Macao gaming industry 'father' Stanley Ho to retire as SJM chairman

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Macao gambling pioneer Stanley Ho, one of Asia’s richest men, will retire as chairman of SJM Holdings Ltd at its forthcoming annual general meeting on Friday, the casino operator said in a filing to the Hong Kong stock exchange.

Shares of SJM, which has a market value of 39 billion Hong Kong dollars (five billion US dollars), jumped as much as 10.5 percent on Friday to their highest level in nearly two months, outpacing a flat broader market.

Ho, 96, will become chairman emeritus while Daisy Ho, one of his daughters, who is already on the board, will take over the running of the business.

Daisy Ho. /VCG Photo

"Dr Ho has justifiably been acknowledged as the founding father of Macao's gaming industry, which has for some time been the largest in the world in terms of revenue,” SJM said in the filing late on Thursday.

The flamboyant tycoon is one of Hong Kong’s best-known businessmen. His swashbuckling corporate deal-making style transformed Macao from a sleepy peninsula into the world’s biggest casino center.

Ho was shielded from challengers by a four-decade monopoly on gambling that he lost in 2002 when Macao was opened up to competition, three years after the territory returned to China.

SJM is one of Macao’s six licensed operators, which include Sands China Ltd and Wynn Macau Ltd.

His retirement comes just weeks after Hong Kong’s richest man, Li Ka-shing, announced his retirement as chairman of CK Hutchison Holdings Ltd, bringing to a close a rags-to-riches story that made him a hero in the capitalist hub.

Last June, Ho stepped down as chairman of Hong Kong conglomerate Shun Tak Holdings Ltd, with his daughter Pansy Ho taking over the position.

Source(s): Reuters