Macau 'Founding Father' Stanley Ho to Retire, Hand Control to Daughter Daisy
Stanley Ho is finally prepared to retire at 96-years-old. The Macau billionaire, who is the enclave's 'founding dad,' will step down from SJM Holdings in June and hand control of the company to his daughter Daisy.
Created in 1921, Stanley Ho says 2018 is the 12 months he's finally ready to go wrong.
After making a fortune that is small luxury items into Asia from Macau during World War II, Ho obtained the only gaming concession in the enclave in 1962. Then managed by Portugal, Ho transformed the sleepy colony littered with gambling dens into the planet's largest casino hub.
Macau ended up being returned to Chinese control in 1999, and two years later the folks's Republic ended Ho's monopoly and welcomed outside commercial operators to bid on five additional licenses.
'Dr. Ho has justifiably been acknowledged while the founding father of Macau's gaming industry, which includes for a few time been the greatest worldwide in terms of revenue,' SJM Holdings said in a declaration.
June Ho stepped down as chairman of Shun Tak Holdings, the conglomerate he founded in 1972, last.
Stanley Ho has garnered the reputation of being a flamboyant playboy over the decades. He is thought to have had at least four wives at a time that is single and fathered 17 children. Most notably among his offspring are Pansy Ho, a stakeholder that is major MGM China, and Lawrence Ho, the founder of Melco Resorts.
SJM Lagging Behind
Rumors have been circulating that Stanley Ho has not been actually leading SJM for years.