Property magnate Stanley Ho passes away

Property magnate and founder of SJM Holdings Stanley Ho has passed away at the age of 98.

His personal fortune was estimated at $6.4 billion when he retired in 2018. The Hong Kong tycoon is credited with turning the formerly Portuguese colony Macau into the world’s gambling capital, dubbed the “Las Vegas of Asia.” He led the Sociedade de Jogos de Macau, a casino and hotel operator known best for its Grand Lisboa property in Macao. The casino magnate’s monopoly ended in 2002, when Macao opened up the industry to foreign players.

He expanded beyond Macau, building residential and office buildings in Hong Kong as well as operating casinos in other countries, including Portugal and North Korea.

He also was honorary chairman of Shun Tak Holdings, a conglomerate in Hong Kong whose businesses span transportation, real estate and investments.