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Stanley Ho, one of Asia’s richest men and widely known as Macau gambling king, is going to retire. He will retire as chairman of SJM Holdings at the forthcoming Annual General Meeting on June 12, the casino operator said in a filing to the Hong Kong bourse.
The 96-year-old Ho will stay on as Chairman Emeritus to the company. Daisy Ho, one of his daughters who is already on the board, will take over the reins of the business.
“Dr. Ho has justifiably been acknowledged as the founding father of Macau’s gaming industry, which has for some time been the largest in the world in terms of revenue,” SJM said.
The flamboyant tycoon is one of Hong Kong’s best-known businessmen. His swashbuckling corporate deal making style transformed Macau from a sleepy peninsula dotted with seedy, windowless gambling dens into the world’s biggest casino centre.
Last June, Ho stepped down as chairman of Hong Kong conglomerate Shun Tak Holdings Ltd, with his daughter Pansy Ho taking over the position.
Source: European Gaming Industry News