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Macau 'Founding Father' Stanley Ho to Retire, Hand Control to Daughter Daisy

Stanley Ho is finally prepared to retire at 96-years-old. The Macau billionaire, whom is considered the enclave's 'founding dad,' will step down from SJM Holdings in and hand control of the company to his daughter Daisy june.

Born in 1921, Stanley Ho says 2018 is the 12 months he's finally prepared to are amiss.

After making a fortune that is small luxury goods into Asia from Macau during World War II, Ho obtained the only gaming concession within the enclave in 1962. Then controlled by Portugal, Ho transformed the sleepy colony littered with gambling dens into the planet's largest casino hub.

Macau ended up being came back to Chinese control in 1999, and two years later the folks's Republic ended Ho's monopoly and welcomed outside commercial operators to bid on five additional licenses.

'Dr. Ho has justifiably been recognized as the founding father of Macau's gaming industry, which has for some time been the biggest on the planet in terms of revenue,' SJM Holdings stated in a declaration.

Ho stepped down as chairman of Shun Tak Holdings, the conglomerate he founded in 1972, last June.

Stanley Ho has garnered the reputation of being fully a flamboyant playboy over the decades. He's considered to have had at least four wives at a time that is single and fathered 17 children. Most notably among his offspring are Pansy Ho, a major stakeholder in MGM China, and Lawrence Ho, the creator of Melco Resorts.

SJM Lagging Behind

Rumors have been circulating that Stanley Ho hasn't been SJM that is actually leading for.