SJM shareholders approve casino mogul Stanley Ho’s retirement as he cedes reins to his heirs
Stanley Ho Hung-sun, the nonagenarian tycoon and founder of Asia’s largest casino empire, has officially ceded the reins of the company that monopolised gambling in Macau for four decades to his heirs.
The retirement of Ho, who turns 97 in November, was formally approved today at the annual shareholders meeting of SJM Holdings in Hong Kong.
The tycoon would become chairman emeritus, while the company’s board would be chaired by his daughter Daisy Ho Chiu-fung. Ho’s fourth wife, Angela Leong On Kei, and Timothy Fok Tsun-ting, the son of Ho’s former business partner Henry, will hold the titles of co-chair.
Leong also takes on the role of executive director, while the Ho family’s long-time adviser, Ambrose So Shu-fai, will be vice-chairman and chief executive.
The retirement of the tycoon, wheelchair bound in recent years, was first announced in April.