One of Macau’s casino concessionaires, Galaxy Entertainment Group (GEG), announced a major change in its executive team with the departure of Robert Drake whose role as Chief Financial Officer (CFO) will be assumed by Ted Chan.
Extensive Financial and Operational Experience
The appointment of Chan as Galaxy Entertainment’s new CFO will take place after a few months of transition starting from March 1, 2023, during which Chan will work together with Drake, according to the information released by the company this Monday.
Commenting on the announcement, Galaxy Entertainment’s vice chairman, Francis Lui, highlighted Chan’s extensive industry experience, boasting over two decades across operational and financial roles in both regional and Macau gaming under his belt.
Lui noted that Chan had joined Galaxy Entertainment in 2018 as Chief Operating Officer for the company’s Japan Development, bringing “extensive gaming, hospitality and business development experience.”
“The unique combination of Ted’s wealth of local integrated resort knowledge combined with his over two decades of management experience and familiarity with GEG makes him ideally suited for the role,” Lui added.
Chan, who will resume operations in Macau once fully transitioned into the role, will have the support of GEG’s existing finance and investor relations teams to help him lead the company into its next era of growth.
Chan’s previous experience involves two roles at Melco Crown: as Property President of Altira Macau between 2008 and 2010, and as Group Chief Operating Officer from 2010 until 2016 when he stepped down.
Significant Contributions to the Group
Lui also spoke about the impending departure of long-time CFO Drake, who after stepping down from the role, will continue in a Senior Advisor capacity with the company, acknowledging his “significant contribution to the Group over the past 15 years” and expressing his sincere appreciation now when he has decided to pursue his interests.
Lui then outlined Drake’s most “significant milestones” with GEG, including “navigating the company through the global financial crises and the COVID-19 pandemic, inclusion of GEG as a constituent of the Hang Seng Index, opening Galaxy Macau Phases 1 & 2 and Broadway Macau, and, most recently, the successful issuance of GEG’s new Macau gaming concession and preparation of the forthcoming opening of our Cotai Phase 3 development.”
Last year, GEG experienced the negative impact of casino closures in Macau, and its revenue in the third business quarter slumped by more than 50% but less than the 70% overall drop for the industry.