Lui Che-woo, Billionaire Galaxy Entertainment Founder, Dies Age 95

Posted on: November 11, 2024, 04:13h. 

Last updated on: November 12, 2024, 09:20h.

Philip Conneller @casinoorgphilc Read More

Expertise: Gaming Business, Regulation, Tribal Gaming.

Lui Che-woo, the founder and chairman of Galaxy Entertainment and one of Hong Kong’s richest men, has died, age 95.

The casino tycoon and philanthropist was a self-made man who rose from humble beginnings to become one of the special administrative region’s most celebrated entrepreneurs. He transformed a small company supplying structural materials into a sprawling multinational conglomerate with interests in property development and gaming throughout mainland China, Hong Kong, Macau, and Singapore.

Lui passed away peacefully on November 7, Galaxy said in a statement to the Hong Kong Stock Exchange Monday.

The statement praised the founder’s “vision, tremendous leadership, and guidance [which] were the foundations for the group’s development and continued success.”

13-Year-Old Entrepreneur

Born in 1929 in Jiangmen, Guangdong Province, Lui’s family moved to Hong Kong when he was four. He was forced to drop out of school at the age of 12 during the Japanese occupation of Hong Kong.

Food was scarce during the occupation, and the 13-year-old Lui began selling peanuts on the street, saving the proceeds to start a food manufacturing and distribution business.

After the war, he formed an auto parts business with his uncle before establishing his own auto parts brand that later branched into construction.

When Macau liberalized its casino market in 2002, breaking with the monopoly formerly held by Stanley Ho, Lui’s new company, Galaxy Entertainment, became one of the first operators to receive licensing. Lui immediately began work on the $1.9 billion Galaxy Macau, which eventually opened in 2011.

In 2005, Galaxy Entertainment became the first gambling company to list on the Hong Kong Stock Exchange.

Education Champion

Denied a formal education himself, Lui was devoted through his philanthropy to promoting education in China and around the world. He was later awarded honorary doctorates by several universities and delighted in using the “doctor” honorific.

He was particularly concerned with the education of young people and the development of technology. Lui commanded high respect across different sectors of the community,” Galaxy said in its statement.

Lui’s wealth was estimated to be US$12.1 billion, according to Forbes.

His passing won’t have any impact on Galaxy’s operations, and a new chairman will be appointed in due course, the company said.