Macao's casino giant sees growth
Galaxy Entertainment, the casino, entertainment and leisure conglomerate controlled by the Lui family, announced on 30 March that its revenues for 2010 rose by 58% year-on-year, but its net profits declined by 22% due to offloading of debt.
Headed by business tycoon Lui Che Woo, the Hong Kong-based group said that sales in its hotels, casinos and clubs surged to $19.2 billion from less than $13 billion the year before due to growing consumer demand. But the group reported a fall in its net profits due to bond buyback. Nevertheless the company is still buoyed by its results.
Chairman and founder Che Woo said in a statement: "The results mark the successful conclusion of an outstanding year for the group. All of our businesses performed well and are positioned to leverage the region's growth potential."
The company also announced the opening of its Galaxy Macao resorts in May, which it said will help increase its revenue for the year by at least 20%.
Founded in 2001, Galaxy Entertainment holds one of just six licenses to operate casinos in Macao. Headed by Che Woo, the group's shares have performed well over the last month, helped by a family feud in rival casino operator Stanley Ho's gambling empire SJM Holdings (Continue reading here).
Che Woo was ranked the17th richest person in Greater China in 2007 by Forbes. He controls Galaxy Entertainment with his three sons and two daughters. Eldest son Francis Lui Yiu Tung is vice chairman of the company; another son Lawrence runs the family's business in the US while third son Alexander is executive director of one of the group's subsidiary companies K Wah International Holdings.
Daughter Paddy Tang Lui Wai Yu is an executive director at Galaxy while Eileen Lui is director of human resources and administration.
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