Stanley Ho, the Hong Kong-Macau businessman and king of gambling has passed away at the Hong Kong Sanatorium & Hospital aged 98.
Ho, who was born 25th November 1921 was one of the richest men in Asia and was known as the Godfather and King of Gambling due to his Macau gaming industry presence.
The billionaire businessman was the founder of SJM Holdings, which owns many of the most popular casino establishments in Macau, the special administrative region of China, including: Casino Lisboa, Casino Fortuna, Casino Royal Dragon, Casino Emperor Palace and Casino Taipa.
Stanley Ho’s daughter Pansy Ho, who owns MGM Macau, commented on the death of her father:
“My father has passed away peacefully just now at around 1pm at Hong Kong Sanatorium and Hospital. As Stanley Ho’s family member, we are really sad to inform you of this.”
Stanley Ho has been active in the Macau gambling industry for the past 50 years and was the only person to hold a gambling license in the region under SJM Holdings until 2002, which meant he held a monopoly on the industry for around 40 years.
Ho was educated at the University of Hong Kong and Queen’s College Hong Kong and was worth an estimated $2.5 billion. The 98 year old had 17 children and various wives, including Macau billionaire businesswoman and politician Leong On-kei and Ina Chan Un Chan; a businesswoman and philanthropist in Hong Kong.
Stanley Ho’s most notable son is Lawrence Ho, a Hong Kong-born Canadian businessman who owns City of Dreams; a resort and casino in Cotai, Macau. The property is owned and managed by Melco Crown Entertainment and is situated opposite The Venetian Macao.
Over the years, Mr Ho had received many honours and awards for his contributions to the gaming industry and regions and economies in which he was active, including the Grand Bauhinia Medal and the Visionary award at the American Gaming Association organised conference by the name of G2E Asia.