Hong Kong casino moguls saw their fortunes turn around as Macau made drastic changes to its gambling hub laws. However, in January, it was a different time when casino stocks surged. It came after the Chinese government announced its proposed legislation that maintained the number of casino licenses before the June deadlines.
Macau also proposed increasing gambling tax, appointing casino regulators, and restricting dividends. Beijing’s goal is to diversify Macau’s economy beyond gaming.
In any case, the bounce back is no place near fixing the market defeat that started when the pandemic struck in mid-2020 that led to the decline in visitors’ numbers. Lui Che Woo, Galaxy Entertainment Group chairman, and his family saw their total assets fall 28 percent to $12.8 billion. MGM China co-chair Pansy Ho saw her wealth decline 17 percent to $3.4 billion.
Hong Kong Casino Moguls Suffered Decline in Wealth
Angela Leong, Stanley Ho’s fourth spouse and SJM Holdings’ biggest individual investor, saw a 12 percent drop to $2.9 billion. In addition, Pansy’s younger sibling Lawrence Ho, who controls Melco Resorts, saw his wealth drop 37 percent to $1.25 billion.
According to online casino reviews and news sites, Macau’s casinos face a drawn-out, challenging experience to recuperation. Nevertheless, gaming income rose 43 percent to $10.8 billion last year. Also, it was a third of $36.5 billion in 2019. When travel checks are lifted, high rollers from central China will not return to Macau. Also, during the pandemic, people choose to play online slots.
Macau police captured Chan Weng Lin, head of club bunch Macau Legend Development and trip administrator Tak Chun Group, for supposed illegal tax avoidance in late January. According to best online casino Korea experts, It comes closely following the high-profile capture of Alvin Chau, originator of Suncity Group, which shut all its VIP betting rooms in the city in December.