Francis Lui Yiu Tung photo) was named chairman of the board of Galaxy Entertainment Group Ltd., the operator of casinos in Macau, the business announced on Friday.
“The new appointment is effective immediately,” the company said in a press release on Friday.
The company’s founder, Lui Che Woo, passed away on November 7 at the age of 95. A longtime deputy-chairman of Galaxy Entertainment, Mr. Francis Lui was the late chairman’s son.
The release quoted Mr. Francis Lui as stating that in order “to realize Dr. Lui’s vision for Galaxy Entertainment,” he would “continue to work closely” with the board of the company and its “team members.”
See also:
- November Gaming Tax Revenue in Macau Reaches $1 Billion
- Todd Cravens is named SVP of the Gaming Division at Betson
- Philippine gambling business is expected to generate a record $6 billion in revenue
One of the final founder-owners of casinos in Macau was Mr. Lui Che Woo.
The investment community had anticipated that Mr. Francis Lui would be appointed chairman.
“Galaxy management structure and strategy remains in place with Francis Lui remaining firmly in place and will most certainly be elevated to chairman,” Seaport Research Partners analyst Vitaly Umansky wrote in a report in early November.
Since Galaxy Entertainment “remains one of the few debt-free casino companies with ample debt capacity,” the analyst at the time said he anticipated the company will create a new financial structure.
“Equity returns (and return of capital) could be significantly enhanced if Galaxy were to take on some debt – while remaining a solid investment grade credit – with relatively low cost,” he continued.
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