Gambling Tycoon Lui Che-Woo Named Asia’s Second Richest

The founder of casino operator Galaxy Entertainment Group Ltd, Lui Che-Woo, has been named as Asia’s second-richest person by the Bloomberg Billionaires Index. Lui’s net worth has been valued at $23.7 billion, second only to Hong Kong real estate investor Li Ka-Shing who is worth $29.5 billion.

Lui’s wealth is underpinned by his family’s 51% stake in Galaxy, the third-largest casino operator by revenue in Asia. Last year the company’s shares rose 120% as gaming revenue in Macau rose 18.6% to $45.2 billion.

Grant Govertsen, a Macau-based analyst at Union Gaming Group said, “The Luis got in early by investing in Cotai. The boom there ramped up the share price appreciation and wealth creation for the Lui family. They’re the best positioned for long-term growth and are focused on becoming the dominant player in Macau.”

At present Lui is expanding the company’s property to capitalize on a massive increase in visits by gamblers from China. The $2.6 billion addition is set to open next year and will allow the company to “pick up most of the pent-up demand due to limited capacity additions between now and 2015.”

In 2006 Galaxy Entertainment opened the StarWorld Macau which allows players to bet up to $250,000 a hand. Five years later it opened the Galaxy Macau in Cotai.