Galaxy casino chairman Lui Che-woo wants to expand beyond Macau
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.
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 expand his business empire beyond Macau and said he was open to acquiring US casinos. Meanwhile, Galaxy, which is spending about US$10 billion to expand its gambling resort in Macau, may also invest HK$10 billion in nearby Hengqin island, Lui said. He also plans to set up a charity to build schools on the mainland.
Galaxy runs six of the 35 casinos in Macau, where casino revenue surged 19 per cent to US$45 billion last year, about seven times that of the Las Vegas Strip. After a more than sixfold increase in net income in the three years to 2012, the company is seeking to repeat its success outside Macau, where the industry faces land and labour constraints.
"We don't miss out on great opportunities," Lui said in an interview last week in his office with a commanding view of East Kowloon, which includes land reclaimed with rocks from his quarries.
"We'd love to expand, especially after our resorts that combine casino, entertainment shows, arts and shopping have proved to be successful."
