(Yicai Global) May 26 -- Stanley Ho, the legendary Macau casino kingpin, has died at the age of 98, Chinese broadcaster CCTV reported today.

The flamboyant tycoon was born in Hong Kong on Nov. 25, 1921 to a well-to-do family of Chinese and European descent. His circumstances degenerated after his father abandoned the family when he was 13. After the Japanese invasion of Hong Kong during the Second World War, Ho fled to neighboring Macau with just HKD10 (USD1.29) in his pocket.

His business savvy saw him try his hand at many trades, but he struck gold when he won a gambling monopoly from the Portuguese government in the early 1960s that led to him transforming the sleepy colonial backwater into a gambling empire with a revenue exceeding Las Vegas, earning him billions.

His flagship firm, SJM Holdings, held the monopoly for four decades until 2002, three years after China took back control of the former Portuguese colony and opened it up to competition. The firm still operates 20 casinos on the tiny island.

Shares in companies controlled by the tycoon and his family surged today, led by Shun Tak Holdings [HKG:0242], now run by daughter Pansy Ho. Shun Tak’s stock price soared 21.9 percent to close at HKD3.12 (40 US cents).

SJM Holdings [HKG:0880] gained 7.2 percent to HKD8.84 (USD1.14), Melco International Development [HKG:0200] rose 5 percent to HKD15.02. Casino services firm Macau Legend Development [HKG:1680], in which the Ho family holds a stake, rose 6.1 percent to HKD1.05.

Ho had close affiliations with the Chinese government. He served as a member of the ninth, 10th and 11th National Committees of the Chinese People's Political Consultative Conference and met with the country’s leadership on many occasions. He took part in the negotiations between the Chinese, UK and Portuguese governments concerning the handover of Hong Kong and Macau.

Ho had stepped down from all his positions by mid-2018. Poor health saw him confined to hospital in his later years, where his large family took turns to care for him. In February last year he was reported to have taken a turn for the worse and was transferred to intensive care.

He is survived by three of his four wives, 17 children and his unforgettable legacy.

Editor: Kim Taylor