Macau casino operator Galaxy Entertainment Group Ltd announced on Friday the appointment of Francis Lui Yiu Tung (pictured in a file photo) as chairman of the company’s board. “The new appointment is with immediate effect,” stated the firm in a Friday press release.
Lui Che Woo, the company’s founder, died on November 7, at the age of 95. Mr Francis Lui, a son of the late chairman, was a long-standing deputy-chairman of Galaxy Entertainment.
The announcement cited Mr Francis Lui as saying that he would “continue to work closely” with the firm’s board and the company’s “team members”, in order “to realise Dr. Lui’s vision for Galaxy Entertainment”.
Mr Lui Che Woo was one of the last founder-owners of Macau casinos.
The appointment of Mr Francis Lui as chairman had been expected by the investment community.
Analyst Vitaly Umansky, of Seaport Research Partners, said in a note in early November: “Galaxy management structure and strategy remains in place with Francis Lui remaining firmly in place and will most certainly be elevated to chairman.”
At the time, the analyst stated he expected Galaxy Entertainment to develop a new capital structure, as the company “remains one of the few debt-free casino companies with ample debt capacity”.
He added: “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.”
