Galaxy Entertainment Group (GEG) announced that its Chairman and Executive Director, Lui Che Woo, passed away at the age of 95.
His most recent public appearance was at this year’s National Day flag-raising ceremony and reception in Hong Kong.
In a filing to the Hong Kong Stock Exchange on Monday night, Galaxy Entertainment commemorated Lui as the group’s founder and his invaluable contributions to its development.
‘His vision, tremendous leadership, and guidance were the foundations for the Group’s growth and continued success. Under Dr. Lui’s stewardship, GEG became the first gaming company to be listed on the Stock Exchange of Hong Kong in 2005 and was selected as a constituent of the Hang Seng Index in 2013.’
The announcement also stated that GEG will continue to operate according to the business strategies set by the Board.
The Board believes that Lui’s passing ‘will not have any impact on the operations of the Group.’
‘A new Chairman of GEG will be appointed in due course, and an announcement will be made regarding that appointment.’
The Board expressed its deepest sorrow at Lui’s passing and extended its condolences to his family.
According to Forbes’ Billionaires list, published earlier this year, Lui Che Woo ranked 153rd, with a net worth of $12.1 billion.
Early life
Lui Che Woo was born in 1929 in Jiangmen, Guangdong. He moved to Hong Kong at the age of four. At 13, he was forced to drop out of school due to regional conflicts.
Later, Lui switched to selling car parts. Later, he began importing second-hand heavy machinery to Hong Kong for construction projects, such as road building and quarrying, successfully earning his first fortune.
In the 1950s, he founded K. Wah Group and officially entered the building materials business, gaining the nickname “King of Quarrying.” In the 1970s, he expanded into the tourism and hotel industries.
In the new millennium, Lui’s Galaxy Entertainment obtained a gaming license in Macau, becoming one of the major casino concessionaires and starting his journey as one of Macau’s most influential casino moguls.
