HONG KONG (SCMP): Lui Che-woo (pic), who rose from humble beginnings to become one of Asia’s biggest casino magnates, with a portfolio of hotels, resorts and property in Hong Kong and Macau, has died. He was 95.
Lui, the chairman of the K. Wah Group of companies, passed away peacefully on November 7, according to separate filings to the Hong Kong stock exchange by his companies K. Wah International and Macau casino and resort operator Galaxy Entertainment.
Lui, the founder of the group, “made invaluable contributions. His vision, tremendous leadership, and guidance were the foundations for the group’s development and continued success”, according to the statements.
“Under [his] stewardship, the company was listed on the stock exchange of Hong Kong in August 1989.”
A new chairman will be appointed “in due course”, according to the statements.
K. Wah will “continue to operate its business in accordance with the business strategies laid down by the board [of directors]”, according to the company’s statement.
“The board is of the view that the passing away of Dr. Lui will not have any impact on the operations of the group.”
Lui, seldom photographed without his signature newsboy cap, leaves behind a legacy as one of Hong Kong’s most successful entrepreneurs, transforming a small construction materials company into a diversified conglomerate spanning property development and gaming operations in Hong Kong and Macau.
Hong Kong’s Chief Executive John Lee Ka-chiu extended his condolences to Lui’s family and paid tribute to the tycoon’s commitment “to contributing to society over the decades”, according to a statement.
He “had actively devoted himself in promoting philanthropic and education causes on the mainland, Hong Kong and around the world over the years”, Lee said.
“He was particularly concerned with the education of young people and the development of technology. Lui commanded high respect across different sectors of the community.”
A self-made businessman and one of the city’s richest men, Lui founded K. Wah in 1955, initially in the construction materials business before expanding into property development.
His wealth was estimated at US$12.1 billion, ranked seventh out of Hong Kong’s 10 wealthiest people last year, according to Forbes.
His career reached a pivotal moment in 2002 when Macau liberalised its gaming industry.
His company, Galaxy Entertainment, became one of the first operators to be awarded gaming concessions in Macau. Galaxy was among the six concessionaires to have their concessions renewed in 2022 for 10 years.
Galaxy was the first gambling company to list on the city’s stock exchange in 2005, and was selected as a constituent in the benchmark Hang Seng Index in 2013.
Lui’s philanthropic foundation established the Lui Che Woo Prize for World Civilisation in 2015, offering a cash award of HK$20 million (US$2.6 million) every year towards sustainability, the betterment of welfare, and “Positive Energy”.
He received the Businessperson of the Year award at the 2007 DHL-SCMP Hong Kong Business Awards for his “positive business and social contribution to the development of Hong Kong, and his outstanding and sustained contribution to his organisation”.
“The award is certainly very encouraging, but compared with other international organisations, there is still room for improvement,” Lui said in his acceptance speech.
“There are many things we would like to do at K. Wah to move forward and to stay competitive.”
Lui welcomed athletes from the mainland who were visiting Hong Kong for a promotional tour after their Paris Olympics tour at the end of August at one of his hotels. He also attended the national day celebration in Wan Chai on Oct 1.
Lui celebrated his 95th birthday with a grand dinner in late September, featuring performances by the Hong Kong tenor Warren Mok and the singer George Lam.
Hosted by his five children – Francis Lui, Lawrence Lui, Alexander Lui, Paddy Lui and Eileen Lui – the event welcomed luminaries from political, business, education sectors along with family members, friends and senior K. Wah employees.
“Turning 95 years old this year, I am grateful for the blessings from heaven, allowing me to have a home full of children and grandchildren and a fulfilling life,” Lui said during the dinner celebration.
“I would like to sincerely thank my long-time friends here tonight for your care and concern for my family.” - South China Morning Post
