Francis Lui Takes the Helm: A New Era for Galaxy Entertainment After Founder’s Passing
Macau, December 13, 2024 — Galaxy Entertainment Group Ltd, a prominent casino operator in Macau, announced on Friday the appointment of Francis Lui Yiu Tung as the new chairman of its board, effective immediately. This significant announcement follows the passing of the company’s founding chairman, Lui Che Woo, who died on November 7 at the age of 95.
Francis Lui, who has served as the deputy chairman of Galaxy Entertainment for many years, is the son of the late Lui Che Woo. In a statement released by the company, Mr. Francis Lui expressed his commitment to working closely with the board and team members to fulfill the vision set forth by his father for Galaxy Entertainment.
“Continuing his legacy is a priority for me,” Mr. Lui stated. He emphasized the importance of collaboration within the company as it navigates the dynamic landscape of the casino industry in Macau.
Lui Che Woo was not only the founder of Galaxy Entertainment but also one of the last founding owners of casinos in Macau, where he played a pivotal role in shaping the region’s gaming industry. His death has marked the end of an era for many in the gambling sector.
The appointment of Francis Lui as chairman had been widely anticipated within the investment community. Earlier in November, Vitaly Umansky, an analyst at Seaport Research Partners, remarked on the expected transition, noting that “Galaxy management structure and strategy remains in place with Francis Lui firmly in place.”
Umansky also forecasted potential developments in Galaxy Entertainment’s financial strategies, suggesting that the company may explore a new capital structure. He added that Galaxy stands out as one of the few debt-free casino operators with significant capacity to incur debt. “If Galaxy were to take on some debt – while remaining a solid investment grade credit – with relatively low cost, equity returns (and return of capital) could be significantly enhanced,” he explained.
As Galaxy Entertainment embarks on this new chapter under Francis Lui’s leadership, stakeholders are keen to see how the company will uphold its legacy while adapting to the ever-evolving gaming market in Macau.
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