Melco’s Lawrence Ho Loses Spot on Forbes Hong Kong Wealthy Listing

Posted on: February 23, 2024, 01:48h. 

Final up to date on: February 22, 2024, 04:50h.

Melco Resorts founder, chairman, and CEO Lawrence Ho has misplaced his spot on Forbes’ record of the 50 richest individuals in Hong Kong.

Melco Resorts Lawrence Ho Forbes richest
Melco Resorts CEO Lawrence Ho delivers remarks on the opening of the Morpheus resort at Metropolis of Goals in Macau in June 2018. Ho misplaced his place on Forbes’ Hong Kong Richest record for 2024. (Picture: Melco Resorts)

Forbes this week unveiled its Hong Kong 50 Richest record, and for the primary time in a decade, Ho isn’t among the many wealthiest individuals calling the Chinese language Particular Administrative Area (SAR) house. With an estimated fortune of round $1 billion, Ho’s monetary place didn’t rank him within the prime 50.

Ho’s web price estimated by Forbes declined by about $400 million over the previous yr from $1.4 billion to $1 billion. The fiftieth place on the 2024 Hong Kong Richest record was trend magnate Kenneth Lo with a fortune of $1.1 billion.

Ho’s wealth is tied up significantly in Melco, a Hong Kong-based firm that operates on line casino resorts in Macau, the Philippines, and Cyprus. The agency is most uncovered in Macau the place it owns and operates two built-in resort properties — Metropolis of Goals and Studio Metropolis.

Melco Downfall

Publicly traded on the Nasdaq, Melco’s shares are down practically 34% over the previous yr. The shares misplaced 2% throughout Thursday buying and selling to shut at $8.18.

Melco is attempting to maintain its Macau casinos bustling after junket teams — the journey organizers that had introduced VIP excessive rollers to the enclave for over a decade — had been pressured out by Beijing. China President Xi Jinping advised the Macau authorities to maintain nearer tabs on the junkets, which led to the prosecution and conviction of former Suncity Group boss Alvin Chau. Junkets subsequently departed the market.

Melco is attempting to make its Macau properties extra interesting to a wider demographic. The corporate final yr added a sprawling indoor water park at Studio Metropolis to make the vacation spot extra family-friendly.

Macau’s six on line casino concessions gained $22.7 billion on their gaming flooring final yr. Although that constituted a 334% surge on 2022 on line casino win, it represents simply 63% of the quantity the gaming operators gained off gamblers in pre-pandemic 2019.

Ho is the son of the late Stanley Ho, the so-called “King of Playing” who held a monopoly on casinos in Macau till the flip of the century when the enclave was handed to China from Portugal.

Stanley Ho had at the least 17 kids with a number of wives. Ho lived a polygamist life-style, as polygamy was authorized in Hong Kong till the early Nineteen Seventies.

Considered one of his widows is Angela Leong. She ranked No. 33 on the 2024 Hong Kong Richest record with a web price of $2.4 billion.

Leong inherited a lot of her late husband’s empire, together with SJM Resorts, the Hong Kong-headquartered on line casino firm that is among the six Macau on line casino operators.

Lawrence Ho’s eldest half-sister, Pansy Ho, ranked No. 22 with a $3.7 billion fortune. Ms. Ho inherited her father’s Shun Tak Holdings actual property conglomerate. She’s additionally a significant investor in MGM China, one of many six Macau on line casino giants.

On line casino Tycoons

Together with Pansy Ho and Angela Leong, the Hong Kong Richest record consists of Dr. Lui Che Woo, whose $12.1 billion fortune stems largely from Galaxy Leisure. Galaxy can also be headquartered in Hong Kong and is among the six Macau on line casino licensees.

Lui’s web price dropped from practically $15 billion final yr. Pansy Ho’s fortune was additionally trimmed from $3.8 billion. Leong’s wealth declined from $2.7 billion.

The losses observe the benchmark Dangle Seng index, the inventory market of Hong Kong. Over the previous yr, the index is down nearly 18%.

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