Lui Che Woo is a prominent Hong Kong businessman and philanthropist. He is the founder and Chairman of K. Wah Group, a multi-billion dollar conglomerate that operates in various industries such as construction, property development, and hospitality.
He moved to Hong Kong in the 1950s and founded K. Wah Group in 1955. The conglomerate has since grown to become one of the leading property developers in Hong Kong and mainland China. K. Wah Group also operates in other industries such as construction, hospitality, and entertainment.
Throughout his career, Lui has been recognized for his business acumen and contributions to the community. He has received numerous awards and honors, including the Gold Bauhinia Star and Grand Bauhinia Medal, the highest honors awarded by the Hong Kong government.
Additionally, Lui Che Woo occupies a position as a standing committee member of the Chinese People’s Political Consultative Conference in Jiangmen, located in the People’s Republic of China.
Lui Che Woo established the first K. Wah company during the 1950s, which has now transformed into a multinational conglomerate with more than 200 subsidiaries and a workforce of over 33,000 employees.
The K. Wah Group comprises diversified business interests in several industries, including gambling, property, entertainment and leisure, construction materials, and hotels, and has expanded its operations in various regions.
Major companies such as K. Wah International Holdings Ltd., Galaxy Entertainment Group, Stanford Hotels International, and K. Wah Construction Materials Limited form a part of the K. Wah Group.
In the 1960s, Lui Che Woo diversified his business from construction materials to property investment. Later on, in the 1980s, he forayed into hotel development, and in the subsequent decade, he expanded his business operations to mainland China.
In 2002, he entered the gaming industry in Macau, and his business was among the six gaming concessionaires in the region.
Galaxy Entertainment Group invested $2 billion in the Galaxy Macau casino and hotel in Macau. The launch of Galaxy Macau was a major milestone for the company, as it expanded its business operations and influence in the highly competitive Macau gaming industry.
How did Lui Chee Woo get so rich?
Lui’s wealth is mainly attributed to his significant ownership stakes in two well-known companies, Galaxy Entertainment, and KWIH. His 41% stake in Galaxy Entertainment, a casino based in Macau, represents a significant portion of his wealth. Additionally, Lui Che Woo has a 56% ownership stake in K. Wah International.
The history of Galaxy Entertainment Group.
Galaxy Entertainment Group was previously known as K Wah Construction Materials. In 2005, the K Wah group withdrew from its construction material business and acquired Galaxy Casino. It was an important business deal then, and some questioned its viability. Initially, Galaxy and Venetian Macao had planned to run their gaming license in Macao jointly, but they later split and began operating their gaming businesses independently.
Galaxy Entertainment Group focuses on two departments, entertainment and construction materials. Its subsidiaries primarily engage in casino gaming, hospitality, and related services in Macau, as well as the manufacturing, selling and distributing construction materials across Hong Kong, Macau, and Mainland China.
Lui’s philanthropic works include funding for research laboratories, the Lui Chee Awards for student exchange programs, the building of Hong Kong Polytechnic University, and many more. In 2012, he helped the Chinese University develop modern medicines. With donations totaling millions, Lui has supported numerous medical research projects.
Is the casino business profitable?
The profitability of a casino business largely depends on effective management. However, the substantial initial investment is required, which means potential losses before seeing returns. Furthermore, successful marketing strategies are crucial to attract and retaining customers amid high competition. Despite these challenges, a well-managed casino business with a significant and growing customer base can be highly profitable. It is important to consider other fundamental business principles to ensure long-term success.