Stanley Ho, Macau Casino Tycoon, Dies at 99

▲Stanley Ho [Image source=AP Yonhap News]

[Asia Economy Reporter Kwon Jae-hee] Stanley Ho, the patriarch of Macau's casino industry and honorary chairman of SJM Holdings, passed away on the 26th at the age of 99, according to a report by China's CCTV.

SJM Holdings operates a total of 20 casinos in Macau, including the 'Grand Lisboa,' making it the largest gambling company in the region.

Locally, it is said that all the money spent in Macau goes to Chairman Ho, highlighting his status as a leading tycoon in the Chinese-speaking world.

Born in 1921 in Hong Kong under British rule, Chairman Ho studied at Queen's College and the University of Hong Kong.

During World War II, in 1940, Ho accumulated wealth by smuggling luxury goods from Portuguese-controlled Macau into China. Later, in 1961, he obtained the sole casino license in Macau and monopolized the local casino market for over 40 years.

As of 2018, Chairman Ho's fortune was estimated at 50 billion Hong Kong dollars (approximately $_원_$), which is twice the wealth of Chung Mong-koo, chairman of Hyundai Motor Company.

Chairman Ho had four wives and 17 children. After suffering a cerebral hemorrhage in 2009, a legal dispute over his assets arose within the family in 2012, leading him to enforce business restructuring.

Among his 17 children, the successor is Daisy Ho (55), the daughter of his second wife, who took over the chairmanship in June 2018. Since then, Chairman Ho stepped back from management and has lived a quiet life, avoiding public appearances.

This content was produced with the assistance of AI translation services.