Galaxy Entertainment Group Chairman Lui Che Woo, Melco Resorts Chairman and CEO Lawrence Ho and MGM China Co-Chairperson and Executive Director Pansy Ho are among several Macau casino powerbrokers to see their stocks rise in 2017 according to this year’s Forbes’ Hong Kong Rich List
Lui was the biggest winner over the last 12 months, rising three places on the list to number three as his fortune grew by 70%, or around US$7.8 billion, to US$19 billion heading into 2018 – bringing him within touching distance of his 2014 peak of US$21 billion.
But Lawrence Ho wasn’t far behind, rocketing up 13 places on the list from 42 to 29 on the back of a milestone year for Melco Resorts. Ho’s worth grew 85% in 2017 to US$2.65 billion, aided by the split from former partner Crown Resorts in May which saw Melco regain full control of its flagship City of Dreams properties in Macau and Manila just as revenues were heading rapidly north.
Ho’s sister Pansy, one of Macau’s biggest land owners, jumped one spot to number 15 despite the opening of MGM’s new integrated resort MGM Cotai being delayed until 2018. Ms Ho took over as Chairman of Shun Tak Holdings from her father, Macau gambling godfather Dr Stanley Ho, in 2017 as her personal wealth increased 28% to US$5.5 billion.
But it wasn’t such a good year for Dr Ho’s wife, Angela Leong, with the SJM Managing Director slipping four spots to number 22 as her fortune fell 7.5% to US$3.7 billion.
SJM has seen its Macau stocks fall due to its lack of presence in the booming Cotai area with US$4.6 billion Grand Lisboa Palace not scheduled to open until 2019.
Other Macau casino identities to appear on the list include Emperor Group Chairman Albert Yeung with a personal fortune of US$1.7 billion and fellow jewelry magnate Henry Cheng, Chairman of Chow Tai Fook, with US$1.3 billion.
