Gambling magnates entered the 50 richest people of Hong Kong according to Forbes

Gambling magnates entered the 50 richest people of Hong Kong according to Forbes

Six billionaires whose business interests are related to the gambling industry of Macau, occupy a prominent place in the list of 50 richest people in Hong Kong according to Forbes.

Despite the fact that the rating of most magnates fell, Henry Kar Shun Cheng - chairman of the Chow Tai Fook and New World Development jewelry group, which is part of the board of the SJM Holdings Ltd casino - has managed to improve his position. In recent years, his business empire has sought to expand its interests in the casino industry, participating in projects in Vietnam, Australia and the Bahamas.

Louis Che Wu who is considered the richest man in Hong Kong and ranked third in last year's Forbes ranking list. Wu is the founder and chairman of Macau's Galaxy Entertainment Group Ltd casino. Forbes estimated the capital of an entrepreneur at $14.8 billion.

Pansy Ho Chiu King, daughter of Stanley Ho Hung San, and MGM China Holdings Ltd., second largest investor, is located at the 20th place in the ranking. According to the latest data, Pansy Ho controls a large stake in SJM Holdings through third-party companies. Last year, the billionaire’s daughter was ranked 15th.

Angela Leong On Kay, fourth spouse of Stanley Ho and executive director of SJM Holdings, dropped from 22nd in 2018 to 24th place. Managing Director of SJM Holdings and the largest shareholder of the company, whose capital is estimated at $4.1 billion.

At the 28th place on the Forbes list is Pollyanna Chu Yuet Wah, whose assets amount to $3.3 billion. The Chu family is controlled by Kingston Financial Group Ltd, an investor in two casinos: Casa Real on the Macau Peninsula and Grandview on Taipa.

Lawrence Ho Yau Lung, manager of Asian Melco Resorts and Entertainment Ltd casino, this year dropped to 34th place. Ho's capital is $2.3 billion. In addition, he is the youngest billionaire on the Forbes list: the gambling magnate is only 42 years old.

The Forbes annual list is compiled using information on shareholders and financial information received from individuals, stock exchanges, analysts and unofficial databases.

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