Scientific Game

2017 Inside Asian Gaming Power 50: Number 30 - Henry Cheng

Tuesday, 05 December 2017 13:12
Share
Visit us


30 Henry Cheng

CHAIRMAN
Chow Tai Fook Enterprises

DIRECTOR
SJM Holdings

POWER SCORE
885

LAST YEAR
37

CLAIMS TO FAME
• Acquired Baha Mar casino resort in Bahamas from China state creditors
• Stakes in Vietnam and Australia IRs plus Macau’s SJM Holdings

The Cheng family has made good money from being good friends. In the 1980s, Stanley Ho asked patriarch Cheng Yu-tung to buy 10% of STDM, his Macau gaming and tourism vehicle, from an unwanted investor. Last year, when the Caribbean’s largest ever hospitality project, US$3.5 billion Baha Mar, was mired in bankruptcy amid allegations of substandard work by a China State Construction Engineering subsidiary, administrator and top creditor Import-Export Bank of China turned to the Cheng’s privately held Chow Tai Fook Enterprises (affiliated with but separate from the eponymous jewelry retailer).

Baha Mar extends a winning streak in gaming for Henry Cheng, family leader following his father’s passing in September last year. In 2015, CTFE acquired majority ownership of Vietnam’s US$4 billion Hoi An South Integrated Resort project, once a Genting investment and now dubbed Hoiana, with Suncity and local investor VinaCapital. Later that year, in Australia, it was part of Destination Brisbane’s winning bid, led by Star (then Echo) Entertainment, for an AU$3 billion (US$2.3 billion) riverfront IR in Queensland’s capital.

Still ramping up, Baha Mar gives the Chengs a chance to run their own casino resort. The family has already found synergy, placing a Rosewood Hotel from its New World Hospitality portfolio in each IR.

To return to the full list of 2017 Asian Gaming Power 50 winners, click here.

Current Issue

Moving ahead

Moving ahead A year after the deadly attack at Resorts World Manila, management continues to reinvent the property to recover and meet the challenge from Entertainment City rivals. By Muhammad Cohen | Editor-at-Large   The tragic events of 2 June 2017 at Resorts World Manila sent shock waves across the Phili... Friday, 29 June 2018 01:32

"This is not a drill..." Gaming businesses must plan judiciously for emergencies such as the Resorts World Manila attack, natural disasters and accidents so they can respond effectively when best plans fail. By Muhammad Cohen   Arson at Resorts World Manila a year ago, Typhoon Hato battering Macau last August and the La... Friday, 29 June 2018 01:24

Five signs that your organizational culture is toxic to customer experience

Five signs that your organizational culture is toxic to customer experience IAG explains the importance of company culture in achieving exceptional customer experience and the five signs that your culture might be toxic to your customer goals. By Sudhir H. Kalé, Ph.D.   Numerous studies on customer experience (CX) highlight the crucial role company culture plays in del... Friday, 29 June 2018 01:18

Height of Luxury

Height of Luxury With the opening of its new luxury hotel at City of Dreams in June, Melco Resorts is looking to take control of Macau’s lucrative premium mass segment. By Ben Blaschke   “We’re not just opening a new hotel today, we’re opening a whole new chapter. We’ve built a landmark for Macau and a... Friday, 29 June 2018 01:08