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