After more than four decades as head of the board of Shun Tak Holdings, Macau gaming legend Stanley Ho has resigned the position. His daughter Pansy Ho will assume leadership of the Hong Kong conglomerate, which has businesses in hospitality, property, shipping and investment, reported the Macau Daily Times.
In a filing to the Hong Kong Stock Exchange reported by Reuters, the company announced that the billionaire businessman has stepped down from his positions as chairman, director and officer of Shun Tak Holdings, and will henceforth be known as chairman emeritus.
Pansy Ho had been managing director of Shun Tak Holdings before taking over as the group’s executive chairman. Her sisters, Daisy and Maisy, also hold the positions of deputy managing director and executive director of the company.
Pansy Ho, who is also a justice of the peace in Macau, now is a director of Shun Tak Shipping Company Ltd., Renita Investments Ltd., Oakmount Holdings Ltd., Beeston Profits Ltd., Classic Time Developments Ltd. and Megaprosper Investments Ltd.
Pansy Ho holds more than 161 million personal shares of Shun Tak—some 428 million in corporate shares and almost 149 million unissued shares of the company, according to the filing.
At 95, Ho is Macau’s wealthiest person and one of the richest people in Asia. He was worth US$2 billion in 2011, making him Hong Kong’s 13th richest man, reported the Times. He has business investments in China, Portugal, North Korea, Vietnam, the Philippines, Mozambique, Indonesia and East Timor.
In more news on the accomplished family, CalvinAyre.com reported that Ho’s daughter Daisy Ho has received 3 million share options from SJM Holdings Ltd. as she assumes the role of executive director.
The options entitle her to subscribe for a total of 3 million ordinary shares of the Macau casino operator. Daisy Ho replaced Dr. Rui Jose da Cunha as executive director last June. She is also active in Shun Tak, owning an 8.4 percent stake in the company and serving on the executive committee, remuneration committee and nomination committee.
SJM Holdings, one of Macau’s Big 6 casino concessionaires, is now building its first casino project in the city’s Cotai district. It posted higher profits for the first quarter despite lower revenue due to a spike in its premium mass business. The company’s gaming revenue fell 5.3 percent year-on-year to HK$10.4 billion (US$1.33 billion) in the three months ending March 31, but its adjusted earnings were HK$843 million and profit rose 3.3 percent to HK$580 million ($74.5 million), reported CalvinAyre.com.
Stanley Ho is also the father of Lawrence Ho, CEO of global gaming operator Melco Resorts and Entertainment, and has 13 other children by his four wives.
