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Galaxy grants shares to directors at yearend

TAGs: Galaxy Entertainment Group, lui che woo

Galaxy Entertainment Group Limited has granted a total of 8,818,000 share options and awarded a total of 783,700 shares to its executive directors, including company founder Lui Che Woo, and other shareholders.

Galaxy grants shares to directors at yearendIn a filing with the Hong Kong Stock Exchange (HKSE), Galaxy announced an exercise price for the options of HKD48.65 ($6.21) per share. At the time of the announcement, Galaxy shares had closed at HKD48.55 ($6.20) per share.

Such options to subscribe will be valid until December 27, 2024, and to be distributed every year from 2019 to 2021, beginning with 2,939,301 options on December 28, 2019.

The share awards will be distributed from 2019 to 2021, beginning with 261,225 shares on December 28, 2019.

Of the share options and share awards granted, 6,656,600 and 634,300 respectively are to go to the company’s executive directors. 432,000 share options and 50,900 share awards are to go to associate directors.

Aside from Lui Che Woo, who received 2,651,000 share options and 257,100 share awards, named recipients of the grants were Deputy Chairman Francis Lui Yiu Tung, who received 3,749,000 options and 363,600 awards, Paddy Tang Lui Wai Yu, Joseph Chee Ying Keung, and associate directors Eileen Lui Wai Ling and Joanna Claudia Lui.

The company had previously granted 7,975,000 share options and 2,003,900 share awards last November 21, to non-directors.

For the third quarter last year, the Group posted net revenue of HKD13 billion ($1.66 billion), up 6% year on year. EBITDA (earnings before interest, taxes, depreciation, and amortization) was HKD3.9 billion ($498 million), 10% higher year on year. In the 12 months ended September 30, 2018, adjusted EBITDA was HKD16.7 billion ($2.13 billion), 29% higher than the previous 12 months.

Galaxy has indicated moving forward with Phases 3 and 4 of its Cotai properties, a Hengqin, Zhuhai resort, and expansion to Japan, when licenses for construction of an integrated resort (IR) in the country are issued.

Among the cities it is looking to construct an IR are Nagasaki, Osaka, Tomakomai in Hokkaido, Wakayama, and Yokohama. The prefectures Aichi and Hokkaido are also being considered.

Plans for a casino resort in Boracay Island in the Philippines have been put on hold, with the country’s president Rodrigo Duterte expressing antagonism towards gambling, and a moratorium on new casino projects still in place.

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