Casinos increase Hong Kong’s fortune

Macau casinos have boosted the fortune of Hong Kong’s businessmen.

China.- The positive results of casino operations in Macau have resulted in an increase of Hong Kong’s fortune. The international renowned magazine Forbes has published its latest ‘Hong Kong’s 50 Richest People’ list, showing that most of casino entrepreneurs of Hong Kong have increased their profits due to their investments in Macau.

Rich residents of Hong Kong who possess equity holdings in casino firms they founded or run, have noted higher revenue. “Lui Che Woo (pictured), founder and chairman of casino operator Galaxy Entertainment Group Ltd, continues to be the richest gaming tycoon in the Hong Kong list. His net worth jumped nearly 70 per cent from an estimated US$11.2 billion in January 2017 to US$19 billion in January this year,” Forbes said.

Lui is followed by Pansy Ho Chiu King, the co-chairperson of MGM China Holdings Ltd. King’s personal fortune has increased by an estimated 27.9 per cent, to US$5.5 billion, according to the report. Furthermore, Ms Ho, a daughter of Macau casino tycoon Stanley Ho Hung Sun, climbed one position to 15th place in January 2018.

Brokerage Sanford C. Bernstein assessed the Macau gaming market and revealed that, during the first week of the month, GGR was running behind 2017. However, last Monday the firm suggested January’s GGR could be Macau’s highest since July as it is set to make a major recovery from the first few days of the year.