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Macau Casino King passes away at the age of 98

The year 2020 has been tough for the entire world especially the gaming and casino industries. Shaking the pillars of casinos across the globe with another breaking news that would leave you stunned. The single most influential figure, Stanely Ho, the King of Gambling passes away at the age of 98. “My father has passed away peacefully just now at around 1pm at Hong Kong Sanatorium and Hospital,” Pansy Ho told reporters. “As Stanley Ho’s family member, we are really sad to inform you of this.”

For those of you who do not know, Ho was a Hong Kong-Macau based businessman, a founder and Chairman of SJM Holdings that owns 19 casinos in Macau. The legend held the industry for more than 70 years, dividing his wealth between his children Pansy Ho and Lawrence Ho. The former holds 29% of the marvellous MGM Grand Macau. She is also the Group Executive Chairman and MD of Shun Tak Holdings. And to put a cherry on top, her net worth is estimated at $4.8 billion. While Lawrence is the oldest living son of Stanley who started off as an investment banker and now has a net worth over $2 billion, he is named as Asia’s Best CEO at the Asian Excellence Awards for the 7th time in 2018. Lawrence is the chairman and CEO of the stunning Melco Resorts and Entertainment.

The flamboyant and charismatic man of gambling in Macau was the founder of Chairman of Shun Tak Holdings through which he held other kinds of business including tourism, entertainment, real estate, banking and so on. Ho told Reuters in an interview about his arrival in Macau, “I was a very poor man. I started with only HK$10. That was my capital.”

Soon with 20 casinos under his control in Macau, he was credited with bringing in about half the region’s tax receipts via the ‘Las Vegas of Asia’ and was personally worth around $7 billion. In order to attract the crowd from Hong Kong, Ho built a harbor to accommodate the high-speed boats that would bring guests to his casino hotels. The tycoon also advised his dearest ones to shun gambling but himself headed one the world’s most lucrative gaming business through his firm, SJM Holding which is valued at about $6 billion.

“In Hong Kong, Dr Ho had been someone who carried a lot of weight, was highly respected and cherished Hong Kong… hope to follow our father’s footsteps and carry on the responsibility of giving back to the society,” Pansy told media. “Although we know the day will come, it does not ease our sorrow. Dad will stay in people’s hearts forever and our family will continue to (contribute) to society.”

 

For more updates on casino and gaming industry around the world, keep reading GutshotMagazine.com and stay tuned!

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