Stanley Ho retires at 96

Although the 96-year old’s active involvement in his flagship casino company – along with his health and public appearances – have declined in recent years, his name has remained synonymous with Macau, the sleepy Portuguese enclave where he became known as "The King of Gambling."

For the Ho dynasty, this is the beginning of another chapter, with Daisy Ho stepping into her father’s shoes at the helm of SJM. Ho's daughter will be facing heavy competition from players like Sheldon Adelson and Lui Che Woo as she seeks to restore SJM's crown as the top casino operator in Macau.

Ho's decisive roll of the dice came in 1962, when he led a consortium that secured Macau’s sole gaming licence from the government, thus beginning a highly successful 40-year monopoly that lasted until 2002, when the territory opened up its gambling trade to foreign casino operators such as Las Vegas tycoons Sheldon Adelson and Steve Wynn.

As well as a string of casinos – including the Lisboa, which was Macau’s most lavish attraction when it opened in 1970, and the towering Grand Lisboa, which opened in 2007 – Ho’s empire also encompasses Hong Kong-based Shun Tak Holdings, which is involved in shipping, property, hospitality and investments. He stepped down as chairman of Shun Tak in June 2017.

Ho fathered at least 17 children, three of whom will now sit at the helm of companies that account for half of Macau’s six gaming licences. While Daisy Ho will follow in her father's footsteps as chairperson of SJM, Pansy Ho, who succeeded her father as chairperson of Shun Tak Holdings, has an estimated personal fortune of $5.3 billion, according to Forbes. She's also the co-chairperson and executive director of MGM China Holdings. Lawrence Ho, meanwhile, is chairman and CEO of Melco International, which owns and operates City of Dreams, Studio City and Altira Macau.

Daisy will be taking up the reins of SJM following a tumultuous few years for casino operators in Macau. Chinese President Xi Jinping’s crackdown on corruption deterred high rollers from the mainland and sent revenues tumbling, although the territory has been on the mend more recently, with the Gaming Inspection and Co-ordination Bureau announcing year-on-year growth of around 20% in the first quarter of 2018.

In addition, SJM is about to unveil its most ambitious property yet, the $4.6 billion Grand Lisboa Palace. Located in Cotai and scheduled to open in 2019, the 5.5 million square foot integrated casino-resort will place a much greater focus on non-gaming entertainment, with around 2,000 guest rooms and hotels by fashion designers Donatella Versace and Karl Lagerfeld.

Appointed executive director of SJM in June 2017, Daisy has also served as deputy managing director and CFO of Shun Tak Holdings since 1999. Her leadership of SJM will be shared with Angela Leong, her father’s fourth consort, and Timothy Fok, son of Stanley Ho’s former business partner Henry Fok, who have been named co-chairpersons and executive directors. It's a succession plan that follows a dispute in 2011 when family members engaged in a power struggle over control of Ho's empire for several months.

As the chairperson of the Hong Kong Ballet, Daisy will no doubt wish to sidestep any further such troubles as SJM prepares to carry on the legacy of the man who made Macau dance to his tune for more than half a century.