Stanley Ho, the patriarch behind the largest gaming empire in Asia, has died at the age of 98
, SJM’s co-chair and second-largest shareholder whom Ho referred to as his fourth wife, has a net worth estimated at $3.2 billionANDREW ROSS/AFP/Getty Images
Nicknamed the “King of Macau,” Ho was the great-nephew of Sir Robert Hotung, a prominent early 20th-century Hong Kong businessman and philanthropist who held the distinction of being the first Chinese person to live on the city’s prestigious Victoria Peak. Although he was born into a family of wealth and privilege, Ho would experience poverty by the time he was in his teens. When the Japanese invaded Hong Kong in 1941, Ho fled to Macau where he made his first fortune smuggling goods into China.
In 1962, Ho, together with a group of investors, won the exclusive right to run all of Macau’s gambling operations until 2001. SJM redefined the city’s skyline when it completed the Grand Lisboa in 2007, a 48-story tower said to be shaped like a lotus flower. After Macau was handed back to China following more than 400 years of Portuguese rule, gaming licenses were awarded to SJM along with
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