Galaxy casino founder adds US$10.2b to wealth on Macau boom

Galaxy Entertainment founder Lui Che-woo's wealth has jumped by US$10.2 billion this year, the most of any Asian billionaire, as the world's gaming capital Macau draws record revenue and shares hit a new high.

Lui has a net worth of US$22.1 billion, according to the Bloomberg Billionaires Index, and is ranked as the second-richest individual in Asia, trailing only fellow Hong Kong developer Li Ka-shing. Only Facebook's Mark Zuckerberg and Ikea founder Ingvar Kamprad have made more money this year.

The billionaire, 84, holds one of six gaming licences in Macau and competes against casinos owned by Steve Wynn, Sheldon Adelson, Stanley Ho Hung-sun and his son Lawrence, and James Packer.

Lui and his son Francis are expanding their flagship casino Galaxy Macau in the city's Cotai area, Asia's version of the Las Vegas Strip, to capitalise on record visitors from the mainland.

Macau gaming revenue jumped 21.4 per cent to US$3.6 billion in September from a year ago, according to Macau Gaming Bureau data released yesterday. Visitors to Macau rose 14 per cent on October 1 and 2 amid the National Day holidays when hotels are known to triple their rates.

Gross gaming revenue this year is expected to grow 17 per cent to US$44.5 billion from a record US$38 billion last year, says Deutsche Bank analyst Karen Tang in Hong Kong.