Galaxy Entertainment Group Ltd, an operator of casinos in Macau, says it has granted options to subscribe for nearly 8.82 million shares and made awards of 783,700 units of stock. Galaxy Entertainment told the Hong Kong Stock Exchange on Friday that the exercise price of the share options was HKD48.65 (US$6.21) a share. The closing price of Galaxy Entertainment stock on Friday was HKD48.55 a share.
The company said it granted almost 6.66 million share options and made 634,300 share awards to its executive directors, and that it granted 432,000 share options and made 50,900 share awards to associates of directors.
Most of the beneficiaries belong to the family that controls the company.
Galaxy Entertainment chairman Lui Che Woo (pictured) is the recipient of more than 2.65 million share options and 257,100 share awards. His son Francis Lui Yiu Tung, Galaxy Entertainment deputy chairman, is the recipient of almost 3.75 million share options and 363,600 share awards.
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"This decision [regarding the concession extension] strengthens our capacity to finance the business. We have a whole series of different scenarios we are now working through"
Chief executive of Macau casino operator MGM China Holdings