Stanley Ho steps down as Shun Tak chairman

Macau gambling magnate Stanley Ho has stepped down as executive chairman of Hong Kong conglomerate Shun Tak Holdings Ltd, with daughter Pansy Ho taking up the position.

Established in 1972, Shun Tak Holdings is a leading conglomerate in Hong Kong with core businesses in transportation, property, hospitality and investments. It has a strong established presence in Macau.

The company was founded by Dr. Ho, who has served on the board for over 44 years, according to the company in its filing to the Hong Kong Stock Exchange on Friday.

Dr. Ho is also the founder of SJM Holdings, which in 1962 was awarded the exclusive gaming franchise of Macau.

His business interests extend from Macau, Hong Kong, China and Portugal to across the globe and cover a spectrum of industry sectors including gaming, hospitality, real estate, shipping and aviation.