Lui Che-woo, the chairman of Galaxy Entertainment, has ceded that position to his son and former vice chairman, Francis Lui, in a controlled succession plan. Lui Che-woo is 77 years old and reportedly wants to avoid a Stanley Ho-style free-for-all over succession rights and money.
In addition to Francis Lui, another son, Alexander Lui Yiu-wah, took over the family business in Hong Kong. Lui Che-woo is a pioneer in the Chinese construction materials industry and built a fortune over the years in that business, hotel development and property investments.
Lui Che-woo was convinced to bid for a Macau gaming concession in 2000, and allowed his son, Francis, to lead the effort. A forced partnership with Las Vegas Sands disintegrated, bringing on the granting of a subconcession to LV Sands, and opening the door up to subconcessions to the other two concession holders, SJM, which sold its subconcession to MGM Resorts and Wynn Resorts, which got $900 million to grant a ticket to Melco Crown, for the total of six gaming operators today in Macau.
Francis Lui has long been the manager of the Galaxy enterprises, and now gets the title.