Stanley Ho, who died peacefully in his sleep at Hong Kong Sanatorium & Hospital in Happy Valley on Tuesday was a flamboyant Hong Kong billionaire and ladies' man who transformed a nondescript Portuguese settlement named Macau into the gambling capital of the world. The last 10 years of his life, however, was marked by brutal public spats among family members eager to gain a share of his vast wealth.
Ho battled health problems since 2009 when he suffered a stroke and underwent brain surgery. His ill health forced him to yield day-to-day control of his business empire to his family. What followed was a bitter and very public family feud lasting two years over the inheritance to his wealth.
The legendary Godfather of Gambling leaves behind 17 children from four women. Most of his wealth, estimated at $14.9 billion in 2019 by Bloomberg was split between two of his children and his second wife, Angela.
Ho's money went to daughter Pansy ($5.3 billion) and son Lawrence ($2.6 billion). Pansy Ho owns MGM Macau while Lawrence owns City of Dreams. Fourth wife Angela Leong inherited $4.1 billion. She is managing director of SJM Holdings.
Pansy Ho, the eldest daughter with Ho's second wife was once the richest woman in Hong Kong before her fortune plummeted to $3.7 billion. She replaced her father as chairperson of Shun Tak Holdings, a real estate developer that operates hotels and runs ferries between Hong Kong and Macau. Her sister, Daisy Ho, became chairperson of SJM when their father retired from the position in 2018.
Ho is survived by three of his wives: Lucina Laam, Ina Chan and Angela Leong. His first wife, Clementina Leitão, died in 2004. She was 80 years-old.
Oddly, the legendary Godfather of Gambling, also called the Casino King, claimed he hardly gambled.
"I know nothing of gambling," he once said. "I still don't gamble. I got (into) this franchise because it was a challenge for me."
Ho was born into wealth and privilege. In 1962, Ho and several investors won the exclusive right from China to run all of Macau's gambling operations until 2001.
Ho was the founder and Chairman of SJM Holdings, which owns 19 casinos in Macau. He was also the founder and chairman of Shun Tak Holdings. This firm allowed Ho to control many of his businesses in entertainment, tourism, real estate, banking, shipping, and air transport. His businesses employ almost one-fourth of Macau's workforce.
Ho also invested in businesses in mainland China, Portugal, North Korea, Vietnam, the Philippines, Mozambique, Indonesia, and East Timor.
