Jump to content
MCF HangOut X Lexus – 9 May 2024, Lexus Boutique ×

Casino tycoon to retire...

DACH

By DACH,
in Lite & EZ

 Share

Recommended Posts

DACH

DACH

Supersonic
'Godfather' of Macau casinos Stanley Ho to retire
Daisy Ho takes over as chairman and exec director; Angela Leong and Timothy Fok appointed co-chairmen and exec directors
 
e21f1dad567383f4377a6d05e35a7d26.jpg

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.

Known as the "godfather" of Macau casinos, Mr 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 June 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.

Gaming revenues in Macau were hit hard by a corruption crackdown launched by China's President Xi Jinping in 2012, but SJM is trying to lure visitors back to Macau with the sprawling new Grand Lisboa Palace complex, reportedly due to open in 2019.

Mr Ho is the great-nephew of one of Asia's first tycoons, Robert Hotung, who was among Hong Kong's wealthiest individuals at the turn of the 20th century.

He made his fortune smuggling luxury goods into China from Macau during World War II, before securing the only gaming licence in the then-Portuguese colony in 1962.

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.

 

↡ Advertisement
Link to post
Share on other sites
Lala81

Lala81

Hypersonic

Heard few years ago he was quite sick, spent ten of thousands daily taking some TCM [sweatdrop]

 

if consuming cordyceps and american ginseng, sky is the limit i guess. yeah few k per day is sup sup sui...

last time cordyceps is a few hundred, now is a few thousand for the same weight.

Link to post
Share on other sites
Ender

Ender

Hypersonic

Money can buy health and longevity wor..They are not exclusive as what those fake moral stories make it out to be.

Link to post
Share on other sites
Scion

Scion

Turbocharged

urban legend has it that lao lee dun want him to invest in Singapore's integration resort aka casino projects back then? [lipsrsealed]

Link to post
Share on other sites
Roh96

Roh96

6th Gear

Money can buy health and longevity wor..They are not exclusive as what those fake moral stories make it out to be.

No matter how wealthy or powerful a person is, he/she is still going to die one day. And there is no way the person can bring his wealth or power with him.
  • Praise 1
Link to post
Share on other sites
Ct3833

Ct3833

Supersonic

No matter how wealthy or powerful a person is, he/she is still going to die one day. And there is no way the person can bring his wealth or power with him.

yah, heard that he is rich, but too far, too rich, am unable to relate.

Link to post
Share on other sites
13177

13177

Supersonic

Heard few years ago he was quite sick, spent ten of thousands daily taking some TCM [sweatdrop]

What TCM so powerful?

↡ Advertisement
Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
 Share
Go to topic listing
×
×
  • Create New...