Article Published on: November 11, 2024, 04:13h.
Last Updated on: November 11, 2024, 04:13h.
Lui Che-woo, the founder and chairman of Galaxy Entertainment and one of Hong Kong’s wealthiest individuals, has passed away at the age of 95.
The casino mogul and philanthropist was a self-made entrepreneur who began with a small business providing building materials and grew it into a large multinational corporation with investments in real estate and gaming in China, Hong Kong, Macau, and Singapore.
Lui peacefully passed away on November 7, as announced by Galaxy in a statement to the Hong Kong Stock Exchange on Monday.
The statement lauded the founder’s “vision, exceptional leadership, and guidance [which] were the pillars for the group’s growth and ongoing success.”
13-Year-Old Entrepreneur
He was born in 1929 in Jiangmen, Guangdong Province, and his family relocated to Hong Kong when he was four. Due to the Japanese occupation of Hong Kong, he had to leave school at the age of 12.
During the occupation, when food was scarce, the 13-year-old Lui started selling peanuts on the streets and saved the earnings to establish a food manufacturing and distribution business.
After the war, he partnered with his uncle to create an auto parts business and later launched his own auto parts brand that expanded into the construction industry.
In 1955, he established the K. Wah Company in Hong Kong, specializing in land reclamation projects. In the 1960s, he ventured into property development, and in 1989, K. Wah became a publicly traded company on the Hong Kong Stock Exchange.
When Macau opened its casino market in 2002, moving away from the monopoly controlled by Stanley Ho, Lui’s new venture, Galaxy Entertainment, was among the initial license recipients. He promptly began the development of the $1.9 billion Galaxy Macau, which opened in 2011.
In 2005, Galaxy Entertainment became the first company to be listed on the Hong Kong Stock Exchange.
Education Advocate
Despite lacking a formal education, Lui dedicated his philanthropy to advancing education in China and worldwide. He received honorary doctorates from multiple universities and enjoyed being addressed as “doctor.”
He was especially passionate about youth education and technological advancement. Lui commanded great respect across various sectors of society,” stated Galaxy in its release.
Forbes estimated his wealth at US$12.1 billion last year.
His passing will not disrupt Galaxy’s activities, and a new chairman will be appointed in the future, according to the company.