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Galaxy’s net revenue rises 71% in first half of 2021

Gaming operator has its sights set firmly on the future, with Raffles hotel opening next year and other developments planned in Greater Bay Area and Hengqin.

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Gaming operator has its sights set firmly on the future, with Raffles hotel opening next year and other developments planned in Greater Bay Area and Hengqin.

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PUBLISHED

UPDATED: 22 Dec 2023, 4:42 am

Galaxy Entertainment Group announced yesterday that its group net revenue rose 71 per cent year-on-year to HK$10.7 billion in the first half of the year.

Chairman Lui Che Woo commented that the company’s non-gaming performance improved in the second quarter “due to strong performance in retail which bodes well for the overall recovery prospects for Macao,” adding that “our balance sheet remains liquid and healthy.”

According to the Hong Kong-listed Macao resort operator, as of 30 June, its cash and liquid investments were HK$43 billion while net cash was HK$31.6 billion.

Lui underlined that the Raffles at Galaxy Macau is targeted to open in early 2022, adding that the company is proceeding with the construction of Cotai Phase 4, “our next generation integrated resort, which will complete our ecosystem in Cotai.”

Lui also said that the company’s upcoming investment and development plans include Hengqin and the Greater Bay Area as well as – along with Monte-Carlo SBM from Monaco – long-term prospects in Japan.

Lui also thanked the local government for having acted “promptly and decisively by testing the Macao community of over 700,000 for Covid-19 within three days [last week], which is a remarkable achievement. Thankfully, the results of the mass screening were all negative.”

 

UPDATED: 22 Dec 2023, 4:42 am

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