Forbes 2019 Rich List Show Casino Tycoon Finances Have Taken A Hit
The global gambling market is a multi-billion dollar business and the top shareholders in major gambling firms have made billions of dollars.
The 2019 Rich List from Forbes has shown that this is the second year in the last 10 years that billionaires across the world have witnessed their wealth diminish due to sluggish economic conditions.
The slowdown in the global economy reflects in the drop in total net worth of casino tycoons. Once again leading the list of casino billionaires is the 85 year old Las Vegas Sands Chairman and CEO Sheldon Adelson.
Adelson’s net worth was listed by Forbes for 2019 at $35.1 billion which is an 8.8 percent decline from his $38.5 billion net worth in 2018.
Last year, Adelson was ranked the 15th richest man in the world and this year he is ranked as the 24th richest man in the world. Adelson is currently battling cancer but remains as the Chairman and CEO of Sands Corp.
When it comes to the list of casino tycoons, Lui Che Woo who is the chairman of Galaxy Entertainment Group has taken the second spot. His net worth dropped from $20.1 billion in 2018 to $14.6 billion in 2019 which is a massive decline and has pushed from being the 50th richest man in the world to the 82nd spot.
While the first two richest men on the gambling list own casinos, the third richest man on the gambling list is the owner of the Novomatic Group. This is an Austrian based company that manufactures gaming equipment for operators all over the world. Johann Graf who founded the company had a net worth of $8.1 billion and was one of the few gaming tycoons who climbed from 186 spot in 2018 to 181 on the 2019 list.
Steve Wynn And Kazuo Okada Net Worth Drop
Steve Wynn, the former chairman of Wynn Resorts has had a hard time during the last 18 months as he was forced to resign from his post due to allegations of molestation and sexual misconduct. His net worth has also diminished and now stands at $3 billion in 2019. His net worth in 2018 was recorded at $3.8 billion. He takes the 745th spot on Forbes Rich List for 2019.
Japanese casino tycoon Kazuo Okada who has also seen a massive decline in his fortunes as his net worth dropped from $3 billion in 2018 to $2 billion in 2019. His ranking went from 791 in 2018 to 1168 in 2019.