Macau concessionaire Galaxy Entertainment Group (GEG) has granted a combined HK$622.6 million (US$79.7 million) worth of share options and share awards to its Board of Directors, senior executives and other employees in what the company describes as incentives towards promoting its long-term financial success.
The grant includes 1,907,000 share options and 610,200 share awards to GEG’s Vice Chairman Francis Lui – worth a combined US$14.3 million – and 1,348,000 share options and 431,300 share awards to Chairman Dr Lui Che Woo worth a combined US$10.0 million.
Executive directors Joseph Chee Ying Keung and Paddy Tang Lui Wai Yu, and executives Eileen Lui Wai Ling and Andrew Nicholas Lui have also received varying grants. Another 434 unnamed employees have been granted a combined 7,387,000 share options and 1,883,200 share awards worth US$51.9 million.
According to a filing, the share options can be exercised at Friday’s market price of HK$43.75 (US$5.60) per share, vesting in three equal tranches on 29 December 2024, 29 December 2025 and 29 December 2026.
“The grants will provide a motivation and long-term incentive to the Grantees, and promote the long term financial success of GEG by aligning their interests to those of the shareholders of GEG,” the company explained.
GEG recently reported gross gaming revenues of HK$8.75 billion (US$1.12 billion) and Adjusted EBITDA of HK$2.77 billion (US$355 million) for the three months to 30 September 2023.
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