Macau casino entrepreneurs have a good year

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World Casino News
Macau casino entrepreneurs have a good year

The ongoing recovery of the casino market in Macau has reportedly helped some of the industry’s best-known entrepreneurs to increase their wealth even further, with four local gambling magnates appearing in the top 30 of the most recent Hong Kong’s 50 Richest People list published by Forbes. The last year has seen the 40 casinos in the former Portuguese enclave record an over 19% increase year-on-year in aggregated gross gaming revenues to just over $33 billion and this swell reportedly assisted Lui Che Woo (pictured) in pushing his net worth up by nearly 70% to $19 billion. The octogenarian serves as the Chairman for Galaxy Entertainment Group Limited, which is responsible for the giant Galaxy Macau development among many others and has risen from the sixth spot in the 2016 Forbes rankings to sit at third just behind real estate magnates Li Ka Shing and Lee Shuan Kee. The previous twelve months was also reportedly profitable for Pansy Ho Chiu King from MGM China Holdings Limited, which runs the MGM Macau venue and is hoping to open its new $3.46 billion MGM Cotai development next month, as she climbed one spot from last year’s ranking to sit in 15th position on the new Forbes list. The 55-year-old is the daughter of Macau casino tycoon Stanley Ho Hung Sun and is now the second-richest woman in Hong Kong after financial services tycoon Pollyanna Chu Yuet Wah with an estimated new net worth of $5.5 billion. However, one of the biggest movers on the Forbes list was Lawrence Ho Yau Lung as his latest estimated net worth of just over $2.5 billion has seen him ascend from last year’s 42nd position to the 29th spot this time out. The 41-year-old serves as Chairman and Chief Executive Officer for Melco Resorts and Entertainment Limited, which is behind the City of Dreams Macau, Altira Macau and Studio City Macau properties, while last month saw him sell off the entirety of his 17.37% stake in Asian casino operator Summit Ascent Holdings Limited. But, the recent Forbes list was not good news for everyone as Angela Leong On Kei from Macau casino giant SJM Holdings Limited, which operates some 20 casinos in the city including the iconic Grand Lisboa venue, saw her net worth fall by 7.5% year-on-year to stand at $3.7 billion. Despite dropping from 18th position in 2016’s rankings to 22nd position this time around, the 56-year-old’s fortunes could soon turn around following the expected premiere next year of her company’s multi-billion Grand Lisboa Palace development on the Cotai Strip.

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