Part of Ho's business is handed over to wife
Asian gambling Billionaire Stanley Ho has handed a key part of his Macau Casino business to his wife Angela Leong.
Ho, 89, has appointed Ms Leong as managing director Sociedade de Jogos de Macau SA, which hold the gaming licence for SJM Holdings Ltd. This will allow her a vast amount of control over one of the biggest casino operators in Macau.
According to a statement released Friday, the appointment of Ms Leong was agreed by the board of directors on 30th December 2010 and was effective immediately.
Ho’s family now manage a large proportion of his business, as the aging gambling tycoon’s old age make it too difficult for him to continue at the helm. His daughters Pansy, Daisy and Maisy Ho all have a 20% stake in his property and hotel business – Shun Tak Holdings.
It is not known how long Stanley Ho will continue to run his business empire, but this latest move suggests that his succession is imminent. Ho held a forty year monopoly in the Asian gambling market, which was broken up in 2002.