Macau casino operator Galaxy Entertainment Group Ltd (GEG) said after the close of Hong Kong Stock Exchange business on Friday that James Ross Ancell – one of its independent non-executive directors – will not face further action following an investigation by a United Kingdom government agency.
Galaxy Entertainment had said in a filing on October 15, 2012, that Mr Ancell had been arrested in England on September 25, 2012, and released on bail without charge, in connection with an investigation by the U.K.’s Environment Agency. It concerned a company called Churngold Recycling Ltd in the U.K., of which Mr Ancell was a director but which was otherwise not related to Galaxy Entertainment, the casino company had said.
“The principal issue is whether or not hazardous waste was recovered when, after processing by Churngold, it was sold for use in a construction project in England,” said Galaxy Entertainment in its October 15, 2012 filing.
Mr Ancell had strongly denied any wrongdoing. He has been an independent non-executive director of the casino company since April 2004, according to a note in last year’s annual report.
Galaxy Entertainment said in its October 15, 2012 filing that the investigation had “nothing whatsoever to do with GEG and had and will have no impact on any of the businesses and daily operations of GEG and its subsidiaries”.
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"We forecast Grand Lisboa Palace will have EBITDA of HKD2.0 billion (US$260 million) with 330 tables by 2022, and HKD3.5 billion with 380 tables by 2023"
Credit rating agency Fitch Ratings