Francis Lui, 69, secures control of the Lui family empire, spanning casinos, property, and hospitality, with a substantial $1.6B (around PHP 88B) in shares.
The reins of Galaxy Entertainment Group, one of Asia's most lucrative casino empires, have officially been passed to Francis Lui, following the death of his father, Lui Che Woo, last November.
This transition marks a significant moment in the world of high-stakes gaming and underscores the ongoing generational shift among Hong Kong's business titans.
Francis Lui, 69, has solidified his control over the US$12 billion (approximately PHP 670 billion*) empire, which spans casinos, property, and hospitality, according to recent exchange filings.
He now holds a substantial US$1.6 billion (approximately PHP 90 billion*) in shares previously held by his father and family foundations. His leadership is further cemented by his position as chairman of K Wah Group, the family’s key holding entity.
This succession, while seemingly smooth, highlights a broader trend in Hong Kong's business landscape. Many of the city's influential patriarchs are now passing the torch to their heirs, many of whom are already in their sixties.
As Jeremy Cheng, adjunct assistant professor at the Chinese University of Hong Kong, points out, this generation faces the challenge of preparing the next generation for leadership. The pressure is on to ensure the continued success and evolution of these long-standing business empires.
Francis Lui's ascension to the top has been years in the making. Joining the family business in 1979, he worked closely with his father, gradually assuming more responsibility and demonstrating his capabilities.
His background in structural engineering, with a Master of Science degree from the University of California, Berkeley, might seem an unusual path to the gaming world, but it underscores the diverse skill sets required to manage such a complex organization. He became a board director about a decade after joining the firm, signaling his father's confidence in his abilities and his long-term role in the company's future.
While Francis leads the charge, the Lui family's involvement extends throughout the empire. Paddy Lui, Francis' sister, serves as an executive director of Galaxy Entertainment Group and the family's real estate firm, K Wah International. Other siblings also hold management positions within different branches of the business.
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