Stanley Ho announces retirement as chairman of SJM Holdings
April 13, 2018 9:50 AM
by Robert Mann
An end of an era in Asia’s thriving gambling world was marked late Thursday with word that Macau gambling king Stanley Ho will retire as chairman of SJM Holdings.
Ho, one of Asia’s richest individuals will make the move official at the company’s upcoming Annual General Meeting on June 12, the casino operator revealed in a filing to the Hong Kong stock exchange.
Ho, 96, remains as Chairman Emeritus to the company. Daisy Ho, one of his daughters already serving on the board, will now chair the company. Ho’s fourth wife Angela Leong and Timothy Fok, son of his 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.
According to Reuters, the colorful tycoon is one of Hong Kong’s best-known businessmen and it was his swashbuckling corporate deal-making style that transformed Macau from a sleepy peninsula dotted with seedy, windowless gambling dens into the world’s biggest casino hub.