In a significant development in the world of Asian gaming, the billionaire Cheng family from Hong Kong has officially taken over the management of the Hoiana casino resort in Vietnam. The resort, located near the vibrant Vietnamese port city of Da Nang, was formerly operated by the Suncity Group, a business empire led by the now-jailed Macau gambling tycoon, Alvin Chau. 

A Lavish $4B Joint Project by Chow Tai Fook, LET Group, and VinaCapital

The Hoiana resort is a joint venture between Chow Tai Fook, LET Group, and investment management firm VinaCapital. Boasting an impressive array of amenities, the resort includes a sprawling casino with 140 gaming tables and over 350 gambling machines, a luxurious golf course, and opulent hotels carrying the renowned Cheng family brands, New World and Rosewood. Currently, additional facilities are under construction, bringing the total investment in the resort to an estimated $4 billion.

The Cheng family’s takeover of the Hoiana resort comes in the aftermath of Alvin Chau’s legal troubles, leading to his imprisonment in Macau. Chau, who previously ran Macau’s most prominent junket operator, spearheaded an immensely profitable industry that attracted affluent players from mainland China through the provision of private jets, lavish suites, and generous gambling credits. However, the entire sector faced a severe blow following Beijing’s stringent crackdown, citing concerns over capital outflows and potential money laundering.

Following Chau’s fall from grace, Suncity Group Holdings Ltd., the listed unit of his empire, underwent a transformation under the leadership of executive director Andrew Lo. Rebranded as LET Group, the company has since distanced itself from junket operations.

Hoiana Resort’s Management Shift Reflects a Growing Trend

The shift in management at the Hoiana resort aligns with a broader trend among Macau junket operators. Faced with stricter regulations and higher taxes on home soil, many of these operators are actively seeking opportunities in Southeast Asia, with Vietnam standing out as one of the most attractive destinations as reported by Bloomberg. 

Vietnam offers more relaxed regulations and the opportunity to share VIP revenue with casinos, a model that was abandoned in Macau following China’s crackdown. Additionally, since Vietnamese law prohibits local residents from gambling in most facilities, casinos in the country heavily rely on high-rolling foreign players.

Vietnam’s tourism industry is also experiencing a post-pandemic boom, with visitor arrivals bouncing back to 66% of pre-pandemic levels in the first six months of the year. The country’s resilience in attracting tourists is particularly impressive, given that Chinese tourists, who previously comprised nearly one-third of Vietnam’s visitors, are yet to return en masse due to a shortage of international flights.

Beyond Vietnam, the Cheng family‘s foray into the international gaming scene has also extended to Australia, where they have become key investors in the Star Entertainment Group. Collaborating with another Hong Kong-based conglomerate, Far East Consortium International Ltd., they are jointly developing a formidable $3.6 billion gambling resort in Brisbane.

The post Hong Kong Billionaire Cheng Family Takes Control of Vietnam Casino Resort appeared first on Keno Wizard.

Forbes’ 37th Annual World’s Billionaires List, which was published this week, features 28 individuals who have made their fortunes in the gambling industry. 

Dr. Miriam Adelson Tops Forbes List of Wealthiest Gambling Industry Magnates

The majority of the individuals who made their fortunes through gambling businesses are from the United States, accounting for nine of the total. Japan and Hong Kong follow closely, with four and three billionaires, respectively. Sweden, Malaysia, and the United Kingdom each have two billionaires on the list.

One of the most prominent names is Dr. Miriam Adelson, who inherited her fortune from her late husband Sheldon Adelson, the founder of Las Vegas Sands. Dr. Adelson is the wealthiest magnate on the list, with a net worth estimated at $35 billion. Her fortune increased by $7.5 billion from the previous year, thanks to the rebounding shares of Las Vegas Sands after the pandemic lows. She is currently the 35th-richest person on the planet.

Another notable gambling industry billionaire is Lui Che Woo, the founder of Galaxy Entertainment Group. With a personal net worth of $13.9 billion, Woo holds one of the six casino licenses in Macau. He is also the oldest gambling industry billionaire on the Forbes list, at the age of 94.

Besides Dr. Adelson, other familiar faces from the United States on the list include Elaine and Steve Wynn, William Boyd, and Tilman Fertitta. It is worth noting that Fertitta is listed under the food and beverage category.

Falling Stocks and Rising Interest Rates Result in a Down Year for Billionaires Worldwide

According to the data in the Forbes’ 37th Annual World’s Billionaires List, the past year has not been kind to the world’s wealthiest individuals, as a multitude of factors has contributed to a decline in total billionaire wealth and the number of billionaires globally. 

Turbulent times in both public and private markets, coupled with falling stocks and rising interest rates, have resulted in a down year for many of the planet’s richest people. Over 50% of billionaires around the world have seen their wealth decrease, including Elon Musk, who has fallen from his perch as the richest person on the planet after the pricey acquisition of Twitter. In total, 254 people have lost their billionaire status altogether. 

Bernard Arnault, the head of luxury goods conglomerate LVMH, now tops the list as the wealthiest person globally, making him the first French citizen to do so. 

Despite the decline, the United States still boasts the largest number of billionaires, with 735 individuals collectively worth $4.5 trillion, followed by China with 562 billionaires worth $2 trillion, and India with 169 billionaires worth $675 billion.

The post Forbes List Reveals 28 Billionaire Magnates in the Gambling Industry appeared first on Keno Wizard.