Galaxy Entertainment Group grants US$74 million in shares to Lui family

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Galaxy Entertainment Group has announced the granting of 9,274,000 share options and 1,773,300 share awards to members of the Lui family under the companys Share Award Scheme.

Named beneficiaries are GEG Chairman Dr Lui Che Woo, Vice Chairman Francis Lui and Paddy Tang Lui all Executive Directors and Associates of Directors Eileen Lui and Andrew Nicholas Lui. Francis Lui, Paddy Tang Lui and Eileen Lui are all the children of Dr Lui Che Woo while Andrew Lui is the son of Francis Lui.

Galaxy Entertainment Group Vice-Chairman Francis Lui.

According to a Friday filing, share options to subscribe for a total of 9,274,000 shares in the capital of GEG, worth a combined HK$576.8 million (US$74.3 million) at the exercise price of HK$62.19 per share, have been granted to the Lui family, of which Francis Lui has been granted 2,089,000 options worth HK$129.9 million (US$16.6 million) and Lui Che Woo 1,477,000 options worth HK$91.9 million (US$11.8 million)

Share awards comprising 1,773,300, worth HK$110.3 million (US$14.2 million), have been awarded on a similar ratio, with Francis Lui awarded 241,700 shares worth HK$15 million (US$1.9 million) and Dr Lui Che Woo 170,900 shares worth HK$10.6 million (US$1.4 million).

Both the share options and the award shares will vest in three equal tranches on 17 June 2022, 17 June 2023 and 17 June 2024.

GEG reported net revenue of HK$5.1 billion (US$657 million) in 1Q21, largely flat both year-on-year and quarter-on-quarter, while Adjusted EBITDA increased 204% from a year earlier to HK$859 million (US$111 million) on the back of Macaus COVID-19 recovery.