Macau gambling tycoon Stanley Ho, 96, will retire as chairman of casino operator SJM Holdings
Ho will stay on as chairman emeritus to the company; his daughter Daisy will take over the reins of the business
Macau gambling king Stanley Ho, one of Asia’s richest men, 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 late on Thursday.
Ho, 96, will stay on as chairman emeritus to the company and hand over the reins of the business to his daughter, Daisy Ho, who is already on the company’s board.
Meanwhile, 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.
“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.
Gaming revenues in Macau were hit hard by a corruption crackdown launched by Chinese 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.
But despite current struggles, the flamboyant tycoon remains one of Hong Kong’s best known businessmen.
