Hong Kong’s gambling tycoon Stanley Ho, who headed SJM Holdings, has died aged 98. He was one of the richest men in Asia and called the “king of gambling” because he helped turn Macau in the gambling hub it is today.

An anti-gambling advisory

Pansy, Ho’s daughter, informed of his demise to reporters. She said,

“My father has passed away peacefully just now at around 1 pm at Hong Kong Sanatorium and Hospital. As Stanley Ho’s family member, we are really sad to inform you of this.”

The billionaire was known for his flamboyant lifestyle and love for dance. He headed SJM Holdings, one of the most lucrative gaming businesses in the world valued at $6 billion. Macau, which used to be a Portuguese colony became his money-making opportunity as he won a government monopoly license in the 1960s.

After dominating the Macau casino business, he started expanding into other areas. He started building office and residential buildings in Hong Kong and created new casinos in North Korea and Portugal. He retired from business in 2018 and his personal fortune was estimated to be worth $6.4 billion. His company runs 20 casinos in Macau and was instrumental in creating a global reputation for the city. His business was restructured in 2012 after a legal battle erupted in his family over his riches. He has four wives and at least 17 known children.

The patriotic entrepreneur

Ho’s death was mourned by the Chinese state media and they remember him as a “patriotic entrepreneur.” He has several biographies to his name that cement his reputation as an entrepreneur. Some of them talk about sensational stories of how he outbid old tycoons to get a license to work in Macau and how he turned the small fishing town to the world’s gambling hub. There are many legends of how he and his family hold influence across the Pearl River Delta region.