Stanley Ho, one of the wealthiest people in all of Asia, has reportedly passed away at the age of 98. He passed away on May 26, 2020 at the Hong Kong Sanatorium & Hospital. Ho was considered a pioneer of the Asian gambling industry and one of the most important figures in turning Macau into a gambling capital of the world.
He was the founder of SJM Holdings, which became one of the industry’s most important companies. At the peak of SJM Holdings, the company was the most dominant in Macau, paying almost half of all taxes itself. At the time of Stanley Ho’s passing, his net worth is estimated to be about $6 billion.
Stanley Ho’s empire will continue to operate as usual, as he passed his responsibilities well before his passing. Apart from his great professional legacy, Ho also left sixteen known children behind him and four wives. Daisy Ho Chiu Fung, one of his daughters, is currently SJM’s Chairman and Executive Director.
Family Heirloom — Stanley’s Huge Family Engages in Legal Battles
Ho has been operating the empire up until 2018, when he stepped down due to his deteriorating health. Although Daisy was set to become the next leader, Pansy Ho battled hard to take the throne. Stanley left behind a huge family and considerable resources, so it comes as little surprise that the family has some internal struggles going on.
Another person who wants to get their hands on part of the empire is Michael Hotung, Ho’s nephew. He petitioned to the Hong Kong High Court to receive his unpaid dividends. Michael’s mother and Stanley’s sister Winnie shared 7.3% of the company with her brother before she passed away in 2018.
Although there were rumors of Stanley’s passing beforehand, it seems that this time the reports are true, according to several sources. It was reported in February 2019 that he had passed away. After several media outlets had released the news about his passing back then, Stanley’s family quickly responded that Stanley was in good shape and was resting.
Stanley Ho was indeed a business magnate who reshaped the Asian gambling industry. Nicknamed ‘The Godfather’ and ‘The King of Gambling’, Ho was arguably the single most important person in the Asian gambling industry. His company owns 19 casinos in Macau, and one of them is the legendary Grand Lisboa.
Apart from SJM Holdings, he was also the founder of Shun Tak Holdings, where he owned many businesses in other areas such as shipping, real estate, tourism, entertainment, and more. Almost 25% of the entire workforce in Macau is employed in one of Ho’s businesses.
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