Photo description:Billionaire Lui Chee Woo, chairman and founder of Galaxy Entertainment Group Ltd.
The fortunes of China’s three richest casino owners have fallen by $22 billion in the past 12 months as a government crackdown is leading wealthy Chinese to curtail conspicuous consumption. U.S. billionaires Sheldon Adelson and Steve Wynn have lost more than 20 percent of their net worth since last April while Lui Chee Woo, the Chinese owner of Galaxy Entertainment Group Ltd. has lost almost 40 percent, according to the Bloomberg Billionaires Index. The Shenzhen Composite Index has more than doubled in that time.
A year ago, Adelson was the world’s 11th-richest person with a $37.3 billion fortune and Lui was ranked 40th with more than $23 billion. Adelson has since fallen 11 spots to No. 25 while Lui has dropped to 108.
President Xi Jinping has snared thousands of officials in a campaign against graft, including a deputy governor in a province where Xi was a politician for 17 years. Wynn, the founder of Wynn Resorts Ltd., has called upon the government in Macau, China’s island gambling hub, to provide clarity on the road ahead. “We never know quite what to expect these days,” he said during a Tuesday earnings call. Wynn Resorts have fallen more than 15 percent after the call, during which the company reported a 45 percent drop in earnings before interest, taxes depreciation and amortization.
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