How should I deal with this guy who's a friend of a friend who humiliated me years ago?

I met this guy through a friend about ten years ago, and have to deal with seeing him every now and then. The first day I met him he was really drunk and I tried to make small talk with him at a table our group were sitting at, when he stopped me in my tracks and said to the whole table (about 5 other people): "If there's a fcukin f@ggot here, it's him" - referring to me, and then to generally stunned silence, just in case nobody heard the first time, he repeated it again. I didn't react, in truth I didn't know how to, but I hate him for humiliating me like that. Nothing was ever said again by me or my friend, or his friends or this guy, but every time since we met (last time was a Christmas party) and he is going on and on and on with disparaging remarks about "f@ggots" "blacks" "working cl people" and "protestants". In particular he refers to gays, and I don't know if he is referring to me or not (I'm not even gay for what it matters, but am not a macho jerk like him at the same time). I wonder does he always go on like this or only when I'm around? Anyway, I don't know how to handle this situation and it still upsets me to have been humiliated like this all these years later. Should I just continue to ignore him (ie: is he baiting me or is this just the way he is?), or do I need ask him what his problem is in this case?