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Stanley Ho, Gambling King of Asia, Retires

Ho was born into a wealthy family in Hong Kong. However, his family went bankrupt. This financial hardship caused two of his brothers to commit suicide. His great-uncle, Sir Robert Hotung, was one of the richest people in the late 19th and early 20th centuries because of his import and export business. Ho was granted the first gambling license in 1962 when Macau was a Portuguese colony and maintained a monopoly on the island until 2002. As it is, Ho and the many casinos he has partial or complete ownership in are responsible for up to 80 percent of the economy of Macau, which is why he is called both “The King of Gambling” and “The King of Macau.” His net worth, according to Forbes, is approximately $3 billion. The entrepreneur first went to college and, then, when World War II broke out, he went into business. Ho began as a smuggler and importer and then funneled his money into construction and fuels in order to amass his wealth. Because he spent years in Macau and had the money, he and his partners pressured the island’s government into issuing a license for gambling. The government of Macau promised to give them a monopoly on gambling.

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