Macau gaming tycoon Stanley Ho has stepped down as chairman of Shun Tak Holdings Ltd., according to Reuters. His daughter Pansy Ho will assume leadership of the Hong Kong conglomerate, which has businesses in hospitality, property, shipping and investment.
Ho founded the holding company and has served on its board for more than 40 years. He will be awarded the title of chairman emeritus – a designation sometimes conferred upon retired founders or corporate visionaries who brought their organizations to new heights – as a mark of distinguished service.
In a statement filed to the Hong Kong stock exchange, the company said Ho will cease to hold any official position – director or officer – at Shun Tak.
Ho, 95, is Macau’s wealthiest individual and one of the wealthiest in Asia. He was worth USD2 billion in 2011, making him Hong Kong’s 13th richest man. His investments span China, Portugal, North Korea, Vietnam, the Philippines, Mozambique, Indonesia and East Timor.
In the decades that Ho monopolized local gaming, more than 50 percent of the territory’s economy came under his ownership.
His many nicknames include “The King of Gambling”, “The King of Macau” and “Macau’s Underground Governor.”
After suffering a stroke in 2009, he began decentralizing his corporate empire and distributing it among his family. Ho has had four wives and 16 children.