China reported gaming tycoon Stanley Ho dead

The founder of the gaming industry in Chinese Macau, one of the richest magnates in Asia, Stanley Ho died at the age of 98. This was reported by the South China Morning Post, citing sources close to his family, on Tuesday, May 26.

According to the Chinese state channel in the messenger WeChat, Ho died in a hospital-sanatorium in Hong Kong. The report called the tycoon a “patriotic entrepreneur”.

“Ho left the gambling empire, the income from which at its peak amounted to half the tax revenue to the Macau government,” the publication notes. The magnate was the first person in Macau to be named after whom an avenue in the territory was named during his lifetime.

The newspaper calls him one of the wealthiest people in Asia, noting that Ho’s personal fortune was estimated at $6.4 billion when he retired in 2018 a few months before his 97th birthday.

In 1962, Ho founded Shun Tak Holdings, a diversified company managing his Hong Kong assets. It owns 19 casinos in Macau, including Grand Lisboa and Casino L’Arc Macau.