Feb 24, 2022 Newsdesk Latest News, Macau, Rest of Asia, Top of the deck
The wealth of a number of Hong Kong billionaires who act as backers of Macau casino resorts, has shrunk in the past 12 months, says Forbes. Factors including Covid-19 restrictions on travel and tourism, and downward pressure on Macau casino company stock prices, have weighed on their fortunes.
The aggregate market capitalisation of the Hong Kong-listed entities linked to Macau’s six concessionaires had fallen by a combined 26 percent, or more than US$18 billion, on September 15, coinciding with an announcement the day before, about proposed changes to Macau’s gaming law framework. Stocks have yet to make up all the ground lost due to that correction.
The 2022 “Hong Kong’s 50 Richest” list released by Forbes, shows that Lui Che Woo, chairman of Hong Kong-listed Galaxy Entertainment Group Ltd, has seen his net worth shrink to US$12.8 billion, from US$17.8 billion a year ago.
The 92-year-old Mr Lui is now ranked 8th, down from 5th in 2021, but is still the richest of the Hong Kong-based Macau casino entrepreneurs. He also chairs Hong Kong-listed property developer K. Wah International Holdings Ltd.
Pansy Ho Chiu King (pictured), co-chairperson of MGM China Holdings Ltd, saw her net worth reduced to US$3.4 billion from US$4.1 billion a year ago.
She is now 28th, versus 25th in 2021. Ms Ho – a daughter of the late gaming tycoon and former Macau monopolist, Stanley Ho Hung Sun – is also chair of Hong Kong-listed property, shipping, and hospitality conglomerate, Shun Tak Holdings Ltd. The latter has investment in hotels and real estate in Macau, and ran ferry services between Hong Kong and Macau, before most were suspended due to the pandemic.
Angela Leong On Kei, co-chairperson of SJM Holdings Ltd and a Macau legislator, ranks 33rd in the latest Forbes list. Her net worth now stands at US$2.9 billion, as compared to US$3.3 billion a year ago. She was Stanley Ho’s fourth consort, and mother of his youngest children.
Lawrence Ho Yau Lung, chairman and chief executive of Melco Resorts and Entertainment Ltd, is 46th in the 2022 Forbes list. His current net worth is put at US$1.25 billion, down from US$1.99 billion a year ago. The 45-year-old is a son of Mr Stanley Ho by the latter’s second consort, Lucina Naam King Ying. Mr Lawrence Ho is a brother of Ms Pansy Ho.
Hong Kong billionaire Henry Cheng Kar Shun and his family remain the third richest in the latest Forbes list, with their current net worth standing at US$26.4 billion. The Cheng family is known for its diversified portfolio of businesses and investments, ranging from jewellery to property development and hospitality.
The Cheng family also backs investments in casino resort projects in Vietnam, Australia, and the Bahamas.
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”The [Macau] month-to-date run-rate represents an approximately 45-percent recovery versus pre-Covid-19 levels for headline gross gaming revenue”
DS Kim and Mufan Shi
Analysts at brokerage JP Morgan Securities