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Stanley Ho
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Stanley Ho, OBE, GBS, GLM (born 25 November 1921), also known as Ho Hung-sun, Stanley Ho Hung-sun , is an entrepreneur in Hong Kong and Macau. Ho is sometimes nicknamed "The King of Gambling", reflecting the government-granted monopoly he held of the Macau gambling industry for over 35 years.
Ho is the wealthiest person in Macau, and one of the wealthiest in Asia. According to Forbes, he tied for 104th rank among the world's richest people in 2007, with an estimated net worth of $7.0 Billion USD.
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Encyclopedia
Stanley Ho, OBE, GBS, GLM (born 25 November 1921), also known as Ho Hung-sun, Stanley Ho Hung-sun , is an entrepreneur in Hong Kong and Macau. Ho is sometimes nicknamed "The King of Gambling", reflecting the government-granted monopoly he held of the Macau gambling industry for over 35 years.
Ho is the wealthiest person in Macau, and one of the wealthiest in Asia. According to Forbes, he tied for 104th rank among the world's richest people in 2007, with an estimated net worth of $7.0 Billion USD. He owns many properties in both Hong Kong and Macau and has taken part in many kinds of business including entertainment, tourism, shipping, real estate, banking, and air transport.
Apart from Hong Kong and Macau, he has also invested in mainland China, Portugal, North Korea, Vietnam and the Philippines.
Ho is also a famous industrialist and entrepreneur in Asia, and he held a number of important positions in many firms in Hong Kong and Macau. His opinions and statements on Hong Kong's estate and commercial development have considerable sway on the market.
Early life
He was born in Hong Kong, into the Ho Tung family, one of the most well-known, powerful and influential clans in Hong Kong at the time. Their eldest son was Ho Tung (Sir Robert Hotung) and the next was Ho Fook, Stanley Ho's grandfather. Ho Sai Kwong, one of Ho Fook's sons, had 13 children. Stanley Ho is the 9th child.
Although his family was very wealthy, he started his business on his own. When he was 13 years old, his father lost vast sum of money in the stock market crash and went bankrupt. Consequently, Ho's two elder brothers committed suicide, and his father abandoned the family, leaving him with his two elder sisters and his mother.
Once he went to see a dentist who was a relative of Ho's. The dentist knew he had no money and said something that embarrassed him. He ran home and cried. He swore to his mother: "I must become a successful man. Let those relatives who only talk about money know, I will earn a lot of money in ten years."
Education
Ho studied in Queen's College, Hong Kong, in which he attended Class D because his academic results were unsatisfactory. Having realised studying assiduously was the only way to improve his social status after his father's bankruptcy, Ho worked extremely hard in school. Eventually, his hard work paid off and earned him a scholarship to the University of Hong Kong. He became the first student from Class D to be granted a university scholarship.
While at the University of Hong Kong, he lived in Ricci Hall and was an active hall member. In addition to his major subject, he also became fluent in English, Japanese and Portuguese.
Career
Ho began clerical work at a Japanese-owned import-export firm in Macau. With his talents and command of four languages, he won the trust of his employers and quickly became a partner of the firm, at the age of 22.
Ho made his first fortune smuggling luxury goods across the Chinese border from Macau during World War II, according to Joe Studwell's book "Asian Godfathers". Once, he was in charge of a vessel which was attacked by armed bandits. He was holding 300 thousand (US?) dollars, which he quickly laid down when his partners were shot. When the thieves were busy with the money, Ho then took the gun, regained control of the ship. The incident established his reputation, and he received a one million (US?) dollar bonus.
In 1943, he set up a kerosene company and established a construction company with his money. As the construction industry in Hong Kong was experiencing a period of rapid growth, Ho made large profits from the business.
Ho, along with partners, including Hong Kong tycoon Henry Fok, renowned Macau gambler Yip Hon and his brother-in-law Teddy Yip, bid for Macau franchises. By bidding high and promising to promote tourism and to develop infrastructure, they won the public tender for Macau's gaming monopoly. It cost approximately (US?)$410,000. In 1961, the company was renamed Sociedade de Turismo e Diversões de Macau, S.A.R.L. (STDM). Its flagship Lisboa Casino hotel business blossomed, and later became a famous international casino.
In the same year, Ho also set up Shun Tak Holdings Ltd, which was listed on the Hong Kong Stock Exchange. It owns one of the world's largest fleets of high-speed jetfoils, which ferry passengers between Hong Kong and Macau.
Ho's investments in Macau are diverse, and connected to various industries. In 1989, after STDM took full control of the Macau Jockey Club, Ho became its chairman and chief executive officer. In 1998, Ho became the first living Macau resident to have a local street named after him. He also launched Asia's first soccer and basketball lottery called SLOT. Ho also launched the DrHo888.com web site an online casino operated in partnership with Vancouver based Eyeball.com.
Current positions
Business
- Chairman of the Shun Tak Group
- Director of Shun Tak Shipping Company, Limited
- Chairman of iAsia Technology Limited (????????????)
- Chairman of the Chinese Recreation Club in Hong Kong (CRC)
Community
- President of Real Estate Developers Association of Hong Kong (????????)
- Chairman of the board of directors of the University of Hong Kong Foundation for Educational Development and Research (?????????????)
- Member of the Court and Council of the University of Hong Kong (???????)
- Member of the Court of the Hong Kong Polytechnic University
- Vice patron of Community Chest of Hong Kong
- Member of the board of trustees of the Better Hong Kong Foundation
- Patron of the Society of the Academy for Performing Arts
- Vice-president of the Association of Benefactors of Kiang Wu Hospital in Macau
- Trustee of the Foundation for the Co-operation and development of Macau
- Member of the Council of the University of Macau
Politics
In 1987, Portugal agreed to return Macau to China in 1999. Ho took part in the joint advisory committee. He is a Standing Committee member of the 9th National Committee of the Chinese People's Political Consultative Conference.
- Member of the Selection Committee for the first Government of the Hong Kong Special Administrative Region
- Member of the Consultative Committee for the Basic Law of the Hong Kong SAR
Alleged links to organised crime
Ho has long been suspected of links to organised crime, but has denied allegations, stating that he has never been charged by any jurisdiction. The Singapore government blocked a deal for Ho to invest in the Genting Group in 2007, when it threatened withdrawal of its gaming licence. Ho's involvement in Canada and Australia has been repeatedly blocked by the authorities due to the alleged underworld links.
It has been alleged that some of the burglaries and robberies that occurred in Macau casinos were related to conflicts with triad groups, when Ho was disturbed by their activities on his property. The public incident in the Philippines is one of the most highly-publicised news events concerning Ho's connection with triads. There is, however, no firm evidence pointing to any relationship between Ho and triad activities.[context?]
Ho has gambling interests in Pyongyang. According to reports, Seng Heng Bank, Ltd., which is controlled by Ho, is being investigated by the U.S. Treasury's Financial Crimes Enforcement Network for money laundering related to the criminal enterprises of North Korea.
In 2006, Democrat and lawyer Albert Ho Chun-Yan was assaulted by thugs as he left a McDonald's restaurant in Central, Hong Kong after attending a rally. At the time, Albert Ho was engaged by the magnate's sister Winnie in a case against STDM and Ho himself. According to Next Magazine, the assailants were closely associated with the magnate, and the attack was related to Albert Ho's legal work for his sister. The journal mentioned that lawyers who had previously fought the magnate had suffered similar fates.
Personal life
Infamous as a polygamist, over the years Ho has publicly acknowledged that he has four wives who gave birth to 17 children. Ho handed over the reins of STDM to daughter Pansy Ho; His son, Lawrence Ho, is the CEO of
Melco Crown Entertainment Ltd, another Macau-based casino company. Josie Ho is a pop singer and actress. His grandchildren are a perennial subject of local social columns and paparazzi.
- Ambassador Eric Hotung, who is a grandson of Sir Robert Hotung, is a second cousin of Ho.
- One of Ho's sisters, Susie Ho, is the widow of one of his then partners, Teddy Yip.
- Bruce Lee and Stanley Ho are cousins: Lee's mother, Grace, ???) is the daughter of Ho Kom Tong, brother of Ho Fook, Stanley's grandfather.
Ho remains active on the social calendar, occasionally making appearances in high-profile events such as charity fund-raising events.
Over the years, dancing has been one of Ho's favourite hobbies. He has expressed interest and excellence in tango, chacha, and waltz. He often performs dances to raise funds for charities on television, and sponsors numerous dance performances in Hong Kong and Macau. These include those of the Hong Kong Arts Festival and the Macau Arts Festival, to promote the art of dancing. Apart from sponsoring performances, he has also invited internationally renowned dancing groups, such as the National Ballet of China, to perform in Hong Kong and Macau. Ho is a patron of the Hong Kong Ballet, the International Dance Teachers Association and is a Fellow of the Royal Academy of Dance
A thoroughbred racehorse owner, one of Stanley Ho's runners called Viva Pataca, named after the currency of Macau, won several top Hong Kong races in 2006 and 2007.
Philanthropy
Qing relic
On 21 September 2007, Stanley Ho donated to the Chinese government a Qing dynasty bronze sculpture of a horse's head originally stolen from the Old Summer Palace. Ho had reportedly just purchased it from a Taiwanese businessman for US$8.84 million.
Education donations
Ho has set up several scholarships to encourage students for further studies. He established the Guangzhou Education Fund which subsidizes research in universities. Other funds have been made for the Macau-Sino-Latin Foundation and the Chinese Culture and Arts Association of Macau.
He attended the 90th Anniversary ceremony of the University of Hong Kong, and shared stories about his university life with the public. He was the chairperson of the executive committee of the University of Hong Kong Foundation for Educational Development and Research. He gave donations to the University of Hong Kong for
- running facilities and accommodations, e.g. Stanley Ho Sports Centre, Flora Ho Sports Centre, Ricci Hall
- maintenance, and to Lady Ho Tung Hall, which was established by the Ho family.
Stanley Ho made a £2.5m donation to Pembroke College, Oxford in 2006 to endow a chair - 'Stanley Ho University Lecturer in Chinese History'. Ho has also funded scholarship of £9,000 per annum for Chinese studies in the academic year beginning 2009 at the University.
Honours
Apart from the University of Hong Kong, Ho was awarded an honorary doctorate of social sciences from the University of Macau in 1984. He was appointed an OBE under Margaret Thatcher in 1989 for philanthropy.
In 1998, Dr Stanley Ho Avenue in Macau was named after him, which made him the first Chinese person in Macau history to receive this honour during his lifetime. In 1995, the Portuguese government honoured him the Grã-Cruz da Ordem do Infante Dom Henrique (Great Cross of the Order of Prince Henrique), the highest honor for a civilian for his contributions to society.
In 2003, Ho received the Gold Bauhinia Star from the Chief Executive of Hong Kong, Tung Chee Hwa, in recognition of his outstanding contribution to the community, in promoting education, sports and other community services for the youth.
See also
External links
Business
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