Stephen Hung

Stephen Hung
洪永時
Picture of Stephen Hung and Deborah Valdez Hung on red carpet
Hung and wife in 2016
Born1959 (age 64–65)
Alma materColumbia University
University of Southern California
OccupationBusinessman
SpouseDeborah Valdez Hung
Websitewww.the13.com

Stephen Hung (born 1959, Chinese: 洪永時) is a Hong Kong businessman.

He was the joint chairman of Hong Kong-listed The 13 Holdings Limited. He is the chairman of The Taipan Investment Group and vice-chairman of Rio Entertainment Group, which operates the Rio Hotel & Casino in Macau.

Career

Hung was educated at Columbia University and the University of Southern California, where he earned a master's degree in business administration.[1][2][3]

Stephen Hung

Operations

He later formed his own investment company. Hung has also previously served as the Vice Chairman of eSun Holdings and as a non-executive director of Lippo Group's AcrossAsia Limited.

In 2013 he set about developing a luxury casino-resort in Macau, under the name Louis XIII, with the help of Princess Tania de Bourbon Parme. By 2017, the project was lavishly built and under a new name 'The 13', but was in financial difficulties, having neither opened nor been awarded a casino licence.

Hung's main vehicle and the operating company for the project, 13 Holdings Limited, had targeted extremely wealthy officials and the business elite from the People's Republic of China. However, in 2014, Chinese Communist Party's general secretary Xi Jinping, in Macau for its 15th anniversary as an SAR, announced his government's displeasure at such ostentatious excess, as part of his crackdown on corruption, which severely impacted the project's ambitions. The company sold a 52 percent stake in its engineering subsidiary Paul Y Engineering.[4][5]

Family

Hung's parents were property agents.[5]

References

  1. ^ "Hong Kong tycoon places record $20m order for 30 Rolls-Royces". Financial Times, 16 September 2014.
  2. ^ "Chinese tycoon orders 30 Rolls Royces". CNBC, 16 September 2014.
  3. ^ "Excess for success". South China Morning Post, 23 September 2014.
  4. ^ Kate O'Keeffee (13 December 2013). "The Wizard of Macau". The Wall Street Journal. Retrieved 26 April 2016.
  5. ^ a b Unlucky 13: What happened to Hong Kong billionaire Stephen Hung’s Macau casino dream?, SCMP, 10 Sept 2017


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