GGRAsia – Lui Che Woo tops Forbes HK casino bosses, Lawrence Ho out

Lui Che Woo tops Forbes HK casino bosses, Lawrence Ho out

Feb 22, 2024 Newsdesk Latest News, Rest of Asia, Top of the deck

Billionaires with gaming interests in Macau again feature prominently on this year’s Hong Kong’s 50 Richest People list, published by Forbes magazine.

The combined wealth of tycoons on the 2024 Forbes list of Hong Kong’s 50 Richest declined to US$296 billion, from US$324 billion last year. Overall, 30 list members saw their fortunes fall, including Li Ka Shing, who retained the top spot even as his net worth declined to US$36.2 billion.

Despite Hong Kong’s economy growing an estimated 3.2 percent in 2023, “the post-pandemic recovery has been slower than expected,” stated the publication in a Thursday press release. That was due to “a sluggish IPO [initial public offering] market and a stagnant property sector,” it added.

“The benchmark Hang Seng index declined 28 percent since fortunes were last measured a year ago,” according to the release.

Among the three billionaires who did not make the cut this year was Lawrence Ho Yau Lung (pictured), chairman and chief executive of U.S.-listed Melco Resorts & Entertainment Ltd and Hong Kong-listed Melco International Development Ltd.

Mr Ho – a son of the late gaming tycoon and former Macau monopolist, Stanley Ho Hung Sun – had been on the list for a decade and was ranked 46th last year, with a net worth of US$1.4 billion.

According to Forbes, Mr Ho was “a notable drop-off this year,” as shares of Melco International “roughly halved in the past 12 months amid a broader industry sell-off”.

The 2024 “Hong Kong’s 50 Richest” list shows that Lui Che Woo, chairman of Hong Kong-listed Galaxy Entertainment Group Ltd, is again the highest-placed among Hong Kong’s wealthy from the casinos and gaming sector, despite his net worth decreasing to US$12.1 billion, from US$14.9 billion a year ago.

Mr Lui, who also chairs Hong Kong-listed property developer K. Wah International Holdings Ltd, remains ranked 7th in this year’s list.

Pansy Ho Chiu King, co-chairperson of MGM China Holdings Ltd, saw her net worth fall to US$3.7 billion from US$3.8 billion a year ago. She kept the 22nd position in this year’s list.

Ms Ho – a sister of Mr Lawrence Ho – 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 runs ferry services between Hong Kong and Macau.

Angela Leong On Kei, a director of SJM Holdings Ltd and with investments in real estate, ranks 33rd in the latest Forbes list, compared to 32nd in the previous year. Her net worth now stands at US$2.4 billion, as compared to US$2.7 billion a year ago.

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$22.1 billion, compared to US$28.9 billion billion a year earlier. The Cheng family is known for its diversified portfolio of businesses and investments, ranging from jewellery to property development and hospitality. It also backs investments in casino resort projects in Vietnam, Australia, and the Bahamas.