International edition
October 28, 2021

Lui Che Woo

Casino billionaire triples profit after opening new casino

(Hong Kong).- Hong Kong billionaire Lui Che Woo announced that Galaxy Entertainment Group’s profit tripled last year to us$ 387 million. His net worth rose to us$ 5.7 billion on the latest World Billionaire List, due in large part to Galaxy’s share price that surged nearly 77% over the past year.

T

he casino operator’s earnings were boosted by the opening of the Galaxy Macau in May that accounted for roughly 40% of the company’s total revenue of us$ 5.3 billion.
As the only place in China where gambling is legal, Macau continues to attract ever increasing numbers of visitors to the enclave’s casinos every year. Total gaming revenue surged another 42% last year to us$ 33.5 billion, more than five times that of the Las Vegas Strip.

Galaxy will soon be facing further competition from some of its rivals that are also developing new projects on the Cotai Strip where Galaxy Macau is located. Sheldon Adelson‘s Las Vegas Sands is scheduled to open a new complex in several phases, beginning next month. Meanwhile, Steve Wynn is still seeking government approval for his plans.

Although the company is sitting on a cash pile of us$ 992 million, Galaxy’s board did not recommend a dividend. The company plans to use the funds for further expansion, but a timetable has yet to be released.

What is your opinion about this article?
  • I like it
    %
    0 votos
  • I don't like it
    %
    0 votos
  • I have not thought about it
    %
    0 votos
Leave your comment
Newsletter Subscription
Subscribe to receive the latest news and updates
Enter a valid email
Complete the captcha
Thank you for registering to our newsletter.
Follow us on Facebook