Galaxy Entertainment founder makes us$ 1 billion in one day

According to Bloomberg’s Billionaires Index, Lui is ranked 28th in the world with a net worth of us$ 22.1 billion. In his mid-80s and with no plans to retire, Lui continues to oversee his business empire whilst perfecting his Mah Jong skills. His youngest son, Lawrence, runs Stanford Hotels that owns eight Hiltons, two Sheratons and three Marriots in the US, whilst his eldest son, Francis, runs the casino portfolio.

Under his company K. Wah Group, the Galaxy Entertainment Group was formed in 2002 when Macau ended its four-decade gaming monopoly held by Stanley Ho. The local government awarded Galaxy one of three concessions, later extending to six, in order to operate casinos in the Chinese territory. Since the introduction of the new players to the market, Macau has become the world’s largest gambling destination, surpassing Las Vegas gaming revenue in 2007.

As well as Galaxy and Stanley Ho’s SJM Holdings, other concessionaires, namely Las Vegas Sands, Wynn Resorts, MGM Resorts and Melco Crown have reaped the rewards from Macau, the only place in China with legal gambling. Every day, thousands of tourists and gamblers enter the enclave, which is 65km from Hong Kong and 85km from mainland China. The industry is heavily reliant on domestic tourism, which accounts for more than two-thirds coming of total visitation.

According to a report released on Thursday by the Macau Gaming Inspection and Coordination Bureau , gaming revenue across the 35 casinos is up 17-percent for the nine months of the year. In 2012, gaming revenue grew by more than 13.5-percent over the previous year to a record us$ 38 billion. Galaxy Entertainment Group doubled its profit last year and is planning to spend as much as us$ 7.7 billion to expand operations on the Cotai Strip.