Fortunes affected by gaming revenue slump

Lui Che-woo

Macau’s gaming revenue, which fell 48.6 percent year-on-year last month, appears to have influenced local casino tycoons’ fortunes, as indicated by ‘The World’s Billionaires list,’ published yesterday by Forbes.
One of the most affected Asian casino magnates is Lui Che-woo, 85, founder of the Galaxy Entertainment Group, which operates Galaxy Macau, StarWorld Macau, and Grand Waldo Hotel. At the beginning of 2014, Mr Lui’s fortune was valued at USD22 billion, but he lost USD8.5 billion this year. He’s now the fifth richest man in Hong Kong and his fortune is now worth USD13.5 billion, the magazine revealed. Mr Lui ranked 82nd in this year’s Forbes list.
Sheldon Adelson, CEO of Las Vegas Sands Corp., whose parent company Sands China operates several casino resorts in Macau, is the richest among the region’s casino tycoons. Ranking 18th in ‘The World’s Billionaires list,’ Adelson dropped 10 places compared to last year’s list. His fortune is worth USD31.4 billion.
Australian businessman James Packer, who inherited control of his family company, which manages investments in Crown Resorts, ranked 291, with a fortune worth USD5.2 billion. Pansy Ho, daughter of Stanley Ho, ranked 309; her fortune, worth USD5 billion, fell about USD1.4 billion. Her brother Lawrence Ho, co-chairman of Melco International, lost one-third of his fortune now worth USD2 billion. He ranked 949 in this year’s Forbes list.
Stanley Ho’s wife, Angela Leong, whose fortune is worth USD1.7 billion, ranked 1118.
Microsoft founder Bill Gates has been declared the richest man in the world for the 16th time by Forbes magazine’s annual ranking of world billionaires.
“Despite plunging oil prices and a weakened euro, the ranks of the world’s wealthiest defied global economic turmoil and expanded yet again,” Forbes reported. The American magazine’s 29th annual guide to the world’s richest found a record 1,826 billionaires with an aggregate net worth of USD7.05 trillion, an improvement on USD6.4 trillion over a year ago. The list features 290 newcomers, with 71 from China.