- Stanley Ho decided to leave his post as the chairman of Shun Tak Holdings at the age of 95
- His daughter Pansy Ho will be taking over
Stanley Ho, the man known as Macau‘s gambling king and who pioneered the modern casino industry in the region, has stepped down from his position on the board of Shun Tak Holdings, the Hong Kong-based conglomerate he founded.
Ho has been with the company for more than forty years, and is currently 95 years old. One of the best-known figures in the Asian casino industry and the company founder will be leaving his daughter Pansy Ho to take over where he left off.
The man who changed the face of Macau
Stanley Ho isn’t named the gambling king of Macau for nothing. He is one of the people who had the biggest say in transforming the city-state into a casino hub that it is today. Ho, a serial entrepreneur, got involved with the Macau gambling industry in the early 1960s.
Shun Tak Holdings, a company registered on the Hong Kong Stock Exchange, also owns a large fleet of jetfoils, which are used to transport players between Macau and Hong Kong. This kind of a convenience helped make Ho’s casinos even more popular and attractive, especially for high rollers.
The Asian tycoon has had a fascinating personal life as well. With four wives and 16 children, Ho has a big family that he included in the business as well, especially after he had suffered a stroke in 2009. Apart from his business endeavors, he was also reportedly an excellent dancer before the stroke.
Passing on the throne
After decades in the business, Stanley Ho has finally decided it is time to retire and let someone else take over.
That someone is Pansy Ho, his 54-year old daughter who has been with the company for a while now, acting as the managing director.
Now, she’ll be taking on the role of the chairman, while her father will retain the position of chairman emeritus.
Pansy will be working alongside her sisters Maisy and Daisy, who hold the roles of the executive director and the deputy managing director.
For performing her duties, Ho will receive a total of over HK$900,000 (around $117,000) in various wages, alongside any additional bonuses. She also holds a large chunk of personal shares as well as corporate shares of Shun Tak Holdings, together with 148,883,374 of unissued company shares.
Ho senior is still chairman of SJM Holdings, which is the business primarily connected with Macau’s casino sector. Shun Tak Holdings’ main business interests are shipping, hospitality, property and other investments.
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