---
title: "Changes in the Macau gambling industry, who can still stay at the poker table"
type: "News"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/news/250408855.md"
description: "Macau's gambling industry is facing transformation, with satellite casinos set to cease operations by the end of the year, some of which will be acquired by SJM HOLDINGS. This move has attracted market attention, and Macau gaming stocks opened higher across the board after the Hong Kong stock market opened. Although the average daily gaming revenue has slowed recently, the average daily gaming revenue in July increased by approximately 14% year-on-year. In addition, the Thai government's withdrawal of the casino legalization proposal is a positive development for Macau's gaming industry"
datetime: "2025-07-28T11:55:42.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/250408855.md)
  - [en](https://longbridge.com/en/news/250408855.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/250408855.md)
---

> 支持的語言: [简体中文](https://longbridge.com/zh-CN/news/250408855.md) | [English](https://longbridge.com/en/news/250408855.md)


# Changes in the Macau gambling industry, who can still stay at the poker table

"You see that 'birdcage' over there, it's under renovation, supposedly to accommodate the gaming tables and staff from those satellite casinos," a local from Macau pointed to a nearby building.

This building, resembling a "birdcage," is the Lisboa Casino—an iconic landmark in Macau. Describing the casino as a birdcage is quite fitting: gamblers are like birds in a cage, easy to enter but hard to leave.

The Lisboa Casino was built in 1970 by the "King of Gambling," Stanley Ho's Macau Tourism and Entertainment Company (hereinafter referred to as "MTE," the predecessor of the listed company SJM Holdings). It was once the largest hotel in Macau.

However, with the completion of a series of luxury hotels such as the New Lisboa, Sands Resort, Galaxy Resort, and Wynn Palace, this 50-year-old old casino has shown its age.

With the "exit" of satellite casinos, this renovation has sparked much speculation. On June 9, SJM Holdings (00880.HK), Melco International Development (00200.HK), and Galaxy Entertainment (00027.HK) all announced that their 11 satellite casinos would cease operations by the end of this year, with two of them planned to be acquired by SJM Holdings for reoperation.

According to relevant regulations, the staff and gaming tables from the closing satellite casinos will return to SJM Holdings' casinos.

"The outcome for satellite casinos is not surprising. However, many people still underestimate its impact. One could say that the exit of satellite casinos is no less significant than the closure of VIP rooms three years ago," the aforementioned local lamented. "In addition to the wide range of personnel and numerous shops involved, a group of Hong Kong and Macau tycoons will completely leave the Macau gaming industry."

On July 28, after the Hong Kong stock market opened, Macau gaming stocks surged across the board. According to a research report released by UBS, due to the impact of a typhoon, Macau's average daily gaming revenue over the past seven days was MOP 657 million, a slowdown compared to the previous seven days. However, the average daily gaming revenue in Macau from July to date is MOP 683 million, representing an annual growth of about 14%, exceeding market expectations of MOP 650 million to MOP 660 million.

Additionally, there has been new progress regarding Thailand's opening of gambling rights. On July 8, the Thai government withdrew the proposal for the legalization of casinos and entertainment venues from Parliament, which is undoubtedly good news for the Macau gaming industry, alleviating concerns about Thailand stealing business.

It is worth noting that among the six major gaming companies in Macau, on July 28, SJM Holdings saw the largest increase, exceeding 11% at one point. Since the announcement of the satellite casinos' closure on June 9, SJM Holdings' stock price has risen by over 40%.

## The Satellite Casinos of Entertainment Tycoons

Many people became acquainted with Macau casinos through Hong Kong films. In the 1990s, the popularity of "God of Gamblers" sparked a gambling craze, with a series of gambling-themed films such as "Gambler," "Gambling God," and "Gambling Queen" sweeping across the Taiwan Strait and beyond.

In the movie "God of Gamblers," the character Long Wu, played by Eric Tsang, left a deep impression on many. Little known is that Eric Tsang is not only a big shot in the Hong Kong entertainment industry but also ventured into the Macau gaming industry, opening a satellite casino, with the ups and downs of his casino operations being as exciting as the movie itself In 1995, Xiang Huaqiang partnered with others to invest in a hotel in Macau called Junyi Hotel, which had a casino underneath. However, on the eve of its opening, they faced a challenge from the Macau mafia leader Yin Guoju, who demanded a stake in the casino.

Yin Guoju, known as "Beng Ya Ju," has appeared multiple times in Hong Kong movies and TV dramas.

In November 2021, Zhou Zhuohua, the owner of Suncity Group, known as "Ximi Hua," was suddenly arrested, triggering a wave of closures of VIP rooms. At that time, many regarded Ximi Hua as a "big boss," and some referred to him as the "Little Gambling King." In fact, years earlier, Ximi Hua was a subordinate of Beng Ya Ju.

The notorious gangster Zhang Ziqiang also once, under pressure, rarely bowed down and apologized to Beng Ya Ju.

Faced with Yin Guoju's provocation, Xiang Huaqiang, who also had strong backing, initially wanted to fight back. However, after comprehensive consideration, they ultimately chose to respond discreetly and asked "Gambling King" Ho Hung Sun to mediate. Beng Ya Ju had received considerable support from Ho Hung Sun during his early days in Macau's casinos.

However, Yin Guoju did not give "Uncle Sun" any face, and Xiang Huaqiang, left with no choice, closed the casino and returned empty-handed.

It wasn't until 2008 that Xiang Huaqiang made a comeback. His China Star Group acquired the Macau Goldfield Hotel and Casino and renovated it. On August 2 of the following year, Goldfield Hotel was renamed Macau Lan Kwai Fong and reopened for business. On the opening day, many stars, including Andy Lau, Jet Li, Louis Koo, Eric Tsang, Gong Li, Danny Lee, and Jordan Chan, came to support.

Macau Lan Kwai Fong is a satellite casino under SJM Holdings.

Yin Guoju had already been arrested and imprisoned in 1998, before Macau's return, and was not released until December 2012.

Another entertainment tycoon from Hong Kong who opened a casino in Macau is Yang Shoucheng. Stars like Jackie Chan, Tony Leung, Sean Lau, Nicholas Tse, Jacky Cheung, and William Chan have all been signed under him. His satellite casino in Macau is the Emperor Palace, which is also under SJM Holdings and opened in January 2006.

## The "Underworld Storm" of Macau Casinos

Everyone knows that opening a casino is a surefire profitable business, not because casinos cheat or use tricks, but because the odds set by casinos ensure they are always in a winning position.

For example, the popular game of Baccarat among Chinese gamblers often has casinos taking a cut through a "Lucky 6" method. If a player bets 1,000 yuan on the banker and wins, and the banker has a score of 6, the casino only needs to pay out 500 yuan; some satellite casinos still maintain a direct cut model, meaning if a player bets on the banker and wins, they need to return 5% commission to the casino.

"Long gambling must lose" and "not afraid of you winning, just afraid you won't come," are two widely circulated sayings in Macau; no gambling god can leave the casino unscathed.

In addition to entertainment tycoons, many "underworld figures" have also set their sights on the lucrative Macau casinos, operating VIP rooms, training "betting agents," and opening satellite casinos.

Before Macau's return, Beng Ya Ju was virtually untouchable, but there was a strong woman whom he both respected and relied on, known as "Big Sister," Si Tu Yulian In Macau, there is a saying: Sitou Yulian is the true female boss of Macau and the backing of Yin Guoju. Sitou Yulian met the leader of the Hong Kong triad organization 14K, "Beard Yong," when she was 20 years old and became his sworn sister. The Macau 14K, led by Beng Yajun, is derived from the Hong Kong 14K.

In the early 1980s, Sitou Yulian ventured into the gambling industry in the Philippines. In 1988, with the support of Ho Hung Sun, she established the VIP room "Diamond Hall" in Macau. Subsequently, "Diamond Hall" developed into a satellite casino—Diamond Casino.

The Diamond Casino operated until July 2021, when the entire gambling industry in Macau was severely impacted by the pandemic, and satellite casinos found it particularly difficult to survive. Sitou Yulian announced the cessation of operations at Diamond Casino, handing it over to SJM Holdings for management. After a brief period of operation, SJM Holdings completely closed the Diamond Casino.

Years earlier, Sitou Yulian had a business partner named Wu Wenxin, and the two were known as "Red and Powder Partners." However, they parted ways in the late 1980s.

Wu Wenxin, nicknamed "Market Wei," was also a figure in the underworld, and Beng Yajun was once his subordinate. In some group photos, Beng Yajun can be seen standing in the back row, while Wu Wenxin sits in the center position. However, the two later became enemies.

In 1996, Wu Wenxin acquired the New Century Hotel in Macau and prepared to open a casino. On July 30 of the following year, just before the hotel opened, a sensational automatic rifle shooting incident occurred, shocking both Hong Kong and Macau.

Afterward, Wu Wenxin owned another satellite casino in Macau—the Greek Mythology Casino. In June 2012, Wu Wenxin was assaulted by six individuals inside the Greek Mythology Casino, drawing widespread attention. Some media reported that this incident was the most notable violent event since Macau's return.

After the return, with the efforts of various parties, the influence of organized crime was largely eradicated, and both the casinos and society maintained good order, leading Macau to be known as "the safest city in the world."

In July 2016, due to operational issues, the Greek Mythology Casino was ordered to close by the Macau Tourism Board and has not reopened since.

## Casino Owners of the SJM Group

Satellite casinos are a unique form of the gambling industry in Macau. Before 2002, the "gambling rights" in Macau had not yet been opened up, and casinos were exclusively operated by the Macau Tourism and Entertainment Company. Anyone wishing to open a casino in Macau needed to cooperate with SJM.

In addition to some big shots from Hong Kong and Macau, SJM has also produced several satellite casino owners.

During his lifetime, Ho Hung Sun had three capable aides known as the "Three Great Heads," namely Su Shuhui, Zhou Jinhui, and Li Zhiqiang, who made significant contributions to the gambling king's family business.

Su Shuhui was one of the few "academic" figures in Macau's gambling industry in earlier years. He graduated from the University of Hong Kong in 1973 with a bachelor's degree and was noticed by Ho Hung Sun during an interview for an assistant secretary position at the Shun Tak Group, subsequently entering the gambling industry in Macau.

He was known as the chief steward of the Ho family, working long-term at SJM Holdings and serving as CEO for 16 years. In May 2020, Ho Hung Sun passed away, and at his funeral, four large characters summarized his legendary life—"Xiao Yu Wei Wo," which were penned by Su Shuhui Su Shuhui did not open a satellite casino himself, but he served as the executive chairman of the Sixteen Peaks Casino. Sixteen Peaks is a satellite casino jointly developed by SJM Holdings and Shide Global (00487.HK). Shide Global is a company owned by Hong Kong entrepreneur Yang Haicheng, who is the brother of film tycoon Yang Shoucheng, although their relationship is generally average.

Among the current 11 satellite casinos, Sixteen Peaks Casino is set to be acquired by SJM Holdings and will continue operations. After this news was released on June 10, Shide Global's stock surged by 118.18%.

Another satellite casino that is set to be acquired by SJM Holdings is the Parisian Macao, which is owned by He Hongshen's fourth wife, Liang Anqi.

The Lisboa Casino, located near the Fisherman's Wharf in Macau, is also a satellite casino, and its European-style architecture is popular among many young people. This entertainment venue was founded by "Three Major Heads" and the other two heads—Zhou Jinhui and Li Zhiqiang. The company behind it is Macau Legend (01680.hk), and He Hongshen's third wife, Chen Wanzhen, was once the third-largest shareholder of this company.

Previously, besides the Lisboa Casino, Macau Legend also owned the Land Casino.

Zhou Jinhui is nicknamed "Wisdom Star." According to several locals in Macau, the "stacking chips" system was popularized by him. In an interview, Zhou Jinhui once said that when interacting with clients, he could determine within 30 seconds whether he could lend to the client and assess the client's worth.

Li Zhiqiang, known as "Fei Zai Qiang," was once the translator for He Hongshen's old rival, Ye Han. After Ye Han's death, he joined He Hongshen and remained loyal, having managed the Macau Jockey Club for He Hongshen.

Fei Zai Qiang also served as the general manager of the Macau Golden Group, which is one of the six major VIP rooms in Macau. The founder of the Golden Group is Li Huiwen, whose daughter, Zhu Li Yuehua, is a well-known entrepreneur in Hong Kong and is a close friend of He Hongshen's fourth wife, Liang Anqi. In 2017, Li Huiwen ranked 14th on the Hong Kong rich list with a wealth of $4.8 billion and has long controlled the Golden Group.

In earlier years, the Royal Casino and the Casino Lisboa were operated by the Golden Group. However, in March 2022, amid the closure of VIP rooms, the Golden Group also ceased operations.

## Big Shots Cashing Out

After the gambling rights were opened in 2002, Macau's gaming industry has been continuously moving towards formalization and legalization. During this period, some big shots also entered the satellite casino market.

Xiang Huachang's Lan Kwai Fong in Macau did not operate for long; in October 2017, it was sold to the Golden Dragon Group for HKD 2 billion and was subsequently renamed "Golden Dragon Casino."

The owner of Golden Dragon Group is Chen Mingjin, a businessman from Fujian, who is an unavoidable big shot in Macau's satellite casino scene. Chen Mingjin once owned four satellite casinos, including Golden Dragon Casino, Yulong Casino, Wanlong Casino, and Junlong Casino, making him the owner with the most satellite casinos, known as the "King of Satellite City."

In August 2018, Chen Mingjin publicly stated that after his gaming license expired, he would consider participating in new license bidding. At that time, some Macau media pointed out that if several satellite casino owners joined forces, it would be a significant force, and the success rate of the bidding could be quite high Macau held a gaming license auction in 2002, which was ultimately won by three gaming companies, and subsequently, three additional sub-licenses were derived. These six gaming licenses expired in June 2022 and were auctioned again in September of the same year. Prior to this, several tycoons from Hong Kong and Macau, including Chen Mingjin, expressed interest in participating in the auction.

After the pandemic hit, Macau's gaming industry, which heavily relied on mainland tourists, was severely impacted, leading to significant losses for major casinos year after year. Chen Mingjin's four casinos were either transferred to SJM Holdings or Melco Resorts, or closed down, and he himself exited the scene from the Macau gaming industry.

In fact, before the pandemic, casinos were still considered very high-quality assets for the tycoons from Hong Kong and Macau.

In September 2018, Macau Legend Development sold its Landmark Casino for a staggering HKD 4.6 billion, with the buyer being the Macau real estate company New Oriental Group. At that time, New Oriental Group also applied for a loan of HKD 3.8 billion from the Bank of China Macau Branch.

The chairman of New Oriental Group, Zhong Xiaojian, is also a legend. In the 1980s, he operated toy factories in Shenzhen and Dongguan, and later came to Macau, first earning his initial fortune through the gaming industry, and then venturing into Macau real estate, becoming a real estate tycoon in Macau, and serving as the president of the Macau Real Estate Association.

However, less than two years after acquiring the Landmark Casino, the pandemic struck, and Zhong Xiaojian's situation also became difficult.

Even during the outbreak of the pandemic in 2020, there were still those interested in satellite casinos.

In September 2020, Chen Ronglian, husband of actress An Yixuan, acquired shares in Macau Legend Development, becoming a major shareholder, while Zhou Jinhui and Li Zhiqiang gradually exited. However, soon after, the VIP room scandal began to unfold, affecting Chen Ronglian and his Dejin Group. At the end of January 2022, Chen Ronglian was arrested by the Judicial Police of the Macau SAR government and was ultimately sentenced to 13 years in prison.

Currently, the chairman of the board of Macau Legend Development is Li Zhukun, the eldest son of Li Zhiqiang.

## Not Wanting to Leave

"It is still uncertain whether we will close by the end of the year; the company's senior management is still in communication with SJM Holdings," a staff member from the Landmark Casino stated in mid-July.

After the three major gaming companies announced the disposal information for satellite casinos on June 9, some staff members of the satellite casinos fell into confusion and anxiety. They would not be unemployed because, according to the SAR government's requirements, the three major gaming companies must properly arrange for about 5,600 affected employees, but many still held onto the hope that satellite casinos could continue to operate.

A person familiar with the Macau gaming industry recalled that in the past year or two, the senior management of various satellite casinos had been in communication with SJM Holdings, hoping to continue operations. Due to the constraints of the new "Gaming Law," the previous "revenue-sharing" cooperation model could not continue, but the satellite casinos hoped to operate under a "management fee" model.

The so-called "revenue-sharing" model means that operators share a portion of the revenue from the satellite casinos; the "management fee" model refers to operators only charging a fixed management fee and not being responsible for the casino's revenue.

However, for SJM Holdings, the "management fee" model carries certain risks. If the satellite casinos do not operate well or if the overall Macau gaming industry cools down, SJM Holdings will face greater pressure How to find a win-win opportunity in the "management fee" model has been the focus of communication between satellite casinos and SJM Holdings in recent times.

The current gaming industry in Macau is no longer dominated by the "Gambling King" family. In terms of market value and revenue scale, Galaxy Entertainment, Wynn Macau, and Sands China have all surpassed SJM Holdings, which is now in a phase of catching up.

For a casino, the gaming tables are the most important resource. The Macau SAR government has strict requirements on the number of gaming tables for the six major gaming companies. Nowadays, the gaming tables and dealers scattered across satellite casinos being returned to SJM Holdings may not necessarily be a bad thing for them. They can maximize the value generated by these resources through more professional management.

In addition, compared to new integrated resorts, satellite casinos are very outdated in terms of facilities and management.

According to the aforementioned sources, in terms of facilities, many resort casinos have already adopted electronic scoring gaming tables, while satellite casinos still use traditional gaming tables, leading to inaccurate scoring; in terms of management, the public relations staff at resorts undergo strict training and have a stronger service awareness, while the public relations staff at satellite casinos still have many bad habits.

"The public relations staff at resorts generally do not actively ask for tips, but at satellite casinos, regardless of whether they know the players or not, as long as they see a gambler winning, they will rush over to ask for tips. Many high-end players will avoid those places," the source said.

The closure of satellite casinos will inevitably bring some impacts, such as shops around the casinos withdrawing their leases, but for the entire Macau society, the benefits clearly outweigh the drawbacks. Integrated resorts that combine gaming, consumption, entertainment, and culture are the model that aligns with Macau's diversification goals.

From shutting down VIP rooms to closing satellite casinos, many "big shots" have left the casino scene in Macau, but the gaming industry in Macau is developing in a healthier direction.

Author of this article: Wu Zhe, Source: Lens, Original title: "Changes in Macau's Gaming Industry: Who Can Still Stay at the Table?"

Risk Warning and Disclaimer

The market has risks, and investment requires caution. This article does not constitute personal investment advice and does not take into account the specific investment goals, financial situation, or needs of individual users. Users should consider whether any opinions, views, or conclusions in this article are suitable for their specific circumstances. Investment based on this is at their own risk

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