HONG KONG (AP) — Asian casino magnate Stanley Ho has transferred almost all of his stake in gambling company Sociedade de Jogos de Macau Holdings to family members, the latest move in a handover of power as the octogenarian struggles with poor health.

Ho transferred most of his nearly 32 percent stake in the parent company, which owns just over half of the Macau casino operator, also known as SJM, according to a filing Monday to the Hong Kong stock exchange. He is now left with only 100 shares.

The changes are the latest step in succession plans as the 89-year-old billionaire passes the reins of his gambling empire in the former Portuguese colony of Macau to his children. Two years ago, he was hospitalized and had surgery for unspecified reasons. Local media reported that he underwent brain surgery after hitting his head. He has rarely appeared in public since.

The news follows an announcement in December by SJM that said Angela Leong, Ho’s fourth wife, had replaced him as managing director.

She was quoted by a Macau newspaper as saying the change was made because it was “inconvenient” for Ho to frequently travel back and forth between Hong Kong and Macau to handle company business.

Ho is the father of Macau’s gambling industry and presided over its rise for four decades until the government ended his company’s monopoly in 2002. SJM runs 17 casinos and four slot machine lounges in Macau but has had to compete with American operators such as Wynn Resorts Ltd. and Las Vegas Sands Corp. Macau is the only place in China where gambling is legal.

SJM said there won’t be any changes in management or strategic direction of the company.

SJM shares, which were suspended Monday morning, fell 4 percent to close at 13.80 Hong Kong dollars ($1.77) after they resumed trading in the afternoon session.