BUSINESS

Lui Che-Woo now the second richest man in Asia

TAGs: Galaxy Entertainment Group, gambling, lui che woo, Macau

galaxy3_Galaxy Entertainment Group chairman Lui Che-Woo is a very rich man with a net worth of $22.1 billion, making him the second wealthiest man in all of Asia. The only man higher on the financial totem pole in Asia is Hong Kong developer Li Ka-Shing, himself a man that can literally drown in a pool of his own money.

2013, though, has been especially kind for Lui, thanks in large part to the record revenues his casinos in Macau are generating. The 84-year old grew his wealth on the back of booming business in the gambling destination, of which Lui has a strong presence in the form of two of Macau’s most identifiable casinos, Galaxy Macau and StarWorld Macau

It’s gotten so good for Lui’s business that according to the Bloomberg Billionaires Index, only two men – Facebook’s Mark Zuckerberg and Ikea’s Ingyar Kamprad – have made more money than the Galaxy Entertainment patriarch. Hard to argue against a man who’s worth shot up by $10.2 billion year, including gaining $1 billion in just one day earlier this week.

Such is the circumstance of a man who’s casino business in Macau is posting record earnings on the strength of mass market gaming. In fact, Galaxy Entertainment’s Q2 revenue amounted to HKD15.66 billion (converted, that’s around $2 billion), representing a three-percent increase compared to its numbers in the same time a year ago. In the first six months of 2013, Galaxy’s revenue shot up by nine percent to HKD 30.8 billion with earnings experiencing an even more impressive 23-percent bump to HKD5.8 billion.

Understandably, these numbers are putting a smile on the face of Lui, who began his casino business in Macau in 2006 with the opening of StarWorld Macau. Seven years later, Galaxy’s casino profile in the city has grown to include the equally opulent Galaxy Macau and the recently acquired Grand Waldo on Cotai.

Lui’s rapid ascent to the richest Asians list didn’t come by accident; it’s reaping the fruits of his company’s labor, which has become one of the most recognizable casino operators in the world. In so doing, Lui’s rapid rise up the ladder saw him overtake the likes of real estate developer Lee Shau-Kee, businessmen Cheng Yu-Tung and Mukesh Ambani and mining heiress Gina Rinehart.

All in a day’s work, apparently, is all it takes to earn $1 billion for Lui Che Woo.

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