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    2018 Inside Asian Gaming Power 50: Number 32 – Henry Cheng

    Newsdesk by Newsdesk
    Fri 23 Nov 2018 at 21:18
    Print Friendly, PDF & Email

    32 Henry Cheng

    CHAIRMAN
    Chow Tai Fook Enterprises

    DIRECTOR
    SJM Holdings

    POWER SCORE: 892
    POSITION LAST YEAR: 30

    CLAIMS TO FAME
    Took 4.99% equity stake in Australia’s Star Entertainment, deepening a strategic partnership
    Major investor in Hoiana IR in central Vietnam
    SJM Holdings director and 10% owner of its parent company STDM
    Acquired Baha Mar, largest resort in the Caribbean, from Chinese state creditors

    Henry Cheng is realizing his father’s ambition of becoming a major player in gaming. In 1982, the late Cheng Yu-tung did his pal Stanley Ho a favor, buying out an unwanted 10% partner in Ho’s STDM gaming company. Cheng the elder repeatedly failed to expand on that base, but the son has acquired stakes in casino projects in Vietnam, Australia and the Bahamas, the latter extricating China state creditors from the inconvenient bankruptcy of US$3.5 billion Baha Mar, the largest resort project in the Caribbean.

    In March, Cheng family investment vehicle Chow Tai Fook Enterprises took a 4.99% stake in Australia’s Star Entertainment, as did property developer Far East Consortium, deepening a strategic partnership arrangement. The triumvirate bid successfully for AU$3 billion (US$2.2 billion) Queen’s Wharf Brisbane in 2015 then cooperated on investments in Star properties in Gold Coast and Sydney. Star values CTFE’s database of high net worth customers from its Chow Tai Fook jewelry chain and Rosewood luxury hotels.

    In central Vietnam, CTFE-controlled IR Hoiana moves toward opening next year in partnership with Macau junket promoter Suncity Group – which Cheng Yu-tung tried unsuccessfully to buy – and local investors. Like Queen’s Wharf and Baha Mar, Hoiana will feature a Rosewood hotel.

    For the full list of 2018 Asian Gaming Power 50 winners, click here.

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