Forbes magazine’s recent announcement of four local gambling giants in Hong Kong’s top 30 richest 50 list has helped further increase the fortunes of the industry’s best-known entrepreneurs.
Last year, total gaming revenue at 40 casinos in the former Portuguese enclave rose more than 19% year-on-year to just over $33 billion, a boost that helped Louis Chew, pictured, boost its net worth by nearly 70% to $19 billion. The octogenarian is the chairman of the Galaxy Entertainment Group Limited, which is responsible for the huge development of Galaxy Macao, and has risen from sixth to third in the Forbes list, behind real estate giants Lee Kasing and Lee Hsuanqi.
The past 12 months have also reportedly been profitable for Fancy Ho Chiu King of MGM China Holdings Limited, which operates an MGM Macau venue and hopes to begin developing $3.46 billion MGM Kotai next month. The 55-year-old is the daughter of Macau casino tycoon Stanley Ho Hung Sun and is Hong Kong’s second-richest woman after financial services tycoon Pollyanna Chu Yuet Wah, who is now estimated to have a new net worth of $5.5 billion.
However, Lawrence Ho Yau Lung recently moved up from 42nd last year to 29th this time with a net worth of just over $2.5 billion. Lawrence Ho Yau Lung, 41, serves as chairman and chief executive officer of Melco Resorts and Entertainment Limited behind City of Dreams Macao, Altira Macao and Studio City Macao properties, which last month sold a full 17.37% stake in Asia casino operator Summit Ascent Holdings Limited.
However, the latest Forbes list was not good news for everyone, as the net worth of Angela Long On Kei of SJM Holdings Limited, a Macau casino giant that operates about 20 casinos in the city, including the iconic Grand Lisboa venue, reached $3.7 billion, a 7.5 percent year-on-year decline. Despite falling from 18th in the 2016 standings to 22nd this time, the 56-year-old’s fortune may soon recover after what is expected to be the premiere next year of the billions of Grand Lisboa Palace development in Kotai Streep.