Stanley Ho (November 25, 1921 - May 26, 2020), born in Hong Kong, was a renowned entrepreneur in Hong Kong and Macau, known as the "King of Gambling" in Macau. He was one of the grandsons of Sir Robert Hotung and the son of Ho Sai Kwong, ranking ninth in his family.
Stanley Ho had Jewish, Dutch, British, and Chinese ancestry, and according to the family tradition of the Ho Tung family, his ancestral home followed his maternal line in Bao'an, Guangdong.
Stanley Ho's Business Start: From Family Decline to Self-Made Success (1921-1960)
In 1921, Stanley Ho was born into the prominent Ho Tung family in Hong Kong. His grandfather, Ho Fook, was one of the early four major comprador families in Hong Kong. However, in 1934, his father Ho Sai Kwong went bankrupt due to stock trading, leading to the family's overnight downfall. At 13, Stanley Ho went from a rich young master to a poor boy, even facing disdain from relatives for not having money to fix his teeth, which motivated him to turn his life around.
In 1941, with the outbreak of the Pacific War, Stanley Ho fled to Macau with 10 Hong Kong dollars and joined the Leong Cheong Trading Company, engaging in high-risk ship pledging business. With his linguistic talent and boldness, he quickly built up connections and capital. Three years later, he earned a dividend of one million Hong Kong dollars, becoming the youngest millionaire in Macau. During this period, he married Clementina Leitão, "the most beautiful woman in Macau streets," leveraging her family's political and business resources to establish the Macau Fuel Company, engaging in kerosene and ship dismantling businesses, and accumulating his initial capital.
Key Data:
In 1943, he made millions of Hong Kong dollars through wartime smuggling;
By 1953, his assets reached 2 million Hong Kong dollars, ranking him among the top tycoons in Macau.
Foundation of the Gambling Empire: Monopolizing Macau's Gambling Industry for Forty Years (1961-2001)
In 1961, when Macau's gambling licenses were rebid, Stanley Ho, in collaboration with Henry Fok and Yip Hon, won the bid with 3.167 million Hong Kong dollars, breaking the 24-year monopoly held by the Fu family. Facing the "eight major threats" (including death threats and business blockades), Stanley Ho fought back with strong measures, promising to invest 90% of the profits in Macau's infrastructure, eventually gaining government support.
In 1962, Sociedade de Turismo e Diversões de Macau (STDM) was established, and its flagship, the Lisboa Hotel and Casino, became a landmark in Asian gambling. By 2001, STDM had monopolized the Macau gambling industry for 40 years, contributing over 50% of Macau's fiscal revenue and directly or indirectly employing 30% of Macau's population, earning Stanley Ho the title "Uncrowned King of Macau."
Core Layout and Data:
1. Political and business alliance: Cooperating with Henry Fok, using gambling profits for dredging ports and building roads, laying the foundation for modern Macau;
2. Capital expansion: In 1972, Shun Tak Holdings went public (00242.HK), extending its business to real estate and transportation; in 1984, STDM's tax payment was 445 million Macau patacas, accounting for 52% of Macau's total tax revenue;
3. Diverse investments: In the 1980s, he ventured into Hong Kong real estate, with assets of Lian On Construction Company exceeding ten million Hong Kong dollars.
Family Business Succession and Inheritance Disputes (2001-2020)
In 2001, when Macau opened up its gambling rights, the license changed from "1 to 6," but the Ho family still controlled three gambling licenses through Sociedade de Jogos de Macau (SJM Holdings, 00880.HK), Melco International (00200.HK), and MGM China (02282.HK), although their market share was squeezed by Sands and Galaxy Entertainment. At the same time, family inheritance disputes surfaced.
Key Events in Inheritance Disputes:
2010 Equity Distribution:
Stanley Ho transferred 37.6% of Shun Tak Holdings shares to his second wife's children, Pansy Ho and Daisy Ho;
His fourth wife, Angela Leong, received 8.6% of SJM Holdings shares, becoming the second-largest shareholder.
2011 Inheritance Storm:
The second and third wives were accused of coercing Stanley Ho into signing a share transfer agreement, with 32% of STDM shares being evenly split;
Angela Leong, together with lawyer Gordon Oldham, filed a lawsuit, eventually reaching a settlement, with control shifting towards the second wife's family.
2019 Five-Party Alliance:
Pansy Ho, the eldest daughter of the second wife, formed an alliance with the Henry Fok Foundation, Shun Tak Holdings, and others, controlling 53% of STDM shares, suppressing Angela Leong's influence in SJM Holdings.
Asset Portfolio Data (2019):
The family's listed companies had a total market value of over 90 billion Hong Kong dollars, with core assets including SJM Holdings (50 billion), Shun Tak Holdings (12 billion), and Melco International (20 billion);
Pansy Ho and Lawrence Ho, children of the second wife, were ranked 20th and 34th on the Forbes Hong Kong Rich List with fortunes of 4 billion and 2.3 billion U.S. dollars, respectively.
Diversification: Real Estate, Healthcare, and Charity Initiatives
1. Real Estate and Transportation
Shun Tak Holdings leads landmark projects in Hong Kong and Macau, such as the Macau Tower and Hong Kong-Macau Ferry Terminal, and expands into the mainland market;
In 2018, in partnership with the Kuok family, they established a joint venture company, investing 1.2 billion U.S. dollars in medical real estate projects along China's high-speed rail lines, holding a 30% stake.
2. Healthcare and Technology
In 2017, he invested in Malaysian healthcare technology company BookDoc;
Pansy Ho acquired a stake in Global Healthcare (02666.HK), focusing on medical equipment leasing.
3. Charity and Cultural Relics Repatriation
In 2003 and 2007, he respectively purchased and donated the bronze heads of a pig and a horse from the Old Summer Palace, costing 6 million and 69.1 million Hong Kong dollars, to the state;
In 2009, he donated the Treaty of Nanking and four other precious cultural relics to the National Museum of China.
Challenges and Transformations in the Post-Gambling King Era (2020 to Present)
After Stanley Ho's death in 2020, Pansy Ho and Lawrence Ho, children of the second wife, became the new leaders of the family. Facing pressures of transformation in Macau's gambling industry (a 51% year-on-year decline in gambling revenue in 2022), the family strategy shifted towards non-gambling businesses:
1. MGM China: Pansy Ho led the "Cotai Integrated Resort" project, integrating convention, entertainment, and retail;
2. Melco International: Lawrence Ho invested 3.5 billion U.S. dollars to build the "Morpheus" hotel, focusing on high-end tourism.
3. Latest Data (2023):
Galaxy Entertainment remains the industry leader with a market value of 230 billion Hong Kong dollars, while SJM Holdings' market value has shrunk to 50 billion;
The family has invested in over 20 projects in mainland China through a "real estate + healthcare" model.
Conclusion: The Dual Codes of Political-Business Wisdom and Family Governance
Stanley Ho's business success stemmed from wartime boldness, integration of political and business resources, and the grasp of monopoly benefits; family continuity relied on "power-sharing" and diversification. However, the complex structure of 17 children from four marriages also exposed the inheritance challenges of Chinese family businesses. In the future, balancing traditional gamesmanship with modern governance will be key to the enduring success of the Ho family enterprise.
