The godfather of Macau’s gaming industry, Dr Stanley Ho, will retire as Chairman and Executive Director of SJM Holdings in June, the company has announced.
In a filing to the Hong Kong Stock Exchange late Thursday, SJM revealed that Dr Ho, 96, will step down from his position at the company’s 12 June annual general meeting, at which time he will be given the honorary title of Chairman Emeritus.
His daughter and current board member, Daisy Ho, will be appointed Chairman and Executive Director in his place.
Paying tribute to the contribution of Dr Ho, who held a monopoly on Macau’s casino industry for 40 years between 1962 and 2002 via his company Sociedade de Turismo e Diversões de Macau, SA (STDM), SJM Holdings said, “Dr Ho has justifiably been acknowledged as the founding father of Macau’s gaming industry, which has for some time been the largest in the world in terms of revenue.
“Under Dr Ho’s visionary leadership, the company and its subsidiaries achieved a significant growth in the past decade. The board expresses its sincere gratitude to Dr Ho for his invaluable contributions in building a solid foundation for the company’s continuing growth in the future.”
Despite having maintained his position as head of SJM Holdings deep into his 90s, Dr Ho’s health has been in decline in recent years and he has been rarely sighted in public since falling ill in late 2009.
In June last year he stepped down as Chairman and Executive Director of Hong Kong’s Shun Tak Holdings Ltd with another of his daughter’s, MGM China Co-Chairperson and Executive Director Pansy Ho, taking his place.
His impending retirement from SJM Holdings will result in a re-shuffling of the board with Angela Leong and Timothy Fok to be named Co-Chairmen and Executive Directors of the company and Dr Ambrose So Vice-Chairman, Executive Director and CEO.
Dr Chan Un Chan has been recommended by the board for election as an Executive Director at the 2018 AGM.
