Galaxy’s revenue rises 34% in Q3, expects ‘gradual rise’ in visitors

Macao's Hong Kong-listed gaming operator Galaxy Entertainment Group (GEG) has announced a 34% quarter-on-quarter growth in its net revenue to HK$1.6 billion (MOP 1.65 billion) in the third quarter. 

visitors Macao
Photo by Macau Photo Agency

Macao’s Hong Kong-listed gaming operator Galaxy Entertainment Group (GEG) has announced a 34 per cent quarter-on-quarter growth in its net revenue to HK$1.6 billion (MOP 1.65 billion) in the third quarter.

The company headed by Hong Kong tycoon Lui Che-woo made the announcement in a statement to the Hong Kong Stock Exchange on Tuesday.

According to the statement, net revenue fell 88 per cent year-on-year in the third quarter. The statement said the company “played unlucky” in the third quarter, which decreased Adjusted EBITDA by about HK$3 million. Latest 12 months Adjusted EBITDA amounted to HK$2.0 billion, down 88 per cent year-on-year and down 71 per cent quarter-on-quarter.

The statement included a letter by GEG Chairman Lui who praised the Macao government for its “decisive and proactive leadership during the challenging Covid-19 crisis.

Lui also said: “We believe that when people make future travel plans, health and safety will be foremost in their minds at least until a Covid-19 vaccine is available.

“Given Macao’s commendable track record of controlling Covid-19, Macao is well-positioned to attract visitors from throughout Asia.”

Lui also said, “We remain engaged in our international expansion plans, particularly in Japan.”

He also said that his company was pleased to see a gradual increase in visitor arrivals with the reinstatement of the mainland authorities’ individual visit scheme (IVS), adding: “We would expect a gradual increase in visitor arrivals as well as revenue over the coming quarters.”

Lui said that “in the medium and longer term, we have great confidence in the future of Macao.

“We believe that in the shorter term we may experience some challenges as we navigate through Covid-19, and the market will take some time to recover.”

(The Macau Post Daily/Macao News)