Hong Kong’s gaming tycoons have seen their fortunes tumble over the last 12 months on the back of the COVID-19 pandemic, according to Forbes’ annual list of the 50 richest people in Hong Kong.
With businessman Li Ka-shing still topping this year’s list with a fortune of US$35.4 billion, Galaxy Entertainment Group Chairman Lui Che Woo was the top-placed representative of the Macau gaming industry at number 8, down three places since last year, with his fortune having declined from US$17.8 billion to US$12.8 billion, according to Forbes.
MGM China Co-Chairperson and Managing Director Pansy Ho is next on the list at number 28, having seen her wealth fall 17% to US$3.4 billion, followed by the fourth wife of Stanley Ho, Angela Leong, in 33rd place with a US$2.9 billion fortune, down 12%.
Melco Resorts Chairman and CEO, Lawrence Ho, saw 37% shaved from his fortune, coming in at number 46 with US$1.3 billion.
At the other end of the scale, Henry Cheng – who still holds a 10% stake in SJM Holdings parent STDM acquired by his father, Cheng Yu-tang, in 1982 – not only retained his spot at number 3 but also saw his fortune grow by some US$4.3 billion to US$26.4 billion, mainly on the back of his Chow Tai Fook Jewellery Group.
Forbes said the combined wealth of Hong Kong’s 50 Richest 2022 fell slightly from US$331 billion last year to US$328 billion, impacted by the city’s zero-COVID policy, However, even in this climate more than half of the list saw their fortunes grow.