Forbes Casino Galaxie

The President Casino's 75 tables and four duplex VIP rooms, and the 168 tables and 334 slot machines at the Grand Waldo Casino, complete Galaxy's lineup of metropolitan casino clubs. Forbes billionaire rank: no. Net worth: $20.1 billion. Position: Chairman of Galaxy Entertainment Group and K. Base: Hong Kong. 89-year old Lui, originally from Jiangmen, China, first entered the business world as a teenager by selling peanuts during the Japanese occupation of Hong Kong in World War II.

Galaxy Entertainment Group Ltd., one Macau’s biggest casino operators, reported its profit dropped 7% in the first half of the year as the world’s richest gambling hub continues its efforts at a recovery after a national crackdown on corruption scared away high-rollers.

The company posted profits of HK$6.7 billion ($850 million) in the first six months on revenue of HK$26.2 billion, according to the group’s financial report filed to the Hong Kong Stock Exchange on Tuesday.

Galaxy’s gross gambling revenue, including from its affiliate City Clubs, was $30.6 billion, down 11% year-on-year, dragged by a plunge in its business catering to the wealthy. The group’s total takings from these kinds of gamblers tumbled 25% to $14.8 billion, while the revenue of its mass market segment — which is mostly made up of casual gamblers and families — rose 8% to $14.6 billion, according to the financial report.

The company’s performance is in line with the overall market in Macau, which saw gross gambling revenue fall 0.5% in the first half of this year, according to data released by the local government.

Spending by high-rollers in the special administrative region dropped 14.5% in the first six months, while mass market revenue rose 17.3%, according to a report released by Hong Kong-based brokerage Guotai Junan Securities Co. Ltd.

Macau’s gambling sector has had to reorient itself toward the mass market ever since the corruption campaign — which kicked off after the 18th National Congress of the Communist Party in 2012 — brought capital restrictions and other measures to combat corruption.

In 2014, 2015 and 2016, Macau’s gambling revenue declined 2.6%, 34.3% and 3.3%, respectively. The industry’s revenue grew 19% in 2017 and 14% in 2018, though that year’s revenue was still less than what it was in 2013.

Francis Lui, Galaxy’s deputy chairman, said the group will continue taking steps to develop its mass market business, with the group’s future projects targeting casual gamblers and non-gambling businesses such as luxury hotels, restaurants and major conferences.

Though trade tensions might dampen spending, the opening of the Hong Kong-Zhuhai-Macau Bridge — which connects the two special administrative regions and Guangdong province — and the continuous growth in mainland affluence, will boost Macau’s development, said Galaxy Entertainment Chairman Lui Che-woo. Lui is the city’s third-richest man with a fortune of 19 billion yuan ($2.7 billion) in 2018, according to Forbes.

Galaxy is one of Macau’s six casino license holders and runs three casinos in the city, including Galaxy Macau, Broadway Macau and StarWorld Macau.

Contact reporter Tang Ziyi (ziyitang@caixin.com)

Paul Curtis Steelman (born September 23, 1955), a native of Atlantic City, New Jersey, is an Americanarchitect who is recognized as a designer of global entertainment, hospitality, and gaming architecture based in Las Vegas, Nevada and Macau.^[1][2][3] Paul has designed buildings for the mavericks of the gaming industry, including Kirk Kerkorian, Steve Wynn, Sheldon Adelson, Francis Lui, Lawrence Ho, Tan Sri Dato' Lim Kok Thay, Tan Sri Dr Chen Lip Keong, Prince Albert of Monaco, Bob Stupak, Frank Modica, Phil Satre, Derek Stevens and Stanley Ho.^[4][5]

His firm, Steelman Partners, designed the $240 million Sands Macau casino resort^[6][7] which was notable for going from 'blueprint to opening in 600 days', building a reputation for rapid development sometimes referred to as 'Sands speed.'^[8] The project won praise for its 'bright, airy design'^[6] and sunken stage which 'allows everyone in the theater to get a spectacular view of the entertainment.'^[7] According to Architectural Record, Steelman's firm had total revenue in 2016 of over $48 million and design revenues and in 2016 rated his company as the 91st largest architectural firm.^[9]

Beginnings[edit]

Steelman was born on September 23, 1955 in Atlantic City, New Jersey. He grew up in the small beach community of Longport, New Jersey and graduated from Atlantic City High School in 1973.^[10] Paul began working as an architect in his father Edgar's architectural practice before graduating from Clemson University in 1977.^[4] He was employed by Wasleski Steelman, the city of Atlantic City, Golden Nugget Atlantic City Corporation and Resorts International, Atlantic City. In 1987 he founded his own firm.^[11]

Career[edit]

Steelman worked on Steve Wynn's Mirage hotel which in 1989 became the first Strip hotel to focus on eating and entertainment in addition to gaming tables.^[6] Since then, he has worked on numerous projects, often in collaboration with casino developers.

In 1987 he founded his own architectural firm, Paul Steelman LTD, in Las Vegas, Nevada.^[4] His design mentors were Joel Bergman and Henry Conversano. The firm, now called Steelman Partners, owns and operates several other design companies including DSAA^[12] (interior design), Shop12^[13] (lighting, theater, ride and attraction design), Inviro Studios^[14] (film animations), MARQI^[15] (branding and corporate identity), Competition Interactive^[16] (slot machine design and manufacturer), Steelman Development^[17] (commercial real estate), Steelman Aviation^[18] (airplane charter and management), and PCEG^[19] (EB5 Regional Center).

Steelman Partners has offices in Las Vegas, Nevada; Macau PRC; Zhuhai PRC; Phnom Penh, Cambodia; Ho Chi Minh City, Vietnam; and Amsterdam, Netherlands.^[20]

Paul Steelman and his firm have designed many casino projects around the world that include the following: Sands Macau; Four Seasons Macau; City of Dreams Shopping Center Macau; Hard Rock Casino Macau; Galaxy Macau; Harrahs, California; Harrahs AK-Chin, Arizona; Harrahs Tunica, Mississippi; Harrahs Vicksburg, Mississippi; Harrahs Kansas City; Caesar's Indiana; Caesars Magical Empire, Las Vegas; JW Marriott, Las Vegas; Showboat, Las Vegas; Stratosphere, Las Vegas; Casinos Locarno, Switzerland; Thun Casino, Switzerland; Casino Rheinfelden, Switzerland; Swiss Casino Zurich, Switzerland; Swiss Casino St Gallen, Switzerland; MGM Casino and Theme Park, Las Vegas; Treasure Island Expansions and Renovations, Las Vegas; Beau Rivage, Mississippi, Hard Rock Biloxi, Mississippi, Foxwoods Resort Casino, Connecticut; Showboat Atlantic City, New Jersey; Steel Pier Atlantic City, New Jersey; Solaire Resort & Casino, Philippines; Sochi Casino, Russia; Grand Casino Riviera, France; Casino Grand Via, Spain; Grand Casino, Finland; The Grand Ho Tram, Vietnam; Star Gold Coast, Australia; Seminole Casino, Florida; Sun City Entertainment Center, South Africa, The Casino at the Empire, London; London Clubs, Bahamas; Nagaworld, Cambodia.^[21]

Currently Steelman is designing Resorts World Las Vegas;^[22]Circa Resort and Casino;^[23] Casino Van Dom, Vietnam; Naga 3 at NagaWorld,^[24] Cambodia; Imperial Pacific, Saipan;^[25] Lotus Cam Ranh Bay, Vietnam; Genting Malaysia Master Plan; Galaxy Media Center, Macau; Galaxy 1000 Room Hotel, Macau; Naga Vladivostok;^[26] and Scotts Valley Casino in California.^[27]

Steelman worked for billionaire Phil Ruffin on designing the a 2,750-room casino called the Montreux, an entertainment property modeled after a Swiss-themed lakefront hotel which includes a 465-foot-tall observation wheel which 'scoops riders from the floor above the casino,' according to a report in Forbes magazine.^[6] The design's interior was a 'mix of glass artwork, waterfalls and reflective surfaces,' similar to boutique hotels in New York or Los Angeles, according to a report in the Las Vegas Sun.^[28] Steelman's firm designed a $6.2 billion tourism development in Ho Chi Minh City, Vietnam in 2010.^[29] A reporter commented on his design style:

Forbes Casino Galaxie 500

Steelman is wiser than most when it comes to the logistics of moving gamblers through sin dens ... Steelman has, over the last 20 years, come up with 70-odd design rules to keep visitors in a gleeful state as they evenly spread their dollars among betting tables, shops, theaters and restaurants.

One Steelman design invention was a sleek transformable ballroom inside a casino that can undergo several makeovers within a single day, enabling event organizers to use the space for different purposes, and transform it in less than two hours:

Hold a fashion show in the morning, a poker tournament in the afternoon and a boxing match at night. The ideal length for any spectacle in a casino is less than 90 minutes.

Steelman received a gaming manufacturing and distribution license from the State of Nevada on February 23, 2017 for his subsidiary company, Competition Interactive LLC.^[16] Competition Interactive has designed a new skill based slot machine named Running Rich Racing, which will be placed in casinos in 2017.^[30]

Steelman's firm has employed architects who later founded their own architecture firms, such as Gemie Knisely of GK3^[31] and Kim Daoust and Jordan Bañares of Tandem.^[32] Steelman was featured in Asian Gaming annual publication entitled 'Asian Gaming 50' as 32nd in 2008^[33] and as 33rd in 2009.^[34]

Forbes Casino Galaxie Convertible

Personal life[edit]

Paul Steelman is married to Maryann Steelman (RN Registered Nurse).^[1] They have two children Stephen Steelman a film director and Suzanne Steelman a graduate Architect working at Steelman Partners.^[1] Paul and Maryann have hosted fundraisers at their home to support the Las Vegas Philharmonic Orchestra.^[35]

Paul serves on the board of directors for The Lou Ruvo Brain Institute in Las Vegas, The Federal Law Enforcement Foundation in New York, and The Clemson School of Architecture at Clemson University in South Carolina.^[36]

References[edit]

1. ^ ^abc'Paul Steelman Biography and Projects'. gaming.unlv.edu. Retrieved 2017-03-07.
2. ^Alex Frangos (Feb 7, 2012). 'Greece troubles translate to hotel deals'. The Star. Retrieved 2012-04-23.
3. ^ERIC LICHTBLAU and ERIC LIPTON (October 1, 2009). 'Senator's Aid After Affair Raises Flags Over Ethics'. The New York Times. Retrieved 2012-04-23. ... Paul Steelman, a casino architect and developer. ...
4. ^ ^abc'Steelman Partners About Us Paul Steelman'. www.steelmanpartners.com. Retrieved 2017-03-07.
5. ^JOHN O'DELL (December 31, 1996). 'O.C. Service Firms Winning Big in Vegas'. Los Angeles Times. Retrieved 2012-04-23.
6. ^ ^abcdefMatthew Miller (June 5, 2006). 'Designing for Dough'. Forbes. Retrieved 2012-04-23.
7. ^ ^abStaff writers (August 1, 2005). 'People and Places'. Architecture Week. Retrieved 2012-04-23.
8. ^'High standards: Steelman impresses Asian officials with speed, quality of Sands Macau'. Las Vegas Sun. April 5, 2005. Retrieved 2012-04-23.
9. ^'2016 Top 300 Architecture Firms'. www.architecturalrecord.com. Retrieved 2017-03-07.
10. ^'Casino architect believes fixing Revel not difficult'. Philly.com. Retrieved 2017-03-08.
11. ^Note: the initial name of the firm was Paul Steelman Ltd. Architect, but the name has been changed over the years to Paul Steelman Design Group and later to Steelman Partners, LLP.
12. ^'Steelman Partners Services Interior Design'. www.steelmanpartners.com. Retrieved 2017-03-08.
13. ^'Steelman Partners Services Lighting'. www.steelmanpartners.com. Retrieved 2017-03-08.
14. ^'Steelman Partners Services 3D and Animation'. www.steelmanpartners.com. Retrieved 2017-03-08.
15. ^'Steelman Partners Services Branding'. www.steelmanpartners.com. Retrieved 2017-03-08.
16. ^ ^abREVIEW-JOURNAL, RICHARD N. VELOTTA LAS VEGAS (2017-02-23). 'Architect developing skill-based games gets OK from Nevada Gaming Commission'. Las Vegas Review-Journal. Retrieved 2017-03-08.
17. ^'Steelman Properties'. steelmanproperties.com. Retrieved 2017-03-08.
18. ^'Steelman Aviation Private Flights on Demand'. www.steelmanaviation.com. Retrieved 2017-03-08.
19. ^'PCEG - Pacific Casino & Entertainment Group About Us - Executive Team'. www.pacific-eb5.com. Retrieved 2017-03-08.
20. ^'Steelman Partners Contact Worldwide Locations'. www.steelmanpartners.com. Retrieved 2017-03-08.
21. ^'American Institute of Architects Las Vegas'. aialv.site-ym.com. Retrieved 2017-03-08.
22. ^'Resorts World Las Vegas' goal: Make a bigger pie'. VegasInc.com. 2015-06-07. Retrieved 2017-03-08.
23. ^'GMG - Las Vegas Weekly - 2019-01-17 - Las Vegas Weekly'. www.ifoldsflip.com. Retrieved 2019-03-11.
24. ^'Naga3 to add 800 new gaming tables, 2,500 EGMs and 4,720 hotel rooms, NagaCorp reveals'. IAG. 2019-04-03. Retrieved 2019-04-04.
25. ^Cohen, Muhammad. 'Donald Trump Card Played In $7 Bln US Pacific Island Resort Gamble'. Forbes. Retrieved 2017-03-08.
26. ^Lossan, Alexei (2015-08-24). 'Building a Russian version of Macau'. Russia Beyond The Headlines. Retrieved 2017-03-08.
27. ^beberling@napanews.com, BARRY EBERLING. 'Local groups meet to analyze casino threat'. Napa Valley Register. Retrieved 2017-03-08.
28. ^Liz Benston (June 15, 2006). 'Aging New Frontier to become Montreux on the Strip'. Las Vegas Sun. Retrieved 2012-04-23.
29. ^HUBBLE SMITH (May 26, 2010). 'Tenants show interest in $6.5 billion Vietnamese project'. Las Vegas Review-Journal. Retrieved 2012-04-23.
30. ^'Running Rich Racing'(PDF).
31. ^Hubble Smith of the Las Vegas Review-Journal (February 22, 2010). 'Las Vegas Architect Revels in Pursuing Possibilities'. Architect Magazine. Retrieved 2012-04-23.
32. ^JENNIFER ROBISON (Nov 30, 2008). 'At crossing of contemporary and comfortable, duo finds creativity'. Las Vegas Review-Journal. Retrieved 2012-04-23.
33. ^Asian Gaming (2008). Asian Gaming 50. Retrieved 4 January 2010 from Inside Asian GamingArchived 7 July 2011 at the Wayback Machine
34. ^Asian Gaming (2009). The Asian Gaming 50 - 2009. Retrieved 4 January 2010 from Inside Asian GamingArchived 7 July 2011 at the Wayback Machine
35. ^Elizabeth Foyt (March 29, 2000). 'Columnist Elizabeth Foyt: Violinist Milenkovich shines at Steelman soiree'. Las Vegas Sun. Retrieved 2012-04-23.
36. ^mediaBOOM. 'Paul Steelman Board Member Keep Memory Alive'. www.keepmemoryalive.org. Retrieved 2017-03-09.

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