Macau casino giant SJM Holdings Limited has announced that 96-year-old Stanley Ho Hung Sun (pictured) will be stepping down as its Chairman and Executive Director following the conclusion of its next annual general meeting in mid-June to be replaced by his daughter, 52-year-old Daisy Ho Chiu Fung.
According to a Thursday filing with the Hong Kong Stock Exchange (pdf), SJM Holdings Limited revealed that it will subsequently recognize the elder Ho’s ‘invaluable contributions to the group during his tenure of service’ following this retirement by naming him as its Chairman Emeritus.
Established by Ho almost 60 years ago, SJM Holdings Limited is one of only six concessionaires authorized to operate casino games in Macau. It is responsible for 19 gambling properties in the former Portuguese enclave including the iconic Casino Grand Lisboa while sub-letting other licenses to firms including MGM China Holdings Limited for the MGM Macau venue.
In addition to the change at the top, SJM Holdings Limited explained that its next annual general meeting will see Timothy Fok Tsun Ting and Angela Deputada Leong On Kei named as Co-Chairmen and Executive Directors. The casino giant moreover revealed that this process is to see So Shu Fai assume the posts of Executive Director, Vice-Chairman and Chief Executive Officer while it is to furthermore recommend that Chan Un Chan be elected as one of its Executive Directors.
“Stanley Ho has justifiably been acknowledged as the founding father of Macau’s gaming industry, which has for some time been the largest in the world in terms of revenues,” read a statement from So. “Under [his] visionary leadership, the company and its subsidiaries achieved significant growth in the past decade. The board expresses its sincere gratitude to [him] for his invaluable contributions in building a solid foundation for the company’s continuing growth in the future.”