[News Figures] 'Casino King' Lu Yuzhe Passes Away... Self-Made Billionaire

'Macau Casino King' Lui Che Woo (呂志和·84), chairman of Galaxy Entertainment Group, passed away on the 7th. He was 95 years old. Hong Kong's Galaxy Entertainment Group stated, "Chairman Lui contributed as the founder of the group," and "We express our condolences on Chairman Lui's passing and offer comfort to his family."

According to foreign media, Lui, who once held the title of Asia's richest person, was a self-made entrepreneur. Lui was born in 1929 into a wealthy family in Jiangmen, Guangdong Province, China. During the Second Sino-Japanese War, Lui's family moved to Hong Kong in 1937 to escape the conflict. When Japan occupied Hong Kong during the Pacific War, the family fell into ruin. Lui supported his family by selling food at street stalls.

Chairman Ryuzuhuh, Asia's second richest man, yet dressed modestly

Lui first made a significant amount of money when he bought surplus construction equipment abandoned by the U.S. military after their invasion of Okinawa and entered the Hong Kong reconstruction business. In 1955, he founded the construction company Chevalier Group. Riding the construction boom, he earned a large fortune. At that time, Lui was twenty-six years old. He operated a quarry and supplied construction materials, using the profits to expand his business portfolio into real estate investment and development, as well as the hotel industry.

In 2002, when Stanley Ho's 40-year monopoly on casinos in Macau ended, Lui seized the opportunity to expand his business. After acquiring new casino licenses, he founded Galaxy Entertainment Group. Galaxy, a latecomer in the casino industry, has become the second-largest operator, thanks to 'Galaxy Macau.' In 2011, Galaxy opened the massive integrated resort 'Galaxy Macau,' combining casinos, performances, and resorts. Macau is the only city in China where gambling is legalized. Galaxy is known to own 6 of Macau's 35 casinos.

In January 2014, Lui topped the Bloomberg Billionaires Index with a net worth of $29.6 billion, surpassing Li Ka-shing, chairman of Cheung Kong Group, by $100 million to become Asia's richest person. Although Lui amassed his wealth through casinos, it is reported that he did not enjoy gambling himself.

He also contributed to charitable causes. He donated funds to the Stanford University Medical Center. Additionally, he donated HK$15.6 million to the Chinese University of Hong Kong to support medical researchers studying abroad.