https://www.scmp.com/rss/133741/feed The latest stories on Lui Che-Woo, Hong Kong casino magnate, investor and philanthropist, including business and property news. en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com Peggy Sito Peggy Sito In the third part of our series on Macau’s integrated resort operators, Peggy Sito looks at how Galaxy Entertainment Group’s new chairman Francis Lui is forging partnerships with global hotel chains and building non-gaming facilities to help lead Macau towards economic diversification. Read the previous instalments on Wynn and Sands China. The late afternoon sun had sunk into early twilight before Francis Lui Yiu-tung could extract himself from several back-to-back planning meetings to conduct... https://www.scmp.com/business/companies/article/3298733/how-galaxys-new-hands-boss-building-macaus-holistic-next-phase?utm_source=rss_feed https://www.scmp.com/business/companies/article/3298733/how-galaxys-new-hands-boss-building-macaus-holistic-next-phase?utm_source=rss_feed Sat, 15 Feb 2025 02:00:20 +0000 Enoch Yiu Enoch Yiu Macau casino and resort operator Galaxy Entertainment Group has named Francis Lui Yiu-tung, the eldest son of the recently deceased tycoon Lui Che-woo, as its new chairman with immediate effect. The board believes Francis Lui, who formerly was deputy chairman, “will continue to bring satisfying benefits and positive impact on the development of the group’s businesses”, the company said in a filing to the Hong Kong stock exchange on Friday. The elder Lui, who rose from humble beginnings selling... https://www.scmp.com/business/companies/article/3290739/galaxy-entertainment-appoints-founder-lui-che-woos-eldest-son-chairman?utm_source=rss_feed https://www.scmp.com/business/companies/article/3290739/galaxy-entertainment-appoints-founder-lui-che-woos-eldest-son-chairman?utm_source=rss_feed Fri, 13 Dec 2024 11:46:41 +0000 Enoch Yiu,Danny Mok,Peggy Sito Enoch Yiu,Danny Mok,Peggy Sito Lui Che-woo, who rose from humble beginnings selling peanuts and snacks to become one of Asia’s biggest casino magnates, with a portfolio of hotels, resorts and property in Hong Kong and Macau, has died. He was 95. Lui, the chairman and founder of the K. Wah Group of companies, died peacefully on November 7, according to filings to the Hong Kong stock exchange by K. Wah International, which develops property, and Galaxy Entertainment Group (GEG), which operates a casino and resort in... https://www.scmp.com/business/article/3286122/lui-che-woo-hong-kong-property-and-casino-magnate-kwah-galaxy-dies-age-95?utm_source=rss_feed https://www.scmp.com/business/article/3286122/lui-che-woo-hong-kong-property-and-casino-magnate-kwah-galaxy-dies-age-95?utm_source=rss_feed Mon, 11 Nov 2024 15:11:40 +0000 K Wah International Holdings, the property developer owned by one of Macau’s biggest casino owners, said its first-half profit declined by more than half after Hong Kong’s elevated interest rates dampened demand for homes. Its profit attributable to equity holders fell about 55.4 per cent to HK$481.9 million (US$61.5 million), while revenue slumped by 42 per cent to HK$3.1 billion, according to a filing with the Hong Kong stock exchange on Wednesday. “Despite the government relaxing measures on... https://www.scmp.com/business/article/3232061/property-developer-k-wahs-profit-falls-more-half-hong-kongs-higher-interest-rates-sour-market?utm_source=rss_feed https://www.scmp.com/business/article/3232061/property-developer-k-wahs-profit-falls-more-half-hong-kongs-higher-interest-rates-sour-market?utm_source=rss_feed Wed, 23 Aug 2023 12:00:25 +0000 Galaxy Entertainment Group said it would create 900 new jobs for locals after the Macau casino operator recorded a 72 per cent jump in first-quarter revenue, following the city relaxing its Covid-19 restrictions and reopening its borders to tourists. The casino firm, controlled by the family of Hong Kong property tycoon Lui Che-woo, reported revenue of HK$7.05 billion (US$901.8 million) in the first three months of 2023, compared with HK$4.1 billion a year ago, according to a filing with the... https://www.scmp.com/business/banking-finance/article/3221399/macau-casino-operator-galaxy-entertainments-revenue-jumps-72-cent-tourists-return-create-900-jobs?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3221399/macau-casino-operator-galaxy-entertainments-revenue-jumps-72-cent-tourists-return-create-900-jobs?utm_source=rss_feed Mon, 22 May 2023 09:22:26 +0000 Billionaires Li Ka-shing, Lee Shau-kee, and Henry Cheng are once again the three wealthiest people in Hong Kong, according to Forbes. In the Forbes Hong Kong Richest list published on Wednesday that revealed the city’s top 50 billionaires, 20 of them made their fortunes in property, six in the manufacturing sector and four in logistics. The 50 tycoons now have a combined wealth of US$324 billion, down US$4 billion from last year. The 94-year old Li, former chairman of CK Hutchison Holdings,... https://www.scmp.com/business/china-business/article/3211214/li-ka-shing-lee-shau-kee-and-henry-cheng-hold-top-three-spots-forbes-hong-kong-richest?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3211214/li-ka-shing-lee-shau-kee-and-henry-cheng-hold-top-three-spots-forbes-hong-kong-richest?utm_source=rss_feed Thu, 23 Feb 2023 05:27:57 +0000 K Wah International Holdings, the property developer owned by one of Macau’s biggest casino owners, reported its first drop in annual core earnings since 2017 after a Covid-19 led tourism slump deprived it of dividends from the gambling business. The company’s 2021 underlying profit, excluding a revaluation gain on investment properties, fell 17.4 per cent to HK$2.93 billion (US$374 million) from HK$3.54 billion, K Wah said in a statement on Tuesday. Net profit taking the revaluation gain into... https://www.scmp.com/business/article/3171411/hong-kong-developer-k-wah-reports-first-decline-core-profit-2017-absence?utm_source=rss_feed https://www.scmp.com/business/article/3171411/hong-kong-developer-k-wah-reports-first-decline-core-profit-2017-absence?utm_source=rss_feed Tue, 22 Mar 2022 10:30:19 +0000 Jiangmen ranks as the second poorest city in the Greater Bay Area. Yet, it is rich in its own way, counting a casino tycoon, an ex-NBA star, the king of oyster sauce, and a host of Hong Kong’s film stars among its famous natives and benefactors. The city of 4.6 million people in the southernmost part of Guangdong province – about two to three hours from Hong Kong by train or ferry – thrives with millions of natives overseas, including tycoon Lui Che-woo of casino operator Galaxy Entertainment... https://www.scmp.com/business/article/3096198/jiangmen-greater-bay-area-laggard-counts-casino-tycoon-ex-nba-star-and?utm_source=rss_feed https://www.scmp.com/business/article/3096198/jiangmen-greater-bay-area-laggard-counts-casino-tycoon-ex-nba-star-and?utm_source=rss_feed Thu, 06 Aug 2020 00:30:08 +0000 A United Nations agency that aims to reduce the effect of natural disasters has been named one of three recipients of the latest Lui Che Woo Prize. It was announced on Friday that the World Meteorological Organisation would be awarded the Welfare Betterment Prize for its long-term efforts in mitigating disaster losses related to extreme weather and climate events. The prize was established by Hong Kong property tycoon and casino magnate Lui Che-woo in 2015 for “advancing world civilisation” and... https://www.scmp.com/news/hong-kong/community/article/2161275/lui-che-woo-prize-awarded-world-meteorological-organisation?utm_source=rss_feed https://www.scmp.com/news/hong-kong/community/article/2161275/lui-che-woo-prize-awarded-world-meteorological-organisation?utm_source=rss_feed Fri, 24 Aug 2018 12:24:10 +0000 K Wah International, the property developer chaired by casino magnate Lui Che-woo, aims to boost its land bank and chase lucrative acquisition targets as it looks to build premium residential and commercial projects in affluent regions of the mainland. It is one of several Hong Kong-based developers taking advantage of favourable borrowing costs compared with those available to their mainland counterparts as Beijing tightens restrictions on the overheated property market. Chief financial officer... https://www.scmp.com/business/companies/article/2121128/developer-k-wah-international-eyes-expansion-chinas-affluent?utm_source=rss_feed https://www.scmp.com/business/companies/article/2121128/developer-k-wah-international-eyes-expansion-chinas-affluent?utm_source=rss_feed Wed, 22 Nov 2017 23:02:18 +0000 Tycoon Lui Che-woo, a pioneer in Hong Kong’s quarrying industry who later built his wealth in the property and casino industries, will hand back to the government the city’s largest quarry site to make way for development of nearly 10,000 new apartments. K. Wah Construction Materials (KWCM), renamed Galaxy Entertainment Group in 2005 and 41.2 per cent owned by Lui – was granted Hong Kong’s first contract quarry rights at Anderson Road, East Kowloon in 1964. The company will give up the quarry... https://www.scmp.com/property/hong-kong-china/article/2104021/tycoon-return-hong-kongs-largest-quarry-site-government?utm_source=rss_feed https://www.scmp.com/property/hong-kong-china/article/2104021/tycoon-return-hong-kongs-largest-quarry-site-government?utm_source=rss_feed Tue, 25 Jul 2017 16:03:32 +0000 Hong Kong’s wealthiest are not what they used to be. Where and how fortunes were made very much charted how quickly they grew their billions in the two decades since Hong Kong returned to Chinese power in 1997. Just as the property business was the mainstay to their rise and success in the 1980s and 1990s, diversification into other industries and geographies became the key to their wealth. No other tycoon exemplifies the change as well as Li Ka-shing, Hong Kong’s richest man. Li’s estimated net... https://www.scmp.com/business/companies/article/2100424/secret-hong-kong-tycoons-success-one-word-diversify?utm_source=rss_feed https://www.scmp.com/business/companies/article/2100424/secret-hong-kong-tycoons-success-one-word-diversify?utm_source=rss_feed Thu, 29 Jun 2017 04:30:45 +0000 Hong Kong property tycoon and casino owner Lui Che-woo yesterday launched a HK$60 million annual award, named after himself, to honour people who contribute to "world civilisation". A cash award of HK$20 million - one of the world's richest - awaits the laureate in each of three categories, which will change focus each year, in the Lui Che Woo Prize. They will also receive a certificate and a trophy. The prize money is much higher than that of the Nobel Prize and the Shaw Prize, set up by the... https://www.scmp.com/news/hong-kong/education-community/article/1861102/asias-second-richest-man-lui-che-woo-launches?utm_source=rss_feed https://www.scmp.com/news/hong-kong/education-community/article/1861102/asias-second-richest-man-lui-che-woo-launches?utm_source=rss_feed Thu, 24 Sep 2015 10:00:00 +0000 The mammoth task of transforming Macau from a highly lucrative but lopsided casino economy into a diverse Las Vegas-style tourist hub got under way in earnest yesterday with the glitzy opening of the second phase of Galaxy Macau on the city's Cotai Strip. The HK$43 billion extension - which includes three hotels, two casinos and other entertainment facilities - doubles the resort's presence on the strip and represents just under half of the company's planned HK$100 billion investment in... https://www.scmp.com/news/china/economy/article/1811036/first-new-casino-opens-beijing-turned-tables-macau?utm_source=rss_feed https://www.scmp.com/news/china/economy/article/1811036/first-new-casino-opens-beijing-turned-tables-macau?utm_source=rss_feed Wed, 27 May 2015 21:15:00 +0000 K Wah International Holdings’ net profit rose 11 per cent last year to HK$1.83 billion, thanks to increased property revaluation gains. The company, chaired by Lui Che-woo, said on Thursday that underlying profits, excluding the revaluation item, amounted to HK$676 million. In its results announcement for 2013, underlying profit was put at HK$1.39 billion. The company posted property revaluation gains of HK$1.36 billion last year, against HK$71.07 million in 2013. Turnover fell about 67 per cent... https://www.scmp.com/business/companies/article/1747756/property-revaluation-gains-boost-k-wahs-bottom-line?utm_source=rss_feed https://www.scmp.com/business/companies/article/1747756/property-revaluation-gains-boost-k-wahs-bottom-line?utm_source=rss_feed Thu, 26 Mar 2015 07:30:15 +0000 The world's top 10 Chinese billionaires are all self-made and none of them were born in the year of the goat, a survey released yesterday shows. The study, by consultancy firm Wealth-X, found that the richest three were born in the year of the dragon, considered the most auspicious Chinese zodiac year. Hong Kong business magnate and head of the Cheung Kong Group Li Ka-shing retains the top ranking with a net worth of US$30.6 billion. In second place is another member of Hong Kong's old guard,... https://www.scmp.com/business/money/article/1717246/cheung-kong-boss-li-ka-shing-leads-pack-worlds-richest-chinese?utm_source=rss_feed https://www.scmp.com/business/money/article/1717246/cheung-kong-boss-li-ka-shing-leads-pack-worlds-richest-chinese?utm_source=rss_feed Tue, 17 Feb 2015 15:30:00 +0000 Sheldon Adelson, the 81-year-old billionaire chairman and founder of casino operator Las Vegas Sands, will take over as chief executive for its Macau subsidiary Sands China following the retirement of Edward Tracy. News of the change, which takes effect from March 6, came in a filing to the stock exchange a week after Tracy announced his retirement. Robert Goldstein, president and chief operating officer of Las Vegas Sands, will be appointed interim president of Sands China with effect from the... https://www.scmp.com/business/companies/article/1690136/adelson-take-helm-sands-china-galaxy-unveils-new-macau-casino?utm_source=rss_feed https://www.scmp.com/business/companies/article/1690136/adelson-take-helm-sands-china-galaxy-unveils-new-macau-casino?utm_source=rss_feed Fri, 23 Jan 2015 12:45:30 +0000 The government should import workers to cope with the problem of increasing construction costs, K Wah International chairman Lui Che-woo says of a problem brought on in part by an ageing population in Hong Kong. "Although land costs have dropped, the impact has been offset by the increasing construction cost. The government should consider training more new workers. They should consider how to import labour to lower the construction cost," Lui said after the annual general meeting of K Wah... https://www.scmp.com/property/hong-kong-china/article/1531148/import-workers-solve-rising-costs-says-k-wah-chairman-lui?utm_source=rss_feed https://www.scmp.com/property/hong-kong-china/article/1531148/import-workers-solve-rising-costs-says-k-wah-chairman-lui?utm_source=rss_feed Thu, 12 Jun 2014 21:45:30 +0000 Lui Che-woo became Asia's second-richest person by setting up a casino company that within a decade became the world's third-biggest by market value. The 84-year-old says he is just hitting his stride. "What can I do if I retire, watch the sun rise and set?" said the chairman of Galaxy Entertainment who first made his fortune in construction and also owns 13 hotels in the US, including seven Hiltons. "I want to do something meaningful. I don't want to just sit there waiting to die." Lui plans to... https://www.scmp.com/business/companies/article/1417025/galaxy-casino-chairman-lui-che-woo-wants-expand-beyond-macau?utm_source=rss_feed https://www.scmp.com/business/companies/article/1417025/galaxy-casino-chairman-lui-che-woo-wants-expand-beyond-macau?utm_source=rss_feed Wed, 29 Jan 2014 21:00:30 +0000 Galaxy Entertainment chairman Lui Che-woo has ridden Macau's casino boom to become Hong Kong's second-richest person, according to Forbes magazine. The 84-year-old tycoon saw his net worth rise US$11.5 billion last year, the magazine said in its Forbes Hong Kong Rich list released yesterday. "His new net worth at US$21 billion, against US$9.5 billion previously, catapulted him from the fifth-richest man in Hong Kong last year to second on this year's list," it said. Lui more than doubled his... https://www.scmp.com/business/money/wealth/article/1401485/macaus-casino-boom-propels-lui-che-woo-no-2-hong-kongs-rich?utm_source=rss_feed https://www.scmp.com/business/money/wealth/article/1401485/macaus-casino-boom-propels-lui-che-woo-no-2-hong-kongs-rich?utm_source=rss_feed Thu, 09 Jan 2014 08:00:15 +0000 If you are not familiar with the industry, don't do the business - so goes the Chinese idiom intended as a warning to potential entrepreneurs not to start a business in unfamiliar industry and so avoid failure. But for every rule, there must be an exception, and young, intrepid Lui Che-woo defied cautionary wisdom and successfully embraced every business opportunity that chance threw his way. Now 83 and chairman of KWah Group, he forged a multinational conglomerate with interests in property,... https://www.scmp.com/business/companies/article/1101617/monday-face-lui-che-woo?utm_source=rss_feed https://www.scmp.com/business/companies/article/1101617/monday-face-lui-che-woo?utm_source=rss_feed Sun, 09 Dec 2012 16:00:00 +0000 For someone who has been bellyaching about Hong Kong's air quality for the past 18 months, and for the NGOs that have been at it for much longer, it was music to the ears to hear the environment secretary say air quality - roadside pollution, in particular - was to be a priority for his department. It's the best news on the environment front for the past eight years, or however long do-next-to-nothing Donald Tsang was chief executive. But the most interesting point was that the government... https://www.scmp.com/business/article/1042679/clearer-air-end-tunnel-last?utm_source=rss_feed https://www.scmp.com/business/article/1042679/clearer-air-end-tunnel-last?utm_source=rss_feed Fri, 21 Sep 2012 16:00:00 +0000 You might expect casino billionaires to experience their properties differently from the thousands of others who pass through the doors each day. Take Galaxy Entertainment vice-chairman Francis Lui Yiu-tung, 55, who spent a recent weekend with his wife in the presidential suite of the Okura Hotel within his five-month-old, HK$16.5 billion Cotai resort complex. 'It was nice,' Lui said, then paused. 'The ice cubes were too small.' Lui's attention to detail is part of a much bigger, bolder... https://www.scmp.com/article/983467/galaxy-aiming-stars?utm_source=rss_feed https://www.scmp.com/article/983467/galaxy-aiming-stars?utm_source=rss_feed Sun, 30 Oct 2011 16:00:00 +0000 Macau gaming operator Galaxy Entertainment Group posted a sharp growth in earnings in the first quarter of this year thanks to a big rise in VIP gaming and a 97 per cent hotel occupancy rate. The group, controlled by the family of property and construction tycoon Lui Che-woo, reported a year-on-year growth of 71 per cent in earnings before interest, taxes, depreciation, and amortisation (ebitda) to reach HK$712 million, up from HK$417 million in the same period of last year. The figure also... https://www.scmp.com/article/965720/vip-players-help-galaxy-win-big?utm_source=rss_feed https://www.scmp.com/article/965720/vip-players-help-galaxy-win-big?utm_source=rss_feed Wed, 20 Apr 2011 16:00:00 +0000 Lui Che-woo, chairman of KWah Group, has been named this year's Business Person of the Year in the DHL/SCMP Hong Kong Business Awards held at the Grand Hyatt. His latest triumph is the culmination of a series of important business deals - spearheaded by Dr Lui - which has earned the group significant profits this year compared to previous years. For the first six months of the year, ending June30, the company's gross profits soared to HK$471.78million compared to HK$93.82million last... https://www.scmp.com/article/618506/chairman-builds-rock-solid-foundation?utm_source=rss_feed https://www.scmp.com/article/618506/chairman-builds-rock-solid-foundation?utm_source=rss_feed Thu, 06 Dec 2007 16:00:00 +0000 Police were last night trying to locate those responsible for placing a home-made 'coffin' bearing the name Lui Che-woo, chairman of the listed company, K. Wah International Holdings Ltd, inside what is believed to be a stolen van found abandoned outside Mr Lui's hotel in Mody Road, Tsim Sha Tsui, at dawn yesterday. When he was contacted last night, Mr Lui said: 'It's a sick joke.' The incident would not hamper the operations of his company, he said. https://www.scmp.com/article/343436/coffin-sick-joke?utm_source=rss_feed https://www.scmp.com/article/343436/coffin-sick-joke?utm_source=rss_feed Thu, 05 Apr 2001 16:00:00 +0000 The substantial shareholder of K. Wah Construction Materials, Lui Che-woo, has reduced his stake in the company to 7.01 per cent from 16.96 per cent by placing 77 million shares to private and institutional investors at $1.30 each. Mr Lui, who does not plan to lower his holding further, will generate $100.1 million from the sale. https://www.scmp.com/article/201678/shareholder-reduces-stake?utm_source=rss_feed https://www.scmp.com/article/201678/shareholder-reduces-stake?utm_source=rss_feed Thu, 26 Jun 1997 16:00:00 +0000 THE Government should exercise caution in releasing sites for hotel development to guard against over-supply of hotel rooms, Federation of Hong Kong Hotel Owners chairman Lui Che-woo says. Commenting on reports that the Lands Department planned to allocate 20 sites for hotel development, Mr Lui said if the Government did not carefully plan the timing for the release of the sites they could lead to an over-supply of hotel rooms. He said the federation agreed that Hong Kong needed about... https://www.scmp.com/article/111335/hotel-owners-urge-caution?utm_source=rss_feed https://www.scmp.com/article/111335/hotel-owners-urge-caution?utm_source=rss_feed Wed, 22 Mar 1995 16:00:00 +0000