This story is part of Forbes’ most abundant 2025 report on Hong Kong. See the full list here.

A month after the death of casino tycoon Lui Che Woo in November, his eldest son, Francis Lui, served as chairman of the Galaxy Entertainment Group from his long-time position as vice-chairman. Francis bet on continuity as he expanded Macau casino operators beyond gambling, which diversified the economy with the government's strategy.

Macau's gaming revenue accounts for more than a third of GDP, up 24% in 2024 to 227 billion Pacas ($28 billion), but remains below pre-pandemic levels.

Galaxy has three resorts in gambling hotspots, including Galaxy Macau, which is expanding to add more hotels as well as family-centric attractions such as a 4,000-seat theater and a water park. Adjusted EBITDA climbed 6% in the third quarter to HK$2.9 billion (US$372 million), with net revenue rising 11% to HK$100.7 billion, with approximately 15% of which comes from non-enterprises.

Its Hong Kong-listed stocks fell 31% per year, partly reflecting Beijing's crackdown on premium rollers to curb capital outflows. Lui shared a $9.4 billion fortune with his family, including four siblings who also work in the business.