A slice of Macau’s history will come to an end today when Dr Stanley Ho – the man who held a monopoly on the city’s gaming industry for 40 years – officially steps down as Chairman and Executive Director of SJM Holdings.
The company announced last month that Dr Ho, 96, will stand down from his position at its annual general meeting on 12 June, 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, 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 daughters, 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 from today.
Dr Ho’s third wife, Ina Chan, will be put forward for election as an Executive Director.
