BRIEF: Galaxy Entertainment Chairman Lui Che Woo dies at 95
Galaxy Entertainment Group Ltd .(0027.HK), one of Macau’s leading casino operators, announced on Monday that its Chairman Lui Che Woo died last Thursday at the age of 95.
Lui was born in the city of Jiangmen in South China’s Guangdong province in 1929. He seized on the rapid development of Hong Kong after World War Two to get involved in the building materials business by establishing K. Wah Co. in 1955. He won mining rights for the local Anderson Road Quarry in the 1960s, and was dubbed the “Quarstone King.” He later invested in real estate and hotels.
He was over 70 when he entered Macau’s gaming industry in 2002 by winning one of the city’s newly issued casino licenses. His new company, Galaxy Entertainment, went on to thrive in sync with Macau’s gaming boom, and became a constituent of Hong Kong’s benchmark Hang Seng Index in 2013. The company now controls about 20% of Macau’s gaming market, second only to Sands China (1928.HK).
Galaxy Entertainment shares opened down 0.3% on Tuesday and were down by a similar amount late in the morning trading session.
By Lau Chi Hang
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