Macau concessionaire Galaxy Entertainment Group (GEG) has granted a total of HK$622.6 million (US$79.7 million) in stock options and share awards to its board of directors. administration, its senior management and other employees as part of what the company describes as incentives to promote its long-term business. long-term financial success.
The award includes 1,907,000 stock options and 610,200 stock awards to GEG Vice Chairman Francis Lui – worth a total of US$14.3 million – and 1,348,000 stock options and 431 300 stock awards to Chairman Dr. Lui Che Woo, worth a total of US$10.0 million.
Executive directors Joseph Chee Ying Keung and Paddy Tang Lui Wai Yu, as well as principals Eileen Lui Wai Ling and Andrew Nicholas Lui also received various grants. Another 434 unnamed employees received a total of 7,387,000 stock options and 1,883,200 stock grants worth US$51.9 million.
According to a filing, the stock options are exercisable at Friday's market price of HK$43.75 (US$5.60) per share, vesting in three equal installments on December 29, 2024, December 29, 2025 and December 29, 2025. December 2026.
“The grants will provide long-term motivation and incentive to recipients, and promote GEG’s long-term financial success by aligning their interests with those of GEG’s shareholders,” the company explained.
GEG recently reported gross gaming revenue of HK$8.75 billion (US$1.12 billion) and adjusted EBITDA of HK$2.77 billion (US$355 million) for the three months ended on September 30, 2023.