Who is Stanley Ho?

22 April 2008

Stanley Ho, also known as Ho Hung-sun, was born November 25th, 1921. He is an entrepreneur in Hong Kong and Macau. Ho picked up the nickname “The King of Gambling”, which reflects the government-granted monopoly he held for over 35 years in the Macau gaming industry. Ho is by far the wealthiest person in all of Macau, and one of the wealthiest in all of Asia. Ho's estimated net worth is around 7-billion-dollars, according to Forbes magazine.

He's tied for the 104th rank of wealthiest person in the entire world. Ho owns many properties in both Hong Kong and Macau and has taken part in all kinds of business ventures including entertainment, shipping, real estate, tourism, air transport, and banking.

As for Stanley Ho's businesses, their collective income constitutes about one-third of the gross domestic product of Macau. In 2003 alone, taxes on them accounted for around 30% of the Macau government's revenue; and they are the largest corporate employer collectively in Macau with more than 10,000 employees. Ho has also invested in mainland China, Portugal, North Korea, Vietnam, and the Philippines apart from Hong Kong and Macau.

In Asia, Ho is a renowned industrialist and entrepreneur. He's held a number of important positions in numerous firms throughout Hong Kong and Macau. His opinions and statements on Hong Kong's estate and commercial development have substantial influence on the market.

Ho began clerical work at a Japanese-owned import-export form in his native Macau. In 1941, his family lost its fortunes while Hong Kong was invaded by the Japanese. Ho then moved to Macau to work with a trading company. With his talents for trading and command over four languages, he quickly won the trust of his employers and became a partner of the firm at the young age of 22. Ho was a hero aboard a trade ship carrying 300 thousand dollars. Armed gunmen boarded the ship and shot his partners. Ho lied down, and while the robbers were distracted trying to obtain the money, Ho took the guns and regained control of the ship. For his heroic efforts, Ho was awarded a 1-million dollar bonus.

In 1943, he used the million dollars to invest in Hong Kong. Ho set up a kerosene company and then established a construction company. Along with his partners, Ho bid for some Macau franchises. By promising to promote tourism in Macau, Ho won the public tender for Macau's gaming monopoly. It cost approximately 410 thousand dollars, which is almost 3 million after inflation. Under Ho's management, the casino and hotel business blossomed. Later, it would become a famous international casino. In 1972, it was the best known landmark in Macau and was the largest hotel and casino in the city.

Ho never lost track of what he promised to do. His casinos and hotels started generating massive amounts of revenue from tourism. Macau was a flourishing city with all the promise in the world. From very humble beginnings, Ho changed his life and the lives of many others with one simple act of heroism. Ho has won numerous awards and has even been involved with politics. Another testament to Ho's overall character, he paid roughly 9 million dollars for a statue looted by British and French troops in the 1800's. Ho immediately donated the piece.

Tags: macau, asia, stanley ho, hong kong, china, ho hung-sun, king of gambling,
Posted In: Macau Gambling, Biographies,

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