In China, at the age of 98, the legendary billionaire, one of the richest people in Asia, Stanley Ho, died. He is called the Chinese “king of gambling.” About this writes Bloomberg.
Gambling in China is prohibited by law, but the restrictions do not apply to the special administrative region of Macau – the former Portuguese colony. The gaming industry began to develop rapidly in Macau after Ho won a monopoly license for such activities in 1961. It expired in 2001.
The entrepreneur founded a huge casino empire, thanks to Ho Macau they began to call “Asian Las Vegas.” Currently, his company SJM Holdings controls 20 establishments, which in total occupy almost 26 square kilometers. The businessman resigned as head of SJM Holdings in 2018 at the age of 96. Ho was succeeded by his daughter Daisy.
The cost of the gambling business Ho is estimated at 15 billion dollars. At the time of his retirement, his personal fortune was $ 6.4 billion, writes the South China Morning Post.