![]() Ho said he had never wagered a bet, even while his casinos continued to rake in billions in revenues annually. The war allowed him to make his first fortune - smuggling luxury goods into China from Macau - before securing the only gaming licence in the then-Portuguese colony in 1962. ![]() Mily fortunes collapsed during the depression years, and when World War II came he fled to Macau virtually destitute. He was the great-nephew of one of Asia's first tycoons, Robert Hotung, an influential Eurasian businessman and philanthropist who was among Hong Kong's wealthiest individuals at the turn of the 20th century. While many of Hong Kong's tycoons have rags to riches backstories, Ho initially had a gilded start to life. Most operators, however, including SJM, have ample cash reserves built up from the boom years to weather a prolonged downturn. Gaming revenues bounced back until earlier this year when the coronavirus pandemic emptied casino floors and hammered the industry. The company took a hit alongside its competitors after China's President Xi Jinping launched a high-profile corruption crackdown in 2014, triggering a dramatic decline in high-rollers to Macau.
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