Daisy Ho has been appointed managing director of SJM Resorts Ltd., the local unit of Macau gaming operator SJM Holdings Ltd. She assumes the role at an important time for the firm, as it applies for a new license to operator in the Chinese gaming hub.
According to a statement from SJM, “With this appointment, Daisy Ho … becomes the official representative of SJM and is responsible for all formal business dealings and contacts with the Macau SAR government, as well as with the subsidiaries of the company and other entities.”
Ho, who is also chairman and executive director of SJM Holdings Ltd., replaces Angela Leong, who served as managing director of SJM Resorts since 2011. Leong is a widow of late gaming mogul Stanley Ho, who founded SJM. Daisy Ho is one of his daughters.
The local unit stated, “Ms. Ho is also responsible for overseeing the day-to-day operations of the company and corporate matters including the formulation of policies, objectives, and investment plans to ensure that the company and its activities are in full compliance with the relevant legal and regulatory obligations.”
Seven companies have submitted bids for up to six 10-year Macau gaming concessions. Joining the incumbents was a surprise last-minute entry: Malaysian billionaire Lim Kok Thay’s Genting Group. According to Macau Business, the government is expected to grant the new concessions before the end of the year. The new terms begin January 1.
The revised gaming law requires managing directors of gaming concessionaires to be permanent Macau residents and hold at least 15 percent of shares at the firm.