For most of the gamblers thronging the gaming tables of Macau, June 12, 2018 will be just another day spent trying to woo Lady Luck. But on the other side of the Pearl River Delta, in Hong Kong, this is a date that will see the curtain finally fall on an era characterized by the inescapable influence of one man over Macau’s fortunes, as Stanley Ho officially retires from his position as chairman and executive director of SJM Holdings.
For most of the gamblers thronging the gaming tables of Macau, June 12, 2018 will be just another day spent trying to woo Lady Luck. But on the other side of the Pearl River Delta, in Hong Kong, this is a date that will see the curtain finally fall on an era characterized by the inescapable influence of one man over Macau’s fortunes, as Stanley Ho officially retires from his position as chairman and executive director of SJM Holdings.
Although the 96-year old’s active involvement in his flagship casino company – along with his health and public appearances – have declined in recent years, his name has remained synonymous with Macau, the sleepy Portuguese enclave where he became known as "The King of Gambling."
But while Ho’s retirement marks the symbolic end of an era for Macau, for the Ho dynasty it’s the beginning of another chapter, with Daisy Ho stepping into her father’s shoes at the helm of SJM. Ho's daughter will be facing heavy competition from players like Sheldon Adelson and Lui Che Woo as she seeks to restore SJM's crown as the top casino operator in Macau.
Rising To The Top
The great-nephew of Sir Robert Hotung, a prominent early 20th-century Hong Kong businessman and philanthropist who held the distinction of being the first Chinese person to live on the city’s prestigious Victoria Peak, Ho is perhaps one of the more enigmatic of Hong Kong’s 20th-century tycoons. Born into affluence and privilege, Ho would experience poverty by the time he was in his teens as the Great Depression of the 1930s decimated his family’s fortunes, before the Japanese invasion forced him to flee his native Hong Kong for Macau in 1941.
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Ho made his fortune over the next 20 years as a trader, establishing a reputation as a bold opportunist – a temperament that made him perfect for the casino industry. His decisive roll of the dice came in 1962, when he led a consortium that secured Macau’s sole gaming licence from the government, thus beginning a highly successful 40-year monopoly that lasted until 2002, when the territory opened up its gambling trade to foreign casino operators such as Las Vegas tycoons Sheldon Adelson and Steve Wynn.
As well as a string of casinos – including the Lisboa, which was Macau’s most lavish attraction when it opened in 1970, and the towering Grand Lisboa, which opened in 2007 – Ho’s empire also encompasses Hong Kong-based Shun Tak Holdings, which is involved in shipping, property, hospitality and investments. He stepped down as chairman of Shun Tak in June 2017.
Ho's Legacy
A keen ballroom dancer, Ho demonstrated an irresistible swagger in both his business and personal life during the latter half of the 20th century. He calls four different women his wives, and fathered at least 17 children, three of whom will now sit at the helm of companies that account for half of Macau’s six gaming licences. While Daisy Ho will follow in her father's footsteps as chairperson of SJM, Pansy Ho, who succeeded her father as chairperson of Shun Tak Holdings, has an estimated personal fortune of $5.3 billion, according to Forbes. She's also the co-chairperson and executive director of MGM China Holdings. Lawrence Ho, meanwhile, is chairman and CEO of Melco International, which owns and operates City of Dreams, Studio City and Altira Macau.
Daisy will be taking up the reins of SJM following a tumultuous few years for casino operators in Macau. Chinese President Xi Jinping’s crackdown on corruption deterred high rollers from the mainland and sent revenues tumbling, although the territory has been on the mend more recently, with the Gaming Inspection and Co-ordination Bureau announcing year-on-year growth of around 20% in the first quarter of 2018.
In addition, SJM is about to unveil its most ambitious property yet, the $4.6 billion Grand Lisboa Palace. Located in Cotai and scheduled to open in 2019, the 5.5 million square foot integrated casino-resort will place a much greater focus on non-gaming entertainment, with around 2,000 guest rooms and hotels by fashion designers Donatella Versace and Karl Lagerfeld.
Appointed executive director of SJM in June 2017, Daisy has also served as deputy managing director and CFO of Shun Tak Holdings since 1999. Her leadership of SJM will be shared with Angela Leong, her father’s fourth consort, and Timothy Fok, son of Stanley Ho’s former business partner Henry Fok, who have been named co-chairpersons and executive directors. It's a succession plan that follows a dispute in 2011 when family members engaged in a power struggle over control of Ho's empire for several months.
As the chairperson of the Hong Kong Ballet, Daisy will no doubt wish to sidestep any further such troubles as SJM prepares to carry on the legacy of the man who made Macau dance to his tune for more than half a century.
https://www.forbes.com/sites/outofasia/2018/06/11/legendary-gambling-tycoon-stanley-ho-retires-at-96/#402e1e04ab0d