Macau has been on a high tide for a few years now. And a host of entrepreneurs and companies have tapped on its potential. From small businesses to massive venture capital firms… everyone has wanted to be a part of Macau’s success story… betting on the region’s thriving gaming industry. And Macau, built on reclaimed land, has shared its fortunes with many. Possibly the most prominent name in the region is Stanley Ho Hung-sun, a man sometimes known as the “King of Gambling.” No doubt, Ho has stood against fate and amassed an enormous fortune, which has made him the wealthiest person in Macau. But today I would like to talk about someone whose fame has been somewhat overshadowed by Ho. And that is Dr. Lui Che Woo.
Dr. Lui is a self made man, like Ho. Dr. Lui began testing his fate way back in the 1950s when he set up the first K. Wah company in Hong Kong. The company grew steadily, importing heavy machinery and supplying construction materials to the domestic market. And then it was time to ride on the wave of Macau’s rising popularity as a paradise for gambling and holidaying. About 4 years back, when the Macau government dismantled Stanley Ho’s monopoly in the region’s gaming industry, Dr. Lui was ready and waiting. He saw that the iron was hot and promptly incorporated a casino business into his Hong Kong-based construction company.
Macau’s burgeoning casino market has contributed significantly to Dr. Lui’s millionaire status and rank as one of the 400 richest men in the world (according to Forbes). And amazingly, the 77-year-old millionaire is still in expansion mode! Last year, Dr. Lui’s Galaxy Entertainment Group Ltd raised about $840 million by selling a 20% stake in the company to UK-based private equity firm Permira Funds. Galaxy raised another $163 million by issuing new shares to institutional investors. The funds go towards fulfilling the building of the world’s second largest casino, the GalaxyWorld Resort. Despite large resort companies having a presence in Macau, the former Portuguese colony still offers huge potential to make healthy profits!
* For series, references are published in the last installment of the series.
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