Macau Casino King Stanley Ho to Retire, Daughter Daisy Ho Steps Up
Macau casino king Stanley Ho (aged 96) has announced his retirement plan as the Chairman of SJM Holdings (0880.HK) at the upcoming AGM in June 2018. His daughter, Daisy Ho (aged 53) will be taking over the business while he will be staying on as Chairman Emeritus. His 4th wife Angela Leong and Timothy Fok, son of Stanley Ho’s former business partner Henry Fok, will be appointed as co-chairmen and executive directors of SJM Holdings.
” Macau Casino King Stanley Ho to Retire, Daughter Daisy Ho Steps Up “
In 1962, Stanley Ho secured the only gaming licence in Macau, a Portuguese colony in 1962. His fortune grew in a 40 years monopoly, fuelled by casino players from China’s booming economy. In 2002, the government opened the casino business to foreign investors and today, SJM is one of 6 licensed operators, with 19 casinos in Macau. Other large players includes Sands China Ltd (1928.HK), Wynn Macau Ltd (1128.HK) and Galaxy Entertainment.
In June 2017, Stanley Ho had stepped down as Chairman of Hong Kong conglomerate Shun Tak Holdings Ltd (0242.HK), with his daughter Pansy Ho taking over. Shun Tak has businesses in transportation, property, hospitality and investments. He has 4 wives and is reported to have 17 children.
Stanley Ho, a billionaire with net worth estimated at almost $3 billion, is the great-nephew of one of Asia’s first business tycoons, Robert Hotung. SJM Holdings was founded in 1962 and (April 2018) has a market value of HK$40.8 billion ($5.2 billion) while Shun Tak Holdings founded in 1972 has a market value of HK$9.67 billion ($1.23 billion).
SJM Holdings Limited is the holding company of Sociedade de Jogos de Macau S.A. (“SJM”), one of the six companies authorised to operate casino games of fortune and other games of chance in casinos, under the terms of a concession granted by the government of the Macau Special Administrative Region in March 2002. SJM is the only casino gaming concessionaire with its roots in Macau.
Visit: SJM Holdings
About Shun Tak
Shun Tak Holdings Limited (the “Company”) and its subsidiaries (the “Group”) is a leading listed conglomerate with core businesses in property, transportation, hospitality and investment sectors. Established in 1972, the Company (HKSE 242) hasbeen listed on the Hong Kong Stock Exchange since 1973.
Visit: Shun Tak
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