Casino Owners Part1
Sharks, Fishes, Thieves and Whales
In the casino industry, the owners are commonly referred to as sharks, the recreational gamblers as fishes, the professional gamblers as thieves and the high rollers as whales.
Needless to say, there are real personalities behind the gambling industry. Some people consider them as talented businessmen, respect them and learn from them. Others, conversely, condemn them as ruthless sharks. Admittedly, these people are extraordinary, often very adventurous, but at the same time they have business acumen, able to smell money and feel the demands of the time. They take calculated risks and can correctly predict the potential of their enterprises. The truth is such people amass millions of dollars from the gambling industry.
Lisboa
Stanley Ho is the wealthiest player of the casino industry in Asia. He holds the monopoly of the casino industry in Macau for almost 40 years.
Stanley Ho was born in 1921 in Hong Kong. His great-grandfather was a wealthy Dutch Jew who married a local woman. The Ho family was one of the most renowned and influential in Hong Kong. But Stanley Ho was not able to make use of the wealth of this family. His father went bankrupt, when Stanley Ho was a student. Owing to the financial collapse his two brothers committed suicide, and his father renounced his family and left Stanley Ho with two sisters and mother. Despite all hardships, he successfully graduated from Hong Kong University and mastered at least three languages.
Stanley Ho started his career in a trade company, located in Macao. Outstanding business skills and proficiency in several languages propelled him to become a shareholder of the company at the young tender age of 21. Stanley Ho received his first fortune as a result of a fateful incident. Stanley Ho was responsible for sea trade. During one of the voyages the ship which carried a large amount of money aboard was attacked by the pirates. While many of his fellow employees were killed, Stanley Ho successfully defeated the pirates and returned both the money and the ship. The company duly appreciated the courage of Stanley Ho and rewarded him a bonus of one million!
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Lisboa
In 1943 during the Second World War, Stanley Ho invested the whole million into the construction industry in Hong Kong. At this time Hong Kong underwent a real construction boom, and Stanley Ho received very good returns from his business. However, his ambitions were not limited to construction business. Together with his partners, Hong Kong tycoon the late Henry Fok, a Macau professional gambler the late Yip Hon and his brother-in-law the late Teddy Yip, he won the tender for the monopoly right to open gambling institutions in Macao. Stanley Ho won the tender with the sum of only 410 thousand dollars, outbeating the traditional Macau casino barons, the Fu family.
For almost 40 years Stanley Ho‘s company Sociedade de Turismo e Diversões de Macau, holds the monopoly of Macao gambling industry. Stanley Ho invests all his money and skills in this company. By 1972 he owns nine casinos, including his flagship casino-hotel “Lisboa”, which is one of the most beautiful casinos of the world.
Apart from Hong Kong and Macau, he has also invested in mainland China, Portugal, North Korea, Vietnam, the Philippines, Mozambique and East Timor. In the 90s, Stanley Ho opened nine casinos in the Philippines. Unfortunately, Stanley Ho had to renounce his Philippine business as a result of an undisclosed conflict with the president of Philippines. Apart from the casino, Stanley Ho also owned many betting operators and totalizators. In 2003 the revenue of Macao grew by 30% consisted mainly of taxes from the activities of the companies operated by Stanley Ho. His business provided work to more than 10 thousand people. In 1998 a local street in Macau was named in honour of Stanley Ho. Stanley Ho became one of the first to be bestowed such honour as a living resident.
Lisboa
As expected, the gambling monopoly has to end. In 2000, the Macao authorities decided to remove the monopoly for the gambling industry. Since 2002, Stanley Ho has to share the gambling industry with the American “sharks” – Wynn and Adelson, who immediately seized the opportunity to learn more about the Asian market. In 2011 Stanley Ho was the 13th richest man in Hong Kong with a net worth of US$2 billion.
During the recent few years Stanley Ho has been struggling with litigation suits with his own sister, Winnie Ho, over the ownership of the Macau casinos. In July 2009, Stanley Ho suffered a stroke. As he endured through a prolonged period of convalescence and recovery, he began to take steps to release his grip on his casino empire and started to delegate and transfer ownership to his various wives and children.
gambling industry
