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China – Galaxy sees quarterly increase of 34 per cent in Macau

By - 10 November 2020

With revenue up 34 per cent month to month, Macau operator Galaxy Entertainment is confident that the recovery is finally underway in the SAR.

The casino operator posted net revenue of $1,550m, down 88 per cent year-on-year. Galaxy Macau, the primary contributor to the group’s revenue and earnings generated revenue of $626m, down 93 per cent year-on-year but up 101 per cent quarter-on-quarter.

Chairman Dr. Lui Che Woo said: “Mainland China, Hong Kong and Macau continued to experience proactive travel restrictions and social distancing measures as they all continued to effectively contain the pandemic. We are pleased that this contributed to the progressive reinstatement of the Individual Visitor Scheme (IVS) in Q3. However, the majority of Mainland cities only resumed IVS applications in late September, therefore visitation was not materially impacted in Q3 which will hopefully continue to ramp up in Q4.”

“Given the subdued revenue and ongoing staff costs, the Group’s Adjusted EBITDA was negative $943m for the third quarter. This represents a 31 per cent improvement compared to the EBITDA loss reported in Q2, which was largely driven by greater emphasis on cost control. During this period of low visitation to Macau, we have also taken this opportunity to renovate, reconfigure and introduce new products to our resorts to ensure they remain highly competitive and appealing to our guests. Our continuing investment in these projects help support the local economy in the near term and Macau Government’s vision to develop Macau into a World Center of Tourism and Leisure.”

“We remain engaged in our international expansion plans particularly in Japan. We understand that COVID-19 has impacted Japan’s timelines and understand that their schedule for accepting applications from local government and consortium parties has been extended to April 2022.

Our balance sheet continues to remain strong with $43.2bn in cash at the end of Q3 and liquid investments and $39.7bn of net cash as well as remaining virtually unlevered. This provides us with valuable flexibility in managing operations and supporting our development initiatives,” he added.

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