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China – Galaxy Founder named as Asia’s richest man

By - 17 January 2014

Galaxy Entertainment Founder Lui Che-Woo is now officially Asia’s richest person with Bloomberg Billionaires Index saying he is now richer than Hong Kong real estate investor Li Ka-Shing.

The Galaxy boss’s net worth has increased by $3.5bn in January to $29.6bn, pushing him $100m ahead of Mr. Li, who was Asia’s richest man from April 9, 2012.

Mr. Lui owns 51 per cent of Macu operator Galaxy, Asia’s third-largest casino operator by revenue. Galaxy’s shares increased by 129 per cent during 2013 Macau’s GGR boomed by 18.6 per cent to come in at $45.2bn.

Union Gaming Group’s Grant Govertsen said: “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.”

Galaxy now owns six of the 35 casinos in Macau most notably Star World and Galaxy Macau. They recently posted record quarterly revenue of HK$16.3bn, an increase of 16 per cent year-on-year for its third quarter.

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