Galaxy Entertainment Group has appointed Francis Lui, the gaming concessionaire’s long-time vice chairman, as the new chairman of its board of directors, according to a statement issued on Friday – the same day Lui’s new role was made effective.
The move follows the recent death of Lui’s father and company founder, the Hong Kong magnate Lui Che Woo. The senior Lui was 95 years old when he passed away on 7 November.
In its statement, Galaxy’s board said it believes the 68-year-old new chairman’s leadership “will continue to bring satisfying benefits and positive impacts on the development of the Group’s businesses.”
[See more: Galaxy Entertainment reports a 52 percent rise in net profits for the first half of 2024]
Galaxy was one of the three original concessionaires operating in Macao when the gaming industry was liberalised in 2002. Prior to that, the Lui family had made a name for itself with its Hong Kong firm K. Wah International Holdings. K. Wah originally focussed on construction materials before diversifying into real estate development.
Lui has been with the organisation since 1979 and became its vice chair in 1997. He holds a master of science degree in structural engineering from the University of California at Berkeley in the US. He has been a member of the National Committee of the Chinese People’s Political Consultative Conference since 2008 and is a member of Macao’s Chief Executive Election Committee. He is also vice-chair of the Macao University of Tourism’s council.
Galaxy recently reported third quarter net revenues of HK$10.7 billion (US$1.38 billion), a year-on-year increase of 11 percent. The concessionaire operates three properties in Macao: Galaxy Macau, StarWorld Hotel and Broadway Macau.
