One of the most recognizable names in the international casino industry will soon no longer be a part of the field, as Stanley Ho was announced to step down from his casino dynasty. The Hong Kong billionaire who has dedicated his life to the improvement of the gambling field is going to retire at the age of 96 and put an end to his influential career in the casino world.
Stanley Ho is reportedly going to put an end to his fruitful casino career and step down from the empire he established himself through hard work. He has taken the decision to retire as Chairman and Executive Director of SJM Holdings, which is one of the leading casino developers in Macau. The casino tycoon has managed to give life to many projects over the span of his career and thus transformed Macau into the gambling capital of the world. The casino operator oversees the operation of some 19 casino resorts sprinkled across Macau.
Mr. Ho is officially going to step down of his leading position in the company on 12th June, after SJM’s annual general meeting has officially ended. With the help of this decision, the new lead of SJM will become Mr. Ho’s daughter Daisy Ho. In addition to her taking the Chairman and Executive Director spots, other family members are also going to inherit other leading roles in the casino operator’s structure. According to the information issued, Angela Leong who is also known as the fourth wife of Mr. Ho is going to receive the Co-Chairwoman and Executive Director post.
Consequences of the Retirement
In the meantime, Timothy Fok, who is the son of Henry Fok, one of Mr. Ho’s former business partners will also be appointed to a leading position after the retirement. It should be noted that Mr. Ho’s impact on the gambling field of Macau has been of great importance for the turning of the former Portuguese colony located the southern part of China.
This is what transformed Macau into the gambling hub it is at the moment. There was also the dark period in 2012 when the gaming field had to go through the corruption crackdown initiated by China’s President Xi Jinping. The gambling revenue of all casino developers operating there was marred by the consequences of this decision. However, the field managed to recuperate and now it surpasses Las Vegas when it comes to popularity and revenue rates. The future plans of SJM might bring even more benefits for the gambling capital of Asia, as the casino developer is working on its next resort which will go b the name of Grand Lisboa Palace.
The estimated time of launch of the new location is some time in 2019 and it is anticipated by man gaming enthusiasts. It could also be recalled that last year Mr. Ho also stepped down as Chairman from the Hong Kong-based Shun Tak Holdings which dedicates its operation to transportation, property, hospitality, and investments. His daughter Pansy Ho succeeded him in the leasing post.