Stanley Ho, founder of Asia’s largest gambling company, died in Macau. The king of gambling was 98 years old. This was reported by Reuters, citing members of his family.
Stanley Ho is the founder of SJM Holdings, one of the most profitable companies in the gambling industry. He built his business empire in Macau, a special administrative region of China. SJM Holdings, led by Stanley Ho, helped transform the former Portuguese colony into the world’s largest gambling center.
Before retiring in 2018, Ho divided his empire among his family members. He has 17 children from four marriages. Some of his children now hold senior positions at SJM. Currently, the company owns three of the six gambling licenses in the region.
Pansy Ho, the eldest daughter from her second wife, was once recognized as the richest woman in Hong Kong before her capital declined to the current level of $ 3.7 billion. She succeeded her father as head of Shun Tak Holdings, a real estate developer that manages ferries between Hong Kong and Macau, and also manages hotels. Her sister Daisy Ho became chairman of the SJM when their father resigned two years ago.
Lawrence Ho, his son also from the second wife, manages Nasdaq-based casino operator Melco Resorts through Hong Kong-based Melco International Development. His capital is estimated at $ 2 billion.
Angela Leong, co-chair of SJM and the second largest shareholder, whom Ho reffered his fourth wife, has a net worth estimated at $ 3.2 billion.
Stanley Ho was known as a bright person who loved ballroom dancing. Last year, according to Bloomberg, Stanley Ho’s capital was valued at $ 14.9 billion.