Hong Kong tycoon Stanley Ho steps down as Shun Tak Holdings' chairman

[HONG KONG] Stanley Ho, Macau gambling king and one of Asia's richest men, has stepped down as chairman of Hong Kong conglomerate Shun Tak Holdings Ltd, with his daughter Pansy Ho taking over the position.

The elder Ho, 95, who founded Shun Tak - with business spanning from property to transportation - and served the board for 44 years, will take on the title of chairman emeritus, the company said in a filing to the Hong Kong stock exchange on Friday.

Mr Ho, who heads one of the world's most lucrative gaming businesses through his flagship firm, SJM Holdings, would also cease to be a director or officer at Shun Tak, the company said.

The flamboyant tycoon is one of Hong Kong's best known businessmen. Shielded from challengers by a four-decade monopoly on gambling, Mr Ho helped transform Macau from a sleepy peninsula dotted with seedy, windowless gambling dens into the world's biggest casino centre.

REUTERS