Hong Kong gambling tycoon Stanley Ho dies aged 98
Stanley Ho, the Hong Kong tycoon who transformed Macau into a global gambling hub, has died at the age of 98.
The hedonistic mogul, dubbed the king of gambling, led one of the world’s most lucrative gambling businesses through his flagship firm SJM Holdings, valued at roughly $6bn (£4.9bn).
Ho, who was one of Asia’s richest men, built a business empire from scratch, turning the former Portuguese colony of Macau into China’s casino hotspot.
The flamboyant tycoon loved to dance but famously advised his family and friends to steer clear of gambling.
Shares in companies across the tycoon’s family empire surged on the news. SJM Holdings rose more than seven per cent, while shipping firm Shun Tak Holdings and casino operator Melco were up 21 per cent and five per cent respectively.
Ho, who was born in Hong Kong, had four wives and 17 known children. He was forced to restructure his empire in 2012 after a legal battle erupted within the family over his fortune.
The gambling guru pioneered Macau’s so-called junket VIP system, which sees middlemen extend credit to gamblers and collect debts on behalf of casinos.
Through his privately held company Sociedade de Turismo e Diversoes de Macau (STDM), Ho also has stakes in everything from luxury hotels to helicopters and horse racing.