Stanley Ho, ‘King of Gambling’ Who Built Macau, Dies at 98
- Ho transformed Chinese island Macau into ‘Las Vegas of Asia’
- SJM shares rise on optimism descendants have plan in place
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Stanley Ho, a onetime kerosene trader who built a casino empire in Macau that propelled the Chinese island past Las Vegas as the world’s biggest gambling hub, has died at age 98, members of his family said.
Known as the King of Gambling, Ho dominated gaming in the former Portuguese colony after winning a monopoly license in 1961. His SJM Holdings Ltd. flourished as China’s economic opening created a flood of new wealth in a country with a passion for gambling. SJM now controls 20 casinos on an island of about 10 square miles.