After 26 months of declines in the past five months, the Macau casino market has seen an improvement in total gambling revenue, which is said to have helped some of the people behind these companies increase their personal wealth.
According to Forbes magazine's latest list of Hong Kong's 50 richest people, Fancy Ho, the majority shareholder of MGM China Holdings Limited, saw his net worth rise nearly 20% year-on-year to $4.3 billion as Macau's rebound benefited Sun Tak Holdings Limited hotels, ferries and property development companies, while punters also expect the opening of the $3.1 billion MGM Kotai hotel and casino project in the second half of the year.
Despite making the list by as many as 16 people, Ho, 54, is not the biggest casino mogul in the annual Hong Kong wealth list published by the Hong Kong business magazine Forbes, and the honor goes to the Cheng family under the control of Chautaypuk Corporation, which hopes to open a $3.5 billion Bahamar Casino and Hotel in the Bahamas in April. Cheng's fortune reportedly ranks as a stable third on the billionaire list at $17.9 billion, but it's still dwarfed by the $23.6 billion property tycoon Rishauki currently holds with top asset trader Rikasing because of his $30.3 billion fortune.
Other Macau casino billionaires include 87-year-old Louis Chew, who ranks sixth in the Forbes-announced Hong Kong rankings with $11.2 billion in personal wealth, while Angela Leung, managing director of operator SJM Holdings Limited, ranks 18th with $4 billion. Woo, chairman of the Galaxy Entertainment Group, which owns properties such as Galaxy Macao, Broadway Casino and Starworld Macao in a former Portuguese enclave, reportedly saw his fortune rise 40% year-on-year and the 55-year-old executive director Leung's value rise 16% as the opening of the $3.9 billion Grand Lisboa Palace nears.
Forbes announced that it is using stock and financial information from individuals, stock exchanges, analysts, personal databases, and other sources to create its annual list, with another famous Hong Kong-based casino figure most recently ranked at 45th place by Cui Li Zero of Imperial Pacific International Holdings. The 58-year-old company, which reportedly already has a $1.37 billion fortune, could be even better this year as it expects to begin the $500 million first phase of Imperial Pacific Resort and Hotel Saipan in the next three months.
However, the Hong Kong-based list is not all good for casino entrepreneurs in Macau every year, as Laurence Hoyau Rong, chairman and chief executive officer of Melco Crown Entertainment Limited, dropped to 42nd in the rankings with a portfolio holding $1.43 billion.
