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 12 June.
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 late Thursday. Daisy Ho, one of his daughters who is already on the board, will take over the reins of the business from the 96 year-old Ho. His fourth wife, Angela Leong, and Timothy Fok, son of 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.
The tycoon made his riches by transforming Macau from a sleepy Portuguese outpost into the world’s biggest casino hub, with gaming revenue surpassing Las Vegas.
The billionaire monopolised Macau’s gaming industry until 2002, when the government introduced foreign investors, sparking a boom that saw casino takings contribute around 80 percent of the city’s annual revenue.
Last June, Ho stepped down as chairman of Hong Kong conglomerate Shun Tak Holdings Ltd, with his daughter Pansy Ho taking over the position.