Macau Gambling King Stanley Ho has Died in the Age of 98

Macau Gambling King Stanley Ho alias Ho Hung Sun, who built a business empire from scratch in the former Portuguese colony and became one of Asia’s richest men, has died on Tuesday, 2020 May 26 01 PM Hong Kong Time at the age of 98, as reported by state broadcaster China Central Television (CCTV), and one of his family stated that Stanley Ho alias Ho Hung Sun died peacefully in his sleep, but did not give a cause of that tycoon’s death

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,” said Pansy Ho Chiu King (the eldest child from the second marriage of Stanley Ho alias Ho Hung Sun), adding that that tycoon passed away at 1 PM at the Hong Kong Sanatorium & Hospital, as reported by South China Morning Post

Macau Gambling King Stanley Ho has Died in the Age of 98

Pansy Ho Chiu-king (centre) was speaking on behalf of the Ho clan outside the Hong Kong Sanatorium & Hospital on May 26, 2020, announcing the passing of tycoon Stanley Ho (Photo: K. Y. Cheng)



Stanley Ho alias Ho Hung Sun who has the performance of tall, handsome and of mixed Chinese and European heritage, was born on 1921 November 25, into the Hotung family, one of Hong Kong’s wealthiest and most powerful

Stanley Ho alias Ho Hung Sun began his long and eventful life as a kerosene trader and ended up Macau’s richest person, a lavish spender and debonair ballroom dancer

Stanley Ho alias Ho Hung Sun had stakes in businesses running everything from the ferries and helicopters connecting Hong Kong and Macau to department stores, hotels, Macau’s airport and its horse-racing tracks

However, Stanley Ho alias Ho Hung Sun said that he avoided the gambling floor, though he was considered as the father of modern gambling in China

I don’t gamble at all. I don’t have the patience. Don’t expect to make money in gambling. It’s a house game. It’s for the house,” said Stanley Ho alias Ho Hung Sun in a rare interview in 2001, as reported by ABC News

Macau Gambling King Stanley Ho has Died in the Age of 98

The Grand Lisboa casino in Macau, which Mr. Ho’s company opened in 2007.Credit to Voishmel/Agence France-Presse — Getty Images

As reported by The Jakarta Post, Stanley Ho alias Ho Hung Sun headed one of the world’s most lucrative gaming businesses through Sociedade de Turismo e Diversões de Macau or known as SJM Holdings Ltd (his flagship firm), valued at about $6 billion

Sociedade de Turismo e Diversões de Macau or known as SJM Holdings Ltd has stakes in everything from luxury hotels to helicopters and horse racing

Macau Gambling King Stanley Ho has Died in the Age of 98

Source : sjmholdings.com

Stanley Ho alias Ho Hung Sun spearheaded what is known in Macau as the junket VIP system, whereby middlemen act on behalf of casinos by extending credit to gamblers and taking responsibility for collecting debts

Shares of the companies in the family empire surged after the news. SJM Holdings Ltd rose as much as 8.5 percent, passenger transport firm Shun Tak Holdings Ltd jumped 17.6 percent and casino operator Melco climbed 4.9 percent, outpacing a 2 percent gain for the benchmark index

In the marriage life, Stanley Ho alias Ho Hung Sun fathered 17 children with four women and has an extended family that engaged in high-profile squabbles over his legacy during his later years

In the last days of his life,Stanley Ho alias Ho Hung Sun, who is known as the opportunistic casino tycoon who led the transformation of the tiny territory of Macau, off the coast of China, into the world’s most lucrative gambling destination, is survived by 14 of the 16 children he had with four women

Stanley Ho alias Ho Hung Sun leaves behind a gambling empire that contributed to as much as half of the tax receipts earned by the Macau government, a heft that made him the first living resident of the gaming hub to have an avenue in the territory named after him

As one of Asia’s richest men for decades, Stanley Ho alias Ho Hung Sun’s personal fortune was estimated at HK$ 50 billion (US$ 6.4 billion) when he retired in 2018, just months before his 97th birthday

Some of Stanley Ho alias Ho Hung Sun‘s children have become successful gaming operators in their own right

Several of them are Pansy Ho Chiu King (the eldest child from the second marriage of Stanley Ho alias Ho Hung Sun) who is the co-chairperson of MGM Resorts’ Macau unit and Lawrence Ho (the youngest child from the second marriage of Stanley Ho alias Ho Hung Sun) who runs Melco Resorts & Entertainment

However, The New York Times reported that Stanley Ho alias Ho Hung Sun‘s final years were marked by bitter, public bickering among his 14 surviving children by four wives, many of whom tried to push him aside and claim stakes in his empire

Even in early 2011, while Stanley Ho alias Ho Hung Sun‘s was recovering from brain surgery, the families of his second and third wives fought for control of his business

Stanley Ho alias Ho Hung Sun‘s lawyer asserted that his relatives had duped him into signing over his remaining shares, but when Stanley Ho alias Ho Hung Sun‘s regained his strength, his relatives backed off and made public amends

Macau Gambling King Stanley Ho has Died in the Age of 98





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