Stanley Ho, the Hong Kong-born tycoon who made billions transforming neighbouring Macau from a sleepy Portuguese outpost into the world's biggest gambling hub, died on Tuesday at the age of 98, his family said.
His Sociedade de Jogos de Macao Holdings empire remains a major player in Macau, the only place in China where casinos are allowed. Most operators, however, including SJM, have ample cash reserves built up from the boom years to weather a prolonged downturn. The war allowed him to make his first fortune -- smuggling luxury goods into China from Macau -- before securing the only gaming licence in the then-Portuguese colony in 1962.
Like many of Hong Kong's magnates, Ho was reluctant to retire and only officially stepped down from SJM in 2018 at the age of 96, handing over the reins to his daughter Daisy and Angela Leong, his fourth"wife".In 2015 his nephew Alan Ho spent 14 months in jail on charges linked to a prostitution racket that was uncovered at the company's flagship Hotel Lisboa.
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