financetom
Business
financetom
/
Business
/
Hong Kong construction titan turned Macau casino boss Lui Che-Woo dies aged 95
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Hong Kong construction titan turned Macau casino boss Lui Che-Woo dies aged 95
Nov 11, 2024 8:48 PM

HONG KONG, Nov 12 (Reuters) - Lui Che Woo, the casino

tycoon who helped propel Macau to eclipse rival Las Vegas in

gambling revenues, has died at the age of 95, his company said

in a statement late on Monday.

Lui, chairman of Macau casino company Galaxy Entertainment ( GXYEF )

, died in Hong Kong on Nov. 7, it said, adding that his

"vision, tremendous leadership and guidance" were the foundation

for the group's development and continued success.

Also the chairman of K. Wah Group, a Hong Kong-listed

company focused on construction and quarry mining before turning

to property, Lui was widely recognised in both Hong Kong and

Macau as an influential businessman with close ties to the

Chinese government.

One of Hong Kong's richest men, Lui kept a low profile and

was always seen wearing a flat cap as he went about the city and

when he attended press conferences.

A member of China's national advisory body, the Chinese

People's Political Consultative Conference, Lui had close ties

to Beijing and was part of a business delegation that met with

President Xi Jinping in 2014 in China's capital.

Galaxy Entertainment ( GXYEF ) holds one of six coveted gaming

licenses that were granted after Macau liberalised the casino

industry in 2002.

Competing with rivals like the now deceased Stanley Ho,

whose family runs the SJM Holdings casino empire, the

late U.S. billionaire Sheldon Adelson and Wynn Resorts ( WYNN )

founder Steve Wynn, Lui steered Galaxy to become of Macau's top

operators.

It operates several large casino resorts in Macau, both on

the Las Vegas-style Cotai strip and on the teeming main

peninsula.

EARLY LIFE

Born on Aug. 9, 1929, in Jiangmen city located in China's

southern province of Guangdong, Lui moved to Hong Kong with his

family aged 4. During Japan's occupation of the territory in the

1940s, Lui started working in a food manufacturing and

distribution business at the age of 13.

He then went on to start businesses in car parts, heavy

machinery, quarrying and construction materials, according to

his 2017 biography.

In the 1960s, he switched to property investments and added

hotels to his portfolio of businesses in the 1980s.

His company K. Wah ( KWHAF ) has over 200 subsidiaries globally,

including in mainland China, Hong Kong, Macau and southeast

Asia.

A prominent philanthropist, Lui supported the development of

medical care, education and information technology.

He also offered an annual cash award of HK$20 million

($2.57 million) to individuals or organisations who "unselfishly

promoted world civilisation through sustainable development,

contributions to the welfare of mankind and promotion of

positive life attitude," according to K.Wah.

MACAU EMPIRE

Lui, who is survived by his wife Chiu Kam Ping and five

children, remained heavily involved in the casino industry, even

while handing much of the day to day running of Galaxy to his

son Francis.

Francis, who is Galaxy's deputy chairman, has been key in

developing the company's projects in Macau, where it owns the

most land of all the operators on the Cotai strip. Lui's other

children are also involved in various parts of the family

business around the world.

Galaxy's Macau properties include large-scale resorts on

Cotai with facilities including the territory's largest indoor

arena, which was unveiled last December.

A new Galaxy chairman will be announced in "due course" the

company said, adding that Lui's death would not have any impact

on the group's operations.

($1 = 7.7756 Hong Kong dollars)

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Copyright 2023-2026 - www.financetom.com All Rights Reserved