Stanley Hototo: Vincent Yu / AP
In China at the age of 98 years, died the legendary billionaire, one of the richest men in Asia, Stanley Ho. It is called Chinese “king of gambling”. About it writes Bloomberg.
Gambling in China is illegal, but the restrictions do not apply to the special administrative region of Macau —the former Portuguese colony. The gambling industry began to develop in Macau after 1961, Ho won an exclusive license for the relevant activities. It expired in 2001.
The entrepreneur founded a vast Empire casino, thanks to Ho’s Macau became known as the “Asian Las Vegas”. Currently, his company SJM Holdings controls 20 institutions, which in total take up almost 26 square kilometers. The businessman left the post of head at SJM Holdings in 2018 at the age of 96 years. Ho was succeeded by his daughter Daisy.
“The revenues of Macau from the gambling industry have become a barometer of the health of China’s economy, since two thirds of the players arriving in Macau come from China (the inhabitants of the country known for its love of gambling — approx. “Of the tape.ru”), “—writes Bloomberg.
The cost of gambling Ho is estimated at $ 15 billion. At the time of retirement his personal fortune amounted to 6.4 billion dollars, writes the South China Morning Post.
Video, photo All from Russia.