After serving the Shun Tak Holdings board for more than four decades, Macau’s gambling king Stanley Ho is handing over the reins of the Hong Kong conglomerate he founded to his daughter, Pansy Ho.

In a filing to the Hong Kong Stock Exchange, the company said the 95-year-old magnate has stepped down from his position as chairman of Shun Tak Holdings. He also ceased to be a director or officer at the conglomerate, and instead will take on the title of chairman emeritus.

The flamboyant tycoon, who heads one of the most lucrative gaming businesses through SJM Holdings, is credited for helping transform the city state from a sleepy peninsula into the world’s biggest gambling hub. After suffering a stroke in 2009, the elder Ho, who has four wives and 16 children, started decentralizing his corporate empire and allowing his family members manage it.

Pansy Ho, 54, has been the managing director of Shun Tak Holdings before taking over as the group’s executive chairman. Her sisters, Daisy and Maisy, also hold the positions of deputy managing director and executive director of the company, respectively.