Not only has Macau gambling propelled Sheldon Adelson, chairman and CEO of Las Vegas Sands Corp. (LVS), into the upper regions of Bloomberg’s list of billionaires but it also has done a similar thing for his former Asian partner.
Adelson and Lui Che-Woo, founder of Galaxy Entertainment Group Ltd., won one of three casino licenses granted by Macau authorities in 2002 when the former Portuguese enclave ended the gaming monopoly of Stanley Ho. However, the two octogenarians split the license within a year following a disagreement.
Since then, Lui’s Galaxy opened the StarWorld Macau Casino, across the street from Ho’s Grand Lisboa, and later added the 2,200-room Galaxy Macau on the Cotai Strip, while Sands China has opened four casinos and is building another.
Lui, born in China, lived with his family in California during his early years but returned to China prior to World War II. He owns 65% of Galaxy on his own or in a family trust.
Over the weekend, Macau officials reported, despite a late-month typhoon that disrupted business, gaming revenue rose 21.4% to $3.6 billion during the month of September. Analysts expect October to be another record-breaking month, possibly reaching $4 billion.
Ray Poirier is the longtime executive editor at GamingToday.
Contact Ray at [email protected].