Macau’s casino king buried as gambling hub faces new era
HONG Kong’s highest-profile officials and business people paid their respects yesterday to Macau’s gambling king, Stanley Ho, who built a business empire from scratch in the former Portuguese colony and became one of Asia’s richest men.
Ho, who died at age 98 on May 26, presided over the transformation of Macau into the world’s biggest casino centre, outpacing the US’S Las Vegas strip. Shielded from challengers by a four-decade monopoly on gambling, Ho grew his operations into one of the most lucrative gaming businesses through his firm SJM Holdings, valued at about $6 billion (R101bn).
His privately held company Sociedade de Turismo e Diversões de Macau, or STDM, has stakes in everything from luxury hotels to helicopters and horse racing.
Ho’s one-hour funeral ceremony was attended by black-suited guests, including local tycoons who wore masks. Among the pallbearers were Hong Kong’s leader, Carrie Lam, and senior members of China’s top political consultative body, Edmund Ho and Tung Chee-hwa.
White flower wreaths from well wishers filled the funeral parlour, including from Chinese President Xi Jinping.
Ho’s death comes as Macau faces a critical juncture, with officials warning that the special administrative region is too dependent on gambling and faces acute challenges as it reels from the impact of the Covid-19.
Succession plans for Ho, who had four wives and 17 known children, had been in place since 2012, when he was forced to restructure his business after a legal battle in the family over his fortune.
His family remains a part of Macau’s gambling industry. His daughter Daisy is chairperson of SJM, while his fourth wife, Angela Leong, is a co-chairperson. His daughter Pansy is co-chairperson of MGM Resorts Macau unit, and son Lawrence runs Melco Resorts and Entertainment. | Reuters