Macau casinos help Hong Kong’s wealthiest get rich

11.01.2014

(Macau).- Investors in Macau casinos are among the highest climbers on the 2014 Forbes Hong Kong Rich List. Galaxy Entertainment Group chairman Lui Che Woo added USD11.5 billion to his wealth in the past year, bringing his net worth to USD 21 billion and raising himself to second place on the list.

Macau gaming mogul Stanley Ho Sun’s daughter, Pansy Ho, added us$ 3.9 billion to her wealth, making her net worth us$ 6.8 billion and putting herself in ninth place. Ms Ho is the chairperson of MGM China Holdings. She was previously ranked No11.

The wealth of Mr Ho’s fourth wife, Angela Leong, grew to us$ 2.85 billion from us$ 2.1 billion a year ago. Ms Leong is SJM Holdings’s executive director.

His son, Lawrence Ho, is now worth us$ 3.4 billion and 12th on the Forbes list. He is the richest newcomer on this year’s list.

Mr Ho is co-chairman and chief executive of Melco Crown Entertainment.

In other news, Morgan Stanley has increased its growth forecasts for gross gaming revenue for this year to 18 percent from 13 percent. The investment bank says casinos in Macau will take us$ 53 billion this year. It forecasts VIP gaming revenue to grow by 13 percent and mass-market gaming revenue to grow by 28 percent.

Morgan Stanley says Sands China could increase its market share this year on the strength of its operations at Sands Cotai Central.