Most HK-based casino tycoons rise in 2023 Forbes list

Feb 23, 2023 Newsdesk Latest News, Macau, Rest of Asia, Top of the deck  

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

While Hong Kong’s economy contracted by 3.5 percent in 2022, “the outlook for a recovery turned positive as pandemic curbs were eased late last year and quarantine-free travel resumed in January after a three-year hiatus,” stated the publication in a Thursday press release.

Despite the benchmark Hang Seng index declining by 12 percent, by comparison, the collective wealth of Hong Kong’s 50 richest dipped “only slightly” to US$324 billion in this year’s list, fromUS$328 billion.

The 2023 “Hong Kong’s 50 Richest” list shows that Lui Che Woo (pictured), chairman of Hong Kong-listed Galaxy Entertainment Group Ltd, has seen his net worth increase to US$14.9 billion, from US$12.8 billion a year ago.

Mr Lui is now ranked 7th, up from 8th in 2022, and remains 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, co-chairperson of MGM China Holdings Ltd, saw her net worth rise to US$3.8 billion from US$3.4 billion a year ago. She is now 22nd, versus 28th in 2022.

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 runs ferry services between Hong Kong and Macau.

Angela Leong On Kei, co-chairperson of SJM Holdings Ltd, ranks 32nd in the latest Forbes list, compared to 33rd in the previous year. But her net worth now stands at US$2.7 billion, as compared to US$2.9 billion a year ago.

Lawrence Ho Yau Lung, chairman and chief executive of Melco Resorts and Entertainment Ltd, remains 46th in the 2023 Forbes list. His current net worth is put at US$1.4 billion, up from US$1.25 billion a year ago. 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$28.9 billion, compared to US$26.4 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.

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