Macau Baroness offers advice for surviving the gambling downturn

TheLasVegasStriphascharacterslikebillionairetycoonsSheldonAdelsonandSteveWynn.Intheworld’slargestgamblingmarketofMacau,there’sAngelaLeong.

Alawmaker,businessexecutiveandmother-of-five,LeonghasbeenaprominentfigureintheformerPortuguesecolonysincemeetingherspouse,94-year-oldcasinobaronStanleyHo,aboutthreedecadesago.Inarecentinterview,the54-year-oldsharedherapproachtoadversities,themostrecentofwhichisa18-month-longslumpinMacau’sgamingrevenuethat,shesays,mustbemetbythegovernmentwithfasterinfrastructurecompletion.

(Angela Leong Photographer: Jerome Favre/Bloomberg)

Hermotto,whichshelearnedfromHo:"peewitheyeswideopen.”

SpeakinginhernativeCantonese,Leongrepeatsasayingthat’snotinregularuseinthesouthernChinesedialect,letaloneeasilytranslatedintoEnglish.“Itmeans,youknowsomeoneisgoingtotripyouup,andyoupretendyoudon’tnoticeandletitgo,”saysLeong,whoisexecutivedirectorofSJMHoldingsLtd.,Asia’slargestcasinocompany.

“Let’sbeverydirect,”shecontinues,hervoiceraspyfromarespiratoryinfection.“Youcomeandinterviewmetoday.Ifyourarticleisn’tinlinewithmyviews,I’llletitgo.”Buttherewon’tbeanotherinterview,shesaidonOct.26.

FamilyFight

SuccessforLeong,themotheroftheyoungestfiveofHo’s17children,hasn’tcomeeasily.Theformerdancersuccessfullyfendedoffamessyfamilydisputein2011thatwasmountedbywomenHoalsoregardsaswives,andhischildren.

“Shecanbequitefeisty,”saysAllanZeman,aHongKong-basedbusinessmanandvicechairmanofWynnMacauLtd.,whohasknownLeongsociallyfor20years.“Sheabsolutelysayswhat’sonhermind,nomatterwhoshe’swith,nomatterwheresheis.That’swhatgainsherrespectfrommostpeople.She’snotafraid.”

ThatforthrightnesscomesthroughwhenoutliningthechangesLeongsaysMacau’sgovernmentneedstomaketofacilitatethecity’seconomicrecovery:fasterdecision-makingandbetterinfrastructureplanning.

‘NotAfraid’

“I’mnotafraidofcriticism,”shesaid.“IdowhatIbelieveisright.”

LeongjoinedadancetroupeinthesouthernChineseprovinceofGuangdongandtraveledin1982toMacau,whereshemetHofouryearslaterthroughhisbrother,thentakingadanceclassshewasteachingatthetime.Bythen,thedaughterofaChinesearmyofficeralreadyownedseveralapartments,accordingtoareportintheWallStreetJournalinApril2011.Andbytheearly1990s,LeongwasspearheadingpropertydealsforHo’sbusinessinGuangdong,accordingtothereport.

‘VeryGoodEntrepreneur’

“Hogotherstarted,butshewasabletotakeittoanotherlevel,”Zemansaid.“She’saverygoodentrepreneur.She’sdonealotofthingsonherown.”

Today,sheownsmorethan30apartmentsinMacau,accordingtoadocumentfiledin2013byLeong,whoreportedherassetsasrequiredasalegislatorthere.

InHongKong,LeongischairwomanofMasterLand(HK)Ltd.,ownerofthe21-storyBOCGroupLifeAssuranceTowerwhosevaluemorethandoubledtoHK$2billionsinceitspurchasesevenyearsago,accordingtodatafromCentalinePropertyAgencyLtd.LocalnewspaperMingPaoreportedthatLeongalsoownstheretailandofficedevelopmentEntertainmentBuildingintheheartofthecity’sfinancialdistrictwhosevaluehasappreciatedmorethanfive-foldtoasmuchasHK$14billionsinceitwasboughtin2005,Centalinesaid.Leong’sofficedeclinedtocommentonherassets.

Herinvestmentsalsospanfromalocalcanidromeoperatortomassageservices.She’salsoavicechairwomanofMacauJockeyClub,headofagamingpromoterassociation,chairsalocaldanceandsportsassociation,andisinvolvedinlocalcharities.

(Stanley Ho with Angela Leong in 2004 Photographer: Grischa Rueschendorf/Bloomberg)

Leong,whomHocalledhis“fourthwife,”emergedasawinnerwhentheelderlyHosplithisfortuneamonghisfamilymembers.Today,shecontrolsa$315millioninterestwitha8.1percentstakeinSJMHoldings,whichowns20outofMacau’s36casinos,themostforonecompanyinthecity.

SJMshareshavefallen57percentinHongKongtradingthisyear,comparedwiththe7.8percentdeclineinbenchmarkHangSengIndex.

ChinaAdvisoryBody

AmemberofChina’stoppoliticaladvisorybody,shealsoownsa6.86percentstakeinSJM’sunlistedparent,SociedadedeTurismoeDiversoesdeMacauSA,acompanywhoseassetsincludehotels,realestate,financialservicesandinfrastructuredevelopment.

ThatfortuneisbeingshakenbyPresidentXiJinping’santi-corruptioncrackdownandaslowingChineseeconomy,whicharekeepingawaythehighrollerswhosewagersgeneratemorethanhalfMacau’scasinorevenue.It’sthecity’sworstdownturnsinceauthoritiesintheSpecialAdministrativeRegionendedHo’sfourdecade-oldgamblingmonopolyin2001byopeningupthemarkettocompetitorssuchasWynnResortsLtd.andAdelson’sLasVegasSandsCorp.

NotDismayed

Notdismayed,Leongsaysshecontinuestoenjoythesupportandadviceofwheelchair-boundHo,whomshedescribesasan“enlightener,friendandamentor”andwhohassaidthatMacau’scasinoshavebeendevelopingtoofast.“Iwouldn’tbewhereIamtodaywithouthishelp,”shesaid.

Beforedashingtohernextappointment,Leongreflectsonherbusyschedulethatshesayshasmeantwearingthesamepairofdarkblue,loose-fittingtrouserstwodaysinarow.

“Youhavetomanageyourtimewell,youhavetoworkhard,”Leongsays.