Galaxy Entertainment founder Lui Che Woo dead at 95
Lui Che Woo, founder and chairman of Macau casino operator Galaxy Entertainment Group (GEG), has died. GEG announced his passing on 11 November.
Lui died on 7 November at his home in Hong Kong. In a statement, the company hailed his âvision, tremendous leadership and guidanceâ in building one of Macauâs premier gaming companies. No cause of death was given.
Reuters called Lui a visionary who âhelped Macau eclipse rival Las Vegas in gambling revenuesâ. He ranks alongside other trailblazers in the market, including Steve Wynn, founder of Wynn Resorts; Sheldon Adelson, founder of the Las Vegas Sands Corp; and Stanley Ho, the father of Macau gaming, who established SJM Holdings in the early 1960s.
Young entrepreneur, diverse interests
Born in Guangdong, China in 1929, Lui moved to Hong Kong at age four. According to Channel News Asia, he began working in food service at 13. Over time, he launched a number of businesses, trading first in heavy machinery and selling quarrying and construction materials. Later, in the 1960s, he began adding hotels to the portfolio.
In 2002, after Macau opened its casino industry to global investment, Lui won one of the first gaming concessions. In 2006, he opened his flagship casino resort, StarWorld, on the Macau peninsula.
According to the company website, Luiâs resort company succeeded by âdelivering innovative, spectacular and award-winning properties, products and servicesâ. Its âworld-class, âAsian Heartâ service philosophyâ enabled it to âconsistently outperform the market in Macauâ.
Galaxy released its third-quarter results on 7 November, posting an 11% increase in net profit over 2023.
In 2011, GEG opened the massive Galaxy Macau on the Cotai Strip. Phase 3 of development, completed in December, added two new hotels and the 40,000sqm Galaxy International Convention Centre. Phase 4 will add 600,000sqm of non-gaming attractions, âprimarily⊠MICE, entertainment [and] family facilities,â according to GEG.
âSignificant contributionsâ to Macau
The Straits Times estimated Luiâs net worth at HK$112.8 billion (ÂŁ11.4 billion/âŹ13.75 billion/$14.5 billion). He was known for his trademark flat cap and also for his generosity.
In 2015, he established the Lui Che Woo Prize for World Civilisation. Each year, it awards three prizes of HK$20 million each to individuals or organisations that promote âlasting serenity and shared harmonyâ through sustainable development, âcontributions to mankind and promotion of positive life energyâ.
Incoming Macau chief executive Sam Hou Fai called Lui âa highly respected entrepreneur and philanthropist.⊠[We] commend him for his significant contributions to the appropriate and diversified development of the Macau economy over the years.â
GEG said it will appoint a new chairman âin due courseâ.
