By Christine Duhaime, B.A., J.D., Gaming Attorney & Certified Anti-Money Laundering SpecialistFollow @cduhaime
According to Forbes' Asia Hong Kong's Richest List, Galaxy's Chairman, Lui Che Woo doubled his wealth for the second year in a row, rising to No. 2 on the List. His net worth is now $21 billion, a gain of $11.5 billion in one year. Li Ka-shing continues to hold the No. 1 spot with a fortune worth $32 billion.
Four people on the List have ties to Stanley Ho, the casino kingpin in Macau, and their fortunes moved up sharply. Mr. Ho's daughter, Pansy Ho, ranks No. 9 with wealth of $6.8 billion, up from $3.9 billion last year. His wife Angela Leong is worth an estimated $2.85 billion, compared with $2.1 billion last year. At No. 12 with wealth of $3.4 billion, Mr. Ho’s son Lawrence is the highest-ranking of seven newcomers to the List, because of a rise in the stock price of Melco International. Mr. Ho’s third wife, Ina Chan, is at No. 46 with wealth of $1.1 billion.
Hong Kong-backed casinos have thrived alongside competition from American casinos. Shares in the Hong Kong-listed Sands China, the Macau business arm of the Las Vegas Sands, have soared more than 85% in the past year, while shares in Wynn Macau have also increased in value.