Businessman Stanley Ho, known as the 'godfather of gambling' and one of Hong Kong's first billionaires, is dead at 98
The businessman, who came to be known as the"godfather of gambling," passed away in his sleep on Tuesday, Pansy Ho, one of his daughters, told reporters outside a hospital in Hong Kong.Stanley Ho was born in Hong Kong in 1921, and made his fortune transforming the neighboring city of Macao into a gambling hub that later was dubbed the"Las Vegas of Asia." The former Portuguese colony is the only place in China where casino gambling is permitted.
The casino magnate's monopoly ended in 2002, when Macao opened up the industry to foreign players and allowed US giants such as Wynn and Sands to enter the market. Around the same time, China also eased travel restrictions, making it easier for tourists to visit the city. Macao SAR Chief Executive Edmund Ho and Stanley Ho unveiling"The Star of Stanley Ho" at the Grand Lisboa in 2007.
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