Macau casino entrepreneur Stanley Ho is set to officially step down from his role as Chairman of Sociedade de Turismo e Diversoes de Macau (STDM).
The 97-year-old casino mogul, with a reported net worth of $2.5bn, recently suffered a stroke and will formalise plans announced last year to step down from his role.
Ian Fok, son of tycoon Henry Fok, will take over as Chairman of the company.
The debate over who would take control of Ho’s empire has been the subject of many reports, as he has 17 children from four different partners.
Ho’s daughter, Pansy, and the Fok Foundation own a total of 53% of STDM and 31% of Macau International Airport.
Through his decades of work in China’s gaming hub, Ho has amassed 54% of casino operator SJM Holdings, which is owned by STDM.
SJM is one of six companies authorised to operate casinos in Macau.
STDM was established by Ho and his business partners in 1962 and initially won the contract for Macau’s gambling monopoly.