, being the daughter of Macau’s casino king has had its perks. But Pansy Ho -- gaming magnate, property tycoon, budding airline mogul and up-and-coming heir apparent to
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