• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Industry Talk
  • Trends & Tech
  • iGaming
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Cheng Yu Tung, HK billionaire and casino investor, dies

Oct 03, 2016 Newsdesk Latest News, Macau, Rest of Asia, Top of the deck  


Cheng Yu Tung, HK billionaire and casino investor, dies

Hong Kong billionaire Cheng Yu Tung died on Thursday, according to a family statement. He was 91.

Mr Cheng (pictured) was perhaps best known to the public for heading the retail chain Chow Tai Fook Jewellery, part of Hong Kong-listed Chow Tai Fook Jewellery Group Ltd. He was also a longstanding business associate of Macau gaming tycoon Stanley Ho Hung Sun.

In 1982 Mr Cheng bought a 10 percent stake in Mr Ho’s Sociedade de Turismo e Diversões de Macau SA, also known as STDM. For four decades until 2002, STDM was the holder of a Macau casino monopoly; the firm is now the controlling shareholder of SJM Holdings Ltd, one of the six licensed Macau casino operators.

Mr Cheng’s son, Cheng Kar Shun, has been a non-executive director of SJM Holdings since 2013, following his father’s retirement from the SJM Holdings board.

Mr Cheng senior was also involved in the development of the casino hotel Le Royal Arc, in Macau, a project headed by Angela Leong On Kei and operating under the casino licence of SJM Holdings. Ms Leong – the fourth consort of Mr Ho – is an executive director of SJM Holdings.

The Cheng family interests in the casino sector spread beyond Macau. Its Chow Tai Fook Enterprises Ltd – a privately held conglomerate – acquired a controlling stake in a US$4-billion Vietnam casino project in September 2015. The scheme involves Macau junket investor Suncity Group and VinaCapital group, a major investment management and real estate development firm in Vietnam.

Chow Tai Fook is also involved in the development of a casino resort in Brisbane, the capital of the Australian state of Queensland.

In 2014, Mr Cheng’s family showed interest in investing in junket investor Suncity Group, without a deal being effected.

The Cheng family also controls Hong Kong property developer and hotel operator New World Development Co Ltd.


  • tweet
Related articles
  • Macau Legend US$152mln loss, eyes Macau ops after 2022
    Macau Legend US$152mln loss, eyes Macau...

    Jun 29, 2022  

  • Moody’s confirms SJM Holdings’ ratings, negative outlook
    Moody’s confirms SJM...

    Jun 27, 2022  

More news
  • Macau drops 48hr nucleic acid test for casino staff, guests
    Macau drops 48hr nucleic acid test for...

    Jun 30, 2022  

  • Universal hopes Okada Manila biz listed before Sept 30
    Universal hopes Okada Manila biz listed...

    Jun 30, 2022  


Latest News

Macau drops 48hr nucleic acid test for casino staff, guests

Macau drops 48hr nucleic acid test for casino staff, guests

Jun 30, 2022  

The Macau government announced on Thursday the cancellation of a plan for a nucleic acid test certificate requirement with 48 hour validity, for casino staff, casino customers and official visitors...
Read More
Universal hopes Okada Manila biz listed before Sept 30

Universal hopes Okada Manila biz listed before Sept 30

Jun 30, 2022  

5-casino Thai market ok says National Assembly committee

5-casino Thai market ok says National Assembly committee

Jun 30, 2022  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day

"During our six years in office, we were able to record more than PHP300 billion [in revenue]"

Andrea Domingo

Chairman of the Philippines’ gaming regulator Pagcor



Most Popular

  • 5-casino Thai market ok says National Assembly committee5-casino Thai market ok says National Assembly committee June 30, 2022
  • LVS full recovery may take until 2024: Moody’sLVS full recovery may take until 2024: Moody’s June 29, 2022
  • China quarantine easing good signal for Macau: analystsChina quarantine easing good signal for Macau: analysts June 29, 2022
  • Only 2 Macau satellites closed as concessions extendedOnly 2 Macau satellites closed as concessions extended June 29, 2022
  • Macau Legend US$152mln loss, eyes Macau ops after 2022Macau Legend US$152mln loss, eyes Macau ops after 2022 June 29, 2022
Copyright 2014-2022 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us