Hong Kong’s gaming tycoons have seen their fortunes tumble over the last 12 months on the back of the COVID-19 pandemic, according to Forbes’ annual list of the 50 richest people in Hong Kong.
With businessman Li Ka-shing still topping this year’s list with a fortune of US$35.4 billion, Galaxy Entertainment Group Chairman Lui Che Woo was the top-placed representative of the Macau gaming industry at number 8, down three places since last year, with his fortune having declined from US$17.8 billion to US$12.8 billion, according to Forbes.
MGM China Co-Chairperson and Managing Director Pansy Ho is next on the list at number 28, having seen her wealth fall 17% to US$3.4 billion, followed by the fourth wife of Stanley Ho, Angela Leong, in 33rd place with a US$2.9 billion fortune, down 12%.
Melco Resorts Chairman and CEO, Lawrence Ho, saw 37% shaved from his fortune, coming in at number 46 with US$1.3 billion.
At the other end of the scale, Henry Cheng – who still holds a 10% stake in SJM Holdings parent STDM acquired by his father, Cheng Yu-tang, in 1982 – not only retained his spot at number 3 but also saw his fortune grow by some US$4.3 billion to US$26.4 billion, mainly on the back of his Chow Tai Fook Jewellery Group.
Forbes said the combined wealth of Hong Kong’s 50 Richest 2022 fell slightly from US$331 billion last year to US$328 billion, impacted by the city’s zero-COVID policy, However, even in this climate more than half of the list saw their fortunes grow.
A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.
The contrasting approaches to gambling regulation being taken by authorities in Singapore and Australia this year highlight just how challenging…
The final version of Macau’s amended Gaming Law, which is set to be finalized in early 2022, and the subsequent…
Sandra Douglass Morgan, former Chairwoman at the Nevada Gaming Control Board and current director at Caesars Entertainment Inc, will present…
While release of the Macau government’s position paper on changes to the gaming law have eased investor concerns, it has…
Malaysia’s Genting Berhad says its recently launched US$4.3 billion Las Vegas integrated resort, Resorts World Las Vegas (RWLV), was “cash flow positive” in 4Q21, however analysts have described its ramp-up as slower than expected. According to details outlined by Nomura’s…
Genting Malaysia Bhd returned to profitability in the three months to 4Q21, buoyed by a resurgence in business volumes in all three of its key global gaming markets. The company reported a net profit of MYR124.0 million (US$29.5 million) in…
Macau’s Secretary for Security, Wong Sio Chak, says he has received no information from mainland China that it has tightened any visa policies to prevent tourists from making multiple trips to Macau. According to some local media reports in Macau,…
All arrivals into Macau from Hong Kong will be directed to quarantine in a single quarantine facility, the Treasure Hotel, from this Friday 25 February 2022. According to information from the Novel Coronavirus Response and Coordination Center, the new measure…
© 2005-2021
Inside Asian Gaming.
All rights reserved.
© 2005-2021
Inside Asian Gaming.
All rights reserved.
