96 year old gambling queen retires, can two wife and daughter save the declining casino business?

96 year old gambling queen retires, can two wife and daughter save the declining casino business?

Original title: 96 year old gambling king is officially retired! The casino business is much worse than before. Can the two wife and daughter be able to turn the tide?

He Hongshen, known as the "Macao gamble", has monopolized the gambling industry in Macao for nearly 40 years since the 60s of last century.

In January 2008, the Forbes list showed that He Hongshen was the nineteenth richest man in Hongkong; in February 2009, Forbes magazine pointed out that He Hongshen's family was nearly 9 due to the financial tsunami; in 2011, its assets amounted to HK $500 billion (about 408 billion yuan) and $3 billion 100 million (about 204). It was ranked thirteenth in Hongkong's 40 richest list.

Such a legendary entrepreneur who has experienced ups and downs has officially retired from the stage of history after Li Jiacheng announced his retirement not long ago.

In June 12th, 00880, HK issued a announcement that He Hongshen retired as chairman of the company, executive director and board member of the board of directors, fully withdraw from the board of directors and serve as the honorary chairman of the company.

In fact, in the past five years, the performance of the company has not been as good as before. Can the new chairman afford the "king of gambling" banner?

"Gambling king" officially retired, and He Chaofeng took over as chairman.

In June 12th, the company announced that since June 12, 2018, He Hongshen had retired as chairman of the company, executive director and Board Executive Committee members, completely quit the board, and served as the honorary chairman of the company; the second daughter He Chaofeng of He Hongshen two took over as the main seat, Timothy Fok and He Hongshen four Mrs. Liang Anqi is the co chair.

The daily economic news (nbdnews) reporter noticed that as early as April 12th this year, the company's chairman, He Hongshen, announced that President He Hongshen would retire at the June 12th annual shareholders' meeting. In fact, He Hongshen, in fact, last year from another listed company, Sindh (00242, HK) as chairman, the second wife, his wife, blue Jone tassel He Chaoqiong "take on". The withdrawal of SJM holdings also indicated that he would withdraw from all listed companies and formally hand over to his relatives.

It is understood that He Hongshen has a number of enterprises, including: Macao gambling Holdings Limited, Hongkong new city of dreams International Group, Hongkong Sinde Group Co., Ltd., Macau International Airport franchise company, Wang brand international, Macao Cheng Xing bank and so on. Among them, Sindh group, which was established in 1972 and listed in Hongkong in 1973, is most important.

Sindo holds about 11.5% real shares of the Macao tourism and entertainment Limited by Share Ltd (hereinafter referred to as "Australia"), and Australia holds about 54.92% of the real shares of Macau holdings in Hongkong, and Macau holdings is one of the 6 operators of the Macao SAR government, which is one of the operators of the casino operators to operate the casino. All rights and interests of gambling Limited by Share Ltd.

As the founder of Macao gambling industry, the 96 year old He Hongshen was known as "Macao gambling king", and from the 60s of last century, He Hongshen and ye Han, Henry Fok and other Macao patent rights, thus opening the road to the monopoly of Macao gambling for nearly 40 years.

According to the public report, He Hongshen married four wives and 17 children in his life. According to a June 12th announcement, the 53 year old He Chaofeng has been appointed Executive Director of the company since June 2017.

On the other hand, Timothy Fok and Liang Anqi have been appointed co chairmen, apart from being executive director of the company. Timothy Fok, 72 years old, is the eldest son of Henry Fok. He was appointed Executive Director of the company in 2010 and has been director of the company since 2014.

As He Hongshen's four wife, Liang Anqi was the chairman of the Australian Employee Welfare Advisory Committee in 2005, since 2007, as the director of the Australian Bo, and as the permanent director of the Australian Bo in 2010, and has been the executive director of the Australian Bo since 2014.

In addition, the executive director and chief executive of the company, Su Shuhui, was appointed Vice Chairman, and He Hongshen's three wife, Chen Wan Zhen, was elected as the executive director of the company.

Net profit slipped for five consecutive years

According to the China News Network in 2010, the casino in He Hongshen's flag is 130 billion Hong Kong dollars per year (about 106 billion yuan), equivalent to 6 times the GDP of Macao, and the government's gambling tax is over 4 billion Hong Kong dollars annually (about 3 billion 200 million yuan), accounting for more than 50% of the total revenue of Macao. About 30% of the people in Macao are directly or indirectly employed and benefited from his company.

However, as a representative company of gambling industry in Macao, Australia's holdings revenue increased slightly in 2017, but in recent years it has been decreasing year by year. Business is not as good as before.

In fact, the increase in revenue in 2017 is related to the overall growth of Macao's gambling industry. According to the Macao lottery supervision and Coordination Bureau, the gambling industry increased by 19.1% in 2017, mainly due to the opening of the new casino resort in the Taipa and the increase in the number of visitors to Australia.

According to the statistics and Census Bureau of Macao, the visitors to Australia were 5.4% to 32 million 600 thousand after 2017, of which 8.5% to 22 million passengers were increased from the mainland.

In terms of the income of the sub business, the growth of Macao gambling industry is mostly from the VIP gambling business. In 2017, it increased by 26.7% compared with 2016. The field gambling business and the corner machine business increased by 9.7% and 15.6% respectively in the year.

However, according to the data released by Australia's holdings, compared with the overall situation of Macao's gambling industry, the growth of the main business of the company is not optimistic:

The revenue of VIP gambling is HK $19 billion 877 million (about 16 billion 200 million yuan), which is 0.3% lower than that of HK $19 billion 934 million in 2016.

Gamble gamble gambling revenue is HK $20 billion 386 million (about 16 billion 600 million yuan), compared with HK $20 billion 272 million in 2016, it only increased by 0.6%.

The revenue of slot machines was HK $1 billion 27 million (about 800 million yuan), a decrease of about 3.7% compared with HK $1 billion 67 million in 2016.

In 2017, the Macao casino's gambling revenue was 258 billion 3 million Hong Kong Hong Kong Hong Kong Hong Kong Hong Kong Hong Kong Hong Kong Hong Kong HK $258 billion 3 million (about 210 billion 400 million yuan), and its holdings accounted for 16.1%. The market share was down from 19.1% in 2016.

In addition, the daily economic news (micro signal: nbdnews) reporter noted that the net profit of Australia's holdings has declined for five consecutive years.

"The company will strive to maintain the advantages of the midfield and VIP gambling business and continue to enhance its operational effectiveness." Australia Bo Holdings said in the 2017 annual report.

According to Zhitong finance, Su Shuhui, the chief executive of the Australian Bo holdings, said at a recent shareholder meeting that the project will be completed at the end of 2018 by the end of 2018, and is expected to start in the second half of 2019. At the same time, he said that the annual revenue target of the company was double digit growth, and the Gambling company revenue rose sharply in the first half of this year, especially in the ideal of midfield, with double digit growth.

Extended reading: The Legend of "Macao gambling king"

He Hongshen has Jewish, Holland, British, Chinese, and many ethnic lineages, according to the He Dong family's traditional ancestral home and the mother's Department of Guangdong Baoan.

He Hongshen once said, "opening a casino is like printing money. There is no difference between India and India." It is precisely through the gambling machine that He Hongshen built a huge commercial empire.

Unlike Li Jiacheng, who was born in the grass-roots family, He Hongshen was born in the most powerful family in Hongkong in the early twentieth Century. His grandfather, Ho Fu, was one of the five giants of the Chinese business at the time of being a member of the legislature.

There are 13 children in Ho Fu, and He Shiguang, the father of He Hongshen, is the fourth son of Ho Fu. He Shiguang is also an outstanding businessman, as a comprador of VS overseas, chairman of Donghua hospital, chairman of the 24 th chamber of Commerce and chairman of the Chinese Chamber of Commerce. He Shiguang also has 13 children, and He Hongshen ranks nine. When He Hongshen was born, his father's career was at its peak. As one of the biggest comprador at that time, He Shiguang seemed to have money to burn.

In 1934, the 13 year old He Hongshen encountered the biggest change in his life. His father went bankrupt because of his stock speculation and fled to Vietnam with his brother. At the end of the 1940s, several major comprador families in Hongkong were no longer in sight. He Shiguang's fortune began to shrink. After the decline of Ho family road, He Hongshen became a poor boy who had been bullied by people.

He Hongshen, who is enjoying the warmth of the world, knows that only by reading can he make a comeback. In 1939, He Hongshen was admitted to University of Hong Kong with excellent results, specializing in science. At the end of 1941, He Hongshen, who was invited by his friends, left Hongkong with 10 Hong Kong dollars to go to Macao.

Shortly after He Hongshen came to Macao, he entered the company that made him the first barrel of gold. Lian Chang was one of the largest companies in Macao at that time. The main business of the company was to barter goods and exchange machinery, spare parts and ships with Macao's scarce commodities such as cereals, Oils and foodstuffs.

He Hongshen served as secretary in Lian Chang and also worked in grain, oil and cotton yarn business. As a secretary, He Hongshen was absorbed into a company partner for only one year because of his outstanding talent. Another year later, in 1943, Lian Chang paid He Hongshen 1 million Hong Kong dollars for a time.

The 1 million Hong Kong dollar dividends became the first barrel of He Hongshen's life. Later, he founded the Macao fire water (kerosene) company independently, and then transferred to Hongkong to develop and establish a joint venture with Li. By the middle of 50s, he had become a famous tycoon in Hongkong.

In 1961, He Hongshen joined the alliance with Ye Han, Ye Deli, Henry Fok and so on, bidding for Macao gambling patent right, set up Macao tourism and entertainment Co., Ltd., built Portugal Beijing Hotel, and registered in Hongkong. In 1990s, he set up a Palace Casino in Macao. As a result, the "Macao gambling king" began.

Editor in responsibility: Yu Pengfei

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