A Casino Billionaire, His 17 Children, And A True-Life 'Succession' Drama
At his funeral in Hong Kong, a portrait of Macau gambling tycoon Stanley Ho was displayed (File)

From afar, the Ho dynasty appears to have all the makings of a mega-sized, real-life version of HBO's "Succession."
The late Stanley Ho fathered 17 children with four different women he called wives, resulting in a sprawling and complex family tree riddled with squabbles.

"If you only have a core business, you definitely cannot involve everyone," said Winnie Peng, an adjunct associate professor at Hong Kong University of Science and Technology who studies Asian family businesses. "How do you assign different positions to 17 children while ensuring their safety?"

The Hos devised a different solution: some of the offspring went their separate ways, leaving management of the casino empire in the hands of a select few. Even though a local court was tasked last year with naming administrators for Stanley Ho's estate after the family failed to reach an agreement, this has helped keep public conflicts at bay. The clan demonstrated unity at Stanley Ho's funeral in 2020, despite the fact that a local court was tasked with naming administrators for his estate after the family failed to reach an agreement.
The empire's ability to avoid infighting is especially important as it faces one of its most difficult challenges.

With Covid-19 crippling the casino industry and Macau pushing to reduce its reliance on the sector amid growing scrutiny from the Chinese government, the Ho companies have been under increasing pressure. The heads of the city's two largest junket operators were recently arrested, just as the former Portuguese enclave announced that it would reduce the terms of its gaming licences, which are up for renewal in June. Three of the six permits are held by the Hosts.

The impact has been palpable: Annual gaming revenue in Macau was down 70% last year compared to pre-pandemic levels, according to SJM Holdings Ltd., the main vehicle of the family's business that controls the majority of casinos in the city. The company's market value is one-fifth of what it was previously.

According to the Bloomberg Billionaires Index, the family has lost $4 billion since November 2020, when it was Asia's 17th richest dynasty. The Hos are no longer among the region's 20 wealthiest clans, with a net worth of $10.6 billion.

SJM did not respond to requests for comment on this storey via phone or email.

The decision to streamline the business was made even before the patriarch died. Three years ago, his second wife's children took control of SJM's board through an alliance with another group of shareholders, with none of the other children or surviving wives publicly opposing the agreement.

aisy Ho, a daughter of that union, has led SJM since 2018, while her sister Pansy has long served as co-chair of MGM China Holdings Ltd. They also co-chair Shun Tak Holdings Ltd., a property developer, and their brother Lawrence is the chairman of Melco International Development Ltd.

Sabrina Ho, Stanley's fourth wife's daughter, is one of the children who ventured out, encouraged by her father. He told her he never bet, which stuck with her and encouraged her to look beyond gambling.

He told me 'I don't gamble at all,' all my life," Ho said in a WeChat interview. "I decided I will do the same."

So instead of vying for a role in the family's gambling empire, the 31-year-old heiress turned to the arts.

Her family helped set up Poly Auction Macau, the local unit of China's Poly Culture Group Corp., which is part of a state-owned conglomerate with $58 billion in annual revenue that deals in everything from art to weapons. Despite having little experience in art beyond a stint as a telephone operator for the parent company in Beijing, Sabrina became Poly Auction Macau's chief executive officer.

Her siblings are increasingly looking outside for their own path.

Mario, Ho's youngest son, is an executive at a Hong Kong-listed e-sports and gaming company and has stated plans for a platform of family offices in the Greater Bay Area. Josie, a singer and actress, founded her own film company and has toured with her rock band. Laurinda touts her beef noodles franchise on her popular Instagram account.

Even Lawrence, Melco's head, is turning to other investments. His family office, Black Spade Capital, bought a medical imaging firm in the former British colony and launched a special-purpose acquisition company in the U.S. last year.

In China, branching out can be a way for entrepreneurs to show they are capable of success beyond their core business -- but it can also be used to plan for succession of large fortunes and put family empires on more solid footing during difficult times, according to Peng of the Hong Kong University of Science and Technology. Even if ventures contribute little to the Ho fortune, they help keep management of the casino empire stable.