Galaxy Entertainment Group founder and chairman Lui Che Woo dies

Lui is survived by his spouse and their five children.

Macau.- Galaxy Entertainment Group (GEG) has announced that its founder and chairman, Lui Che Woo, died on November 7 at the age of 95. The company said Lui had provided “tremendous leadership and guidance.”

The company said: “Under Dr. Lui’s stewardship, GEG was the first gaming company to be listed on the Stock Exchange of Hong Kong Limited, in 2005 and was selected as a constituent to the Hang Seng Index in 2013.”

The company said the board is of the view that “the passing away of Dr. Lui will not have any impact on the operations of the group.” A new chairman will be appointed in due course.

Lui also chaired K. Wah International Holdings, a property developer listed in Hong Kong. He was ranked 7th on this year’s Forbes magazine list of “Hong Kong’s 50 Richest People.”

Lui is survived by his spouse, Lui Chiu Kam Ping, and their five children: Francis Lui Yiu Tung, Lawrence Lui Yiu Nam, Alexander Lui Yiu Wah, Paddy Tang Lui Wai Yu and Eileen Lui Wai Ling. Some of his children work in GEG. Francis serves as the vice chairman, while Paddy holds a position on the company’s board. Eileen is the director of human resources and administration.

See also: Galaxy vice chairman tops 2024 Asian Gaming Power 50 list

Galaxy Entertainment Group net revenue up 11% in Q3

GEG released its financial results for the third quarter of the year. Net revenue was HK$10.7bn (US$1.38bn), up 11 per cent in year-on-year terms but down 2 per cent sequentially.

The company posted adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) of HK$$2.94bn (US$378m). That’s a rise of 6 per cent when compared to last year but down 7 per cent in quarter-on-quarter terms. For the last 12 months combined, the company’s adjusted EBITDA was up 68 per cent at HK$11.8bn (US$1.52bn).

Gross gaming revenue (GGR) was HK$10.2bn (US$1.31m), up 16 per cent year-on-year but down 2 per cent quarter-on-quarter. Mass table win was HK$8.39bn (US$1.08bn), rolling chip win was HK$1.10bn (US$141m) and electronic gaming win was HK$666m (US$86m).

Galaxy Macau’s net revenue was up 10 per cent year-on-year but down 3 per cent sequentially at HK$8.4bn (US$1.11bn). Gaming revenue was HK$6.9bn (US$911m), down 6.38 per cent sequentially but up 10.40 per cent year-on-year. Non-gaming revenue was HK$1.47bn (US$189m) while adjusted EBITDA was HK$2.56bn (US$329m), flat year-on-year and down 8 per cent quarter-on-quarter.

According to the company, Galaxy Macau “played unlucky in its gaming operations which decreased its Adjusted EBITDA by approximately HK$180m in the third quarter of the year.” Hotel occupancy across its seven hotels was 98 per cent.

StarWorld Macau’s net revenue was HK$1.3bn (US$171.61m), up 9 per cent year-on-year and 1 per cent sequentially. Adjusted EBITDA was HK$396m (US$51m), up 14 per cent year-on-year and 2 per cent quarter-on-quarter. Hotel occupancy for the third quarter of the year was 100 per cent.

Broadway Macau’s net revenue was HK$62m (US$8m), up 158 per cent year-on-year and 15 per cent quarter-on-quarter. Adjusted EBITDA was HK$11m (US$1.4m) compared with HK$8m (US$1m) in the second quarter of the year and HK$14m (US$1.8m) in the third quarter of 2023.